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# Q9 Winnie - Question 1 0 out of 1 points An industry...

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Question 1 0 out of 1 points An industry comprised of a very large number of sellers producing a standardized product is known as: Selected Answer: [None Given] Correct Answer: pure competition. Question 2 0 out of 1 points Curve (4) in the above diagram is a purely competitive firm's: Selected Answer: [None Given] Correct Answer: total cost curve. Question 3 0 out of 1 points Answer the next question(s) on the basis of the following cost data for a firm that is selling in a purely competitive market. Refer to the above data. If the market price for this firm's product is \$35, it will produce:

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Answer the next question(s) on the basis of the following cost data for a purely competitive seller: Refer to the above data. If product price is \$25, the firm will: Selected Answer: [None Given] Correct Answer: shut down and incur a \$50 loss. Question 9 0 out of 1 points In answering the next question(s), assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. Refer to the above information. For a purely competitive firm, marginal revenue: Selected Answer: [None Given] Correct Answer: is a straight line, parallel to the horizontal axis. Question 10 0 out of 1 points Refer to the above diagram. At output level Q 1 :

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Selected Answer: [None Given] Correct Answer: neither productive nor allocative efficiency are achieved. Question 1 0 out of 1 points Answer the next question(s) on the basis of the following cost data for a firm that is selling in a purely competitive market. Refer to the above data. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are: Selected Answer: [None Given] Correct Answer: \$150, zero, and \$150, respectively. Question 2 0 out of 1 points If at the MC = MR output, AVC exceeds price: Selected Answer: [None Given] Correct Answer: the firm should shut down in the short run. Question 3 0 out of 1 points Price is constant or given to the individual firm selling in a purely competitive market because: Selected Answer: [None Given] Correct Answer: each seller supplies a negligible fraction of total supply.
Question 5 0 out of 1 points

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