quiz helpful for midterms and final (2)

quiz helpful for midterms and final (2) - Principles of...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Page 1 Principles of Economics EC 1 UCLA Dr. Bresnock Quiz 10 (15 points; 1 point each question) Choose the best answer to each question and mark it on your answer form. A ) B ) C ) D ) 2. In perfect competition, a change in fixed cost: A) will have no effect on price in the short run. B) will have no effect on output in the short run. C) will induce entry or exit in the long run so that price will change enough to leave firms earning zero profits. D) is described by all of the above. A ) B ) C ) D ) 1. A perfectly competitive firm's supply curve is the: A) entire MC curve. B) rising part of MC curve beginning at the shutdown point. C) rising part of MC curve beginning at the point at which the firm starts earning economic profit. D) MC curve below the shutdown point.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Page 2 Use the following to answer Question 3: Figure: Profit Maximizing 3. The figure shows cost curves for a firm operating in a perfectly competitive market. If the market price is P 3 , the firm will produce quantity _______ and _______ in the short run. A) q 2 ; make a profit B) q 1 ; break even C) q 2 ; incur a loss D) q 4 ; incur a loss A ) B ) C ) D ) 4. Which of the following is true? A)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 02/26/2011.

Page1 / 7

quiz helpful for midterms and final (2) - Principles of...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online