# quiz 7 - 2 In a perfectly competitive industry the price...

This preview shows pages 1–2. Sign up to view the full content.

T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS E CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU Q UIZ S EVEN F EB 26, 2008 P RINT Y OUR N AME ____KEY___________________________________ S OCIAL S ECURITY N UMBER (O PTIONAL ) ________________________________ S IGN Y OUR N AME __________________________________________________ I NSTRUCTIONS : Y OU HAVE 12 MINUTES TO COMPLETE THE QUIZ . T HE QUIZ TOTALS 2 POINTS . Y OU HAVE 4 MULTI - CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE HALF POINT . P LEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE , AND TURN IN THIS PAGE ONLY . Y OU KEEP THE QUIZ PROBLEMS . P ICK THE BEST ANSWER FOR EACH QUESTION . Problem 1 Problem 2 Problem 3 Problem 4 D B A C 1, In perfect competition, 1

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
A), each firm can influence the price of the good. B), there are few buyers. C), there are significant restrictions on entry. D), all firms in the market sell their product at the same price.
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2, In a perfectly competitive industry, the price elasticity of demand for the market demand is ________ and the price elasticity of demand for an individual firm's demand is ________. A), infinite; infinite B), less than infinite; infinite C), infinite; less than infinite D), less than infinite; less than infinite 3, In the figure below, the firm's total economic profit is equal to A), \$60. B), \$200. C), \$150. D), MR - MC. 4, In perfect competition, the marginal revenue of an individual firm A), is zero. B), is positive but less than the price of the product. C), equals the price of the product. D), exceeds the price of the product. THE END 2...
View Full Document

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern