Ch08 - CHAPTER 8 Profit Maximization and Competitive Supply...

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CHAPTER 8 Profit Maximization and Competitive Supply MULTIPLE CHOICE Section 8.1 easy 1. A price taker is a. a firm that accepts different prices from different customers. b. a consumer who accepts different prices from different firms. c. a perfectly competitive firm. d. a firm that cannot influence the market price. e. Both (c.) and (d.) . easy 2. Which of following is an example of a homogeneous product? easy 3. Which of following is a key assumption of a perfectly competitive market? 13
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CHAPTER 8 TEST BANK PROFIT MAXIMIZATION AND COMPETITIVE SUPPLY SIXTH EDITION SECTION 8.2 easy 4. If managers do not choose to maximize profit, but pursue some other goal such as revenue maximization or growth, easy 5. Owners and managers a. must be the same people. b. may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. c. may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. d. may be different people with different but exactly complementary goals. e. may be different people with the same goals. moderate 6. The textbook for your class was not produced in a perfectly competitive industry because moderate 7. If any of the assumptions of perfect competition are violated, 14
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TEST BANK CHAPTER 8 SIXTH EDITION PROFIT MAXIMIZATION AND COMPETITIVE SUPPLY moderate
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