Economics - Costs , Supply And Perfect Competition
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Question 1 of 53
1. Question
Firms in perfect competition face a:
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Question 2 of 53
2. Question
In perfect competition:
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Question 3 of 53
3. Question
A profit maximising firm is perfect competition produces where:
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Question 4 of 53
4. Question
In perfect competition
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Question 5 of 53
5. Question
In the long run in perfect competition:
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Question 6 of 53
6. Question
In perfect competition
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Question 7 of 53
7. Question
In perfect competition:
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Question 8 of 53
8. Question
In the short run firms in perfect competition will still produce provided:
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Question 9 of 53
9. Question
In the long run in perfect competition:
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Question 10 of 53
10. Question
For a perfectly competitive firm:
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Question 11 of 53
11. Question
Which of the following is not a characteristic of a competitive market?
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Question 12 of 53
12. Question
Which of the following market would most closely satisfy the requirements for a competitive market?
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Question 13 of 53
13. Question
If a competitive firm doubles its output its total revenue:
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Question 14 of 53
14. Question
For a competitive firm, marginal revenue is:
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Question 15 of 53
15. Question
The competitive firm maximize profit when it produces output up to the point where
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Question 16 of 53
16. Question
If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it
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Question 17 of 53
17. Question
In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve.
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Question 18 of 53
18. Question
In the long run, the competitive firm’s supply curve is the
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Question 19 of 53
19. Question
A grocery store should close at night if the
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Question 20 of 53
20. Question
The long-run market supply curve:
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Question 21 of 53
21. Question
In the long-run some firms will exit the market if the price of the good offered for sale is less than
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Question 22 of 53
22. Question
If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be:
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Question 23 of 53
23. Question
If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be
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Question 24 of 53
24. Question
If the long-run market supply curve for a good is perfectly elastic, an increase in the demand for that good will, in the long run, cause
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Question 25 of 53
25. Question
in long-run equilibrium in a competitive market, firms are operating at
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Question 26 of 53
26. Question
In monopolistic competition:
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Question 27 of 53
27. Question
In monopolistic competition:
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Question 28 of 53
28. Question
In monopolistic competition firms profit maximize where:
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Question 29 of 53
29. Question
Which of the following is not one of the four Ps in marketing?
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Question 30 of 53
30. Question
Effective branding will tend to make:
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Question 31 of 53
31. Question
In monopolistic competition of firms are making abnormal profit other firms will enter and:
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Question 32 of 53
32. Question
In Porter’s five force model conditions are more favorable for firms within an industry if:
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Question 33 of 53
33. Question
If a firm takes over a competitor then, according to porter’s 5 forces model:
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Question 34 of 53
34. Question
In marketing “USP” stands for:
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Question 35 of 53
35. Question
In monopolistic competition:
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Question 36 of 53
36. Question
A production is technique is technically efficient if
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Question 37 of 53
37. Question
A period of time long enough for the firms to adjust all production inputs is described as the long run
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Question 38 of 53
38. Question
Decrease returns to scale means that _____ as ______
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Question 39 of 53
39. Question
If a long run average cost curve is falling form left to right this is an example of:
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Question 40 of 53
40. Question
If a firm is not operating at the output necessary to achieve all scale economies it has not achieved its
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Question 41 of 53
41. Question
When average cost is falling marginal cost is _____ and when average cost is rising marginal cost is:
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Question 42 of 53
42. Question
The firms long run output decision will be where
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Question 43 of 53
43. Question
Short run average total costs are equals to the sum of ____ and _____
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Question 44 of 53
44. Question
The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve:
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Question 45 of 53
45. Question
Given a long run average cost curve, every point represents a tangency with the lowest point of a short run average cost curve for a fixed plant size
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Question 46 of 53
46. Question
Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreased marginal product of that factor, This is an example of
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Question 47 of 53
47. Question
In the short run a firm will produce zero output if:
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Question 48 of 53
48. Question
In a competitive industry each buyer and seller:
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Question 49 of 53
49. Question
For a competitive firm, its short run supply curve is ______ and its long run supply curve is _____
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Question 50 of 53
50. Question
For perfect competition to work there must be
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Question 51 of 53
51. Question
If there are short run excess profits in a competitive industry in the long run they will disappear because of new entrants
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Question 52 of 53
52. Question
A competitive firms demand curve is
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Question 53 of 53
53. Question
A competitive firm produces a level of output at which:
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