test - Quiz # 3:- chs. 8,9,11&12

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33 multiple choice questions have a weight of 3 points each. The exam will  be available from  12:00pm, Thursday, April 14, until 11:00pm, Sunday,  April 24.  You will have 2 hours in which to complete the exam. You must  use a reliable computer. However, If you still encounter technical  difficulties, sent me an email message and I will reset the exam.  Once you  have entered the exam, you must complete it within the two hour time  window.  Which of the following is a characteristic of a monopoly market? a. One firm is the only supplier of a product for which there are no  close substitutes. b. Entry into the market is blocked. c. The firm can influence market price. d. All of the above. You overhear a businessman say: "We want to be big because there are  economies associated with bigness." What he means is that a. Total cost decreases as more is  produced. b. Long-run average cost decreases  as more is produced. c. Marginal cost decreases as more  is produced. d. Total fixed cost decreases as  more is produced. Question 3 3 points Save    "Ford built 18 vehicles per  auto employee in North  America last year, while  GM could only manage  12."  ( The   Wall   Street   Journal ) In comparison with GM,  Ford had a higher?
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a. Average product of  labor. b. Average product of  capital. c. Marginal product  of labor. d. Marginal product  of capital. Which of the following is NOT a condition of a  perfect competition: a. Products produced by rival firms are  perfect substitutes. b. Any individual firm cannot affect market  supply. c. Unrestricted entry and exit. d. Industry sales are small. e. Each firm has complete knowledge about  production and prices. In order to minimize losses in the short run, a perfectly competitive firm should shut down if a. Total revenue is less than total cost. b. Total revenue is less than total fixed  cost. c.
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This note was uploaded on 04/23/2011 for the course ECON 501 taught by Professor Aditya during the Spring '11 term at IMSciences.

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test - Quiz # 3:- chs. 8,9,11&12

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