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ECO 204 Week 4 Quiz. Get an A++.

ECO 204 Week 4 Quiz. Get an A++.
Question 1.Question :All but which one of the following are true of monopolistic competition?
Student Answer:MR = MC
The demand curve the firm faces slopes downward.
Entry is easy.

Points Received:1 of 1 Comments:

2.Question :At the point of long-run equilibrium for a perfectly competitive firm,
Student Answer: economic profits are zero.
TR > TC.
TR < TC.
P = AVC.
normal profits are zero.

Points Received:1 of 1 Comments:

3.Question :The greater the price elasticity of the demand curve that the firm faces in monopolistic competition,
Student Answer: the higher the degree of competition in the industry.
the lower the degree of competition in the industry.
the fewer substitutes for the good produced.
the easier it is for the firm to raise its price.
the less sales the firm will gain from a price decrease.

Points Received:1 of 1 Comments:

4.Question :Retail outlets operate in which of the following market structures?
Student Answer: perfect competition
monopolistic competition

Points Received:1 of 1 Comments:

5.Question :Which one of the following is NOT a basic assumption of the model of perfect competition?
Student Answer: Many buyers
Many sellers
A differentiated product
Full information
Mobile resources

Points Received:1 of 1 Comments:

6.Question :A firm in a(n) industry will have the most elastic demand curve.
Student Answer: monopolistic
monopolistically competitive
perfectly competitive

Points Received:1 of 1 Comments:

7.Question :The marginal cost curve above the minimum average variable cost
Student Answer: indicates points where the firm will realize an economic profit.
covers the area where a firm should shut down.
is equal to the firm's marginal revenue curve.
is the firm's short-run supply curve.

Points Received:1 of 1 Comments:

8.Question :A firm in a monopolistically competitive industry faces a downward-sloping demand curve because
Student Answer: the product is homogeneous.
the product is differentiated.
nonprice competition is missing.
barriers to entry are high.

Points Received:1 of 1 Comments:

9.Question :Along a downward-sloping monopoly demand curve,
Student Answer: marginal revenue is greater than price.
elasticity of demand is constant.
marginal revenue decreases when price decreases.
marginal revenue is equal to zero when price is equal to zero.

Points Received:1 of 1 Comments:

10.Question :Perfect competition is
Student Answer: not an abstraction from reality; it is reality.
an "ideal type"—that is, a model or guidepost for comparison.
the only market structure in the United States.
the best of all possible worlds.
found in the U.S. steel industry.

Points Received:1 of 1

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ECO 204 Week 4 Quiz. Get an A++.
Tutorial Preview…which xxx of xxx following are xxxx of monopolistic xxxxxxxxxxxx Student xxxxxxxxx x MC xxxxxxx AR = xx The demand xxxxx the xxxx xxxxx slopes xxxxxxxx Entry is xxxx Points Received:1 xx 1 xxxxxxxxx x Question xxx the point xx long-run equilibrium xxx a xxxxxxxxx xxxxxxxxxxx firm, xxxxxxx Answer: economic xxxxxxx are zero xx > xx xx < xx P = xxx normal profits xxx zero xxxxxx xxxxxxxxxx of x Comments: 3 xxxxxxxx :The greater xxx price xxxxxxxxxx xx the xxxxxx curve that xxx…
ECO_204_NEW_Week_4_Quiz.doc (242.5 KB)
Preview: of xxxxxxxxxxx in xxx industry HTMLCONTROL xxxxx HTMLOption 1 xxx fewer xxxxxxxxxxx xxx the xxxx produced HTMLCONTROL xxxxx HTMLOption 1 xxx easier xx xx for xxx firm to xxxxx its price xxxxxxxxxxx Forms xxxxxxxxxx x the xxxx sales the xxxx will gain xxxx a xxxxx xxxxxxxx Points xxxxxxxx 1 of x Comments 4 xxxxxxxx Retail xxxxxxx xxxxxxx in xxxxx of the xxxxxxxxx market structures xxxxxxx Answer xxxxxxxxxxx xxxxx HTMLOption x perfect competition xxxxxxxxxxxxxx https//takeexam next xxxxxxxx com/Images/checkmark xxx xxxxxxxxxxxxxxx HTMLCONTROL xxxxx HTMLOption 1 xxxxxxxxxxxx competition HTMLCONTROL xxxxx HTMLOption x xxxxxxxxx HTMLCONTROL xxxxx HTMLOption 1 xxxxxxxx HTMLCONTROL Forms xxxxxxxxxx 1 xxxxxxxxxx xxxxxx Received x of 1 xxxxxxxx 5 Question xxxxx one xx xxx following xx NOT a xxxxx assumption of xxx model xx xxxxxxx competition xxxxxxx Answer HTMLCONTROL xxxxx HTMLOption 1 xxxx buyers xxxxxxxxxxx xxxxx HTMLOption x Many sellers

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