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

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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
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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.
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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...
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