C6_Post-Test - Post-Test...

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Post-Test (See related pages) 1 A "price taker" is a characteristic of: A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly. 2 In competition the producer has _____ control over the price of the product. A) no B) some C) a lot of D) total 3 If total revenue is _____ total cost, the firm is experiencing a _____. A) less than; profit B) greater than; profit C) greater than; loss D) None of the above is true. 4 The demand curve facing a perfectly competitive firm is: A) downward sloping. B) upward sloping. C) vertical. D) horizontal. 5 Which term is defined as the increase in total costs associated with a one-unit increase in production? A) Fixed cost B) Marginal revenue C) Marginal cost D) Variable cost 6 Total profit equals: A) total revenue minus total cost. B) profit per unit times quantity sold. C) Both of these are true. D) Neither of these are true. 7 Which of the following are important influences on marginal cost (and supply behavior)?
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