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Unformatted text preview: Blackboard Learn 10f4 LF298.ECO.202.1WOV.FA11 - ([Fall 2011] ECO 202-1WOV: Principles of Microeconomics) Review Test Submission: Quiz3b a 4 Principles of User Microeconomics) Nicholas Ryan Fields Submitted 9/21/11 10:08 PM Name Quisz Status Completed Score 15 out of 19 points Instructions Question 1 Assignments Review Test Submission: Quiz3b Quiz3b http://leam.vccs.edu/webapps/assessment/review/review.j sp?attemptiid... 1 out of1 points In which of the following industry structures is the entry of new firms the most difficult? «é Selected Answer: pure monopoly Question 2 1 out of1 points An industry comprised of 40 firms, none of which has more than 3 percent of x/Vy}, w Selected Answer: monopolistic competition Question 3 the total market for a differentiated product is an example of: 1 out of 1 points An industry comprised of four firms, each with about 25 percent of the total 43 market for a product is an example of: ; VM/i 3 ,,,,, 44/ Selected Answer: oligopoly Question 4 Firms seek to maximize: Selected Answer: Question 5 Selected Answer: Question 6 total profit. If a purely competitive firm shuts down in the short run: it will realize a loss equal to its total fixed costs. 1 out of 1 points 1 out of 1 points 1 out of 1 points If a firm is confronted with economic losses in the short run, it will decide Selected Answer: price and minimum average variable cost. 4 whether or not to produce by comparing: OK 9/21/2011 10:08 PM Blackboard Learn http://leam.Vccs.edu/webapps/assessment/reVieW/review.jsp?attemptiid... Question 7 1 out of1 points The short-run shut-down point for a purely competitive firm occurs: Selected Answer: at any point where price is less than the minimum AVC. Question 8 1 out of1 points We would expect an industry to expand if firms in that industry are: Selected Answer: % earning economic profits. Question 9 1 out of1 points If for a firm P = minimum ATC = MC, then: / Selected 4&3? Answer: both allocative efficiency and productive efficiency are being achieved. Question 10 0 out of 1 points In long-run equilibrium, purely competitive markets: Selected Answer: x minimize total cost. Question 11 0 out of1 points Which of the following is nota barrier to entry? Selected Answer: x ownership of essential resources Question 12 1 out of 1 points Barriers to entering an industry: Selected Answer: are the basis for monopoly. Question 13 1 out of1 points Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist‘s: Selected Answer: price and average total cost would be higher, but output would be lower. flak . 4, Question 14 1 out of1 points In which one of the following market models is X-inefficiency most likely to be the greatest? Selected Answer: pure monopoly Question 15 0 out of1 points 20f4 9/21/2011 10:08 PM Blackboard Learn http://leam.Vccs.edu/webapps/assessment/reVieW/review.jsp?attemptiid... A price discriminating pure monopolist will attempt to charge each buyer (or group of buyers): Selected x Answer: different prices to compensate for differences in the characteristics of the product. Question 16 0 out of 1 points The dilemma of regulation refers to the idea that: Selected % """ Answer: the regulated price which achieves allocative efficiency is also likely to result in persistent economic profits. Question 17 1 out of1 points If a regulatory commission wants to provide a natural monopoly with a fair return, it should establish a price that is equal to: «Q Selected Answer: average total cost. Question 18 0 out of1 points If a regulatory commission wants to establish a socially optimal price for a natural monopoly, it should select a price: Selected x Answer: which corresponds with the equality of marginal cost and marginal revenue. Question 19 1 out of1 points Reference: 22-100 Refer to the above diagram for a pure monopolist. Monopoly price will be: Selected Answer: 0. Question 20 1 out of1 points 3 0f4 9/21/2011 10:08 PM Blackboard Learn http://leam.Vccs.edu/webapps/assessment/reVieW/review.jsp?attemptiid... Supply {31' marginal 1:05;»: V ' Demand Marginal revenue Reference: 22-108. Refer to the above diagram. If this industry is purely competitive, the profit- maximizing price and quantity will be: Selected Answer: P2 and Q2. Wednesday, September 21, 2011 10:08:47 PM EDT 4 of4 9/21/2011 10:08 PM ...
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Blackboard Learn (2) - Copy - Blackboard Learn 10f4...

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