C6_Pre-Test - Pre-Test

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Pre-Test (See related pages) 1 Which of the following is a market structure with a large number of firms producing an identical product? A) Monopoly B) Oligopoly C) Monopolistic competition D) Perfect competition 2 Which of the following is true of a perfectly competitive firm? A) It has no market power. B) It has no ability to change the market price of the good. C) It is a price taker. D) All of the above are true. 3 In perfect competition, as output increases, total revenue: A) decreases. B) increases. C) increases at first, but then decreases. D) decreases at first, but then increases. 4 Total revenue equals: A) price plus quantity. B) price minus quantity. C) price times quantity. D) price divided by quantity. 5 In perfect competition, profit is maximized at the output where price: A) equals marginal cost. B) is less than marginal cost. C) is greater than marginal cost. D) None of the above is true. 6
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This note was uploaded on 01/28/2011 for the course PAS 2201 taught by Professor R.nair during the Spring '10 term at St. John's.

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C6_Pre-Test - Pre-Test

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