CH 8 - Competitive Markets

CH 8 - Competitive Markets - ch8 Student 1 The equilibrium...

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Unformatted text preview: ch8 Student: _______________________________________________________________________________________ 1. The equilibrium price in a competitive market: A. Ensures that anyone who wants the good can get it. B. Equates the demand for goods with the supply of goods. C. Remains unchanged as forever. D. Remains unchanged only if demand doesn't change. 2. In a competitive market each individual supplier will face the: A. Equilibrium price. B. Demand price. C. Supply price. D. Profit price. 3. The market supply curve of a particular product indicates the total quantities, ceteris paribus , at alternative prices during a given time period that sellers: A. Actually sell. B. Are willing to offer for sale, even if they are unable to sell. C. Are willing and able to offer for sale, even if they fail to sell anything. D. Are willing and able to offer for sale, and actually do sell. 4. To determine the market supply, the quantities: A. Demanded at each price by each demander are added together. B. Supplied at each price by each supplier are added together. C. Demanded at each price by each demander and supplied at each price by each supplier are added together. D. Demanded at each price by each demander are subtracted from the quantities supplied at each price by each supplier. 5. The market-supply curve in a perfectly competitive market is usually: A. Downward-sloping. B. Horizontal. C. Vertical. D. Upward-sloping. 6. Which of the following is a determinant of market supply but not the supply curve of an individual firm? A. The price of factor inputs. B. Expectations. C. The number of firms in the market. D. Technology 7. Which of the following is not true about the market supply curve? A. It is the sum of the marginal cost curves of all the firms in the market. B. It is upward sloping to the right. C. It is determined by the number of firms in the market. D. It is determined by the number of buyers in the market. 8. Which of the following is true about a competitive market supply curve? A. It is horizontal. B. It is downward sloping to the right. C. It is the sum of the marginal cost curves of all firms. D. It is vertical. 9. If the price of ricotta cheese increases, then: A. The market supply curve for lasagna will shift to the right. B. The market supply curve for lasagna will shift to the left. C. There will be a movement up along the market supply curve for lasagna. D. There will be a movement down along the market supply curve for lasagna. 10. If a new sushi restaurant opens then: A. The market supply curve for sushi will shift to the right. B. The market supply curve for sushi will shift to the left. C. There will be a movement up along the market supply curve for sushi....
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CH 8 - Competitive Markets - ch8 Student 1 The equilibrium...

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