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ReviewCh14

# ReviewCh14 - Chapater14 Multiple Choice Identify the choice...

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Chapater14 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Free entry is limited. d. Each firm chooses an output level that maximizes profits. ____ 2. Who is a price taker in a competitive market? ____ 3. Free entry means that Table 14-1 Quantity Total Revenue 0 \$0 1 \$7 2 \$14 3 \$21 4 \$28 ____ 4. Refer to Table 14-1. For a firm operating in a competitive market, the price is ____ 5. Refer to Table 14-1. For a firm operating in a competitive market, the marginal revenue is a. \$0. b. \$7. c. \$14. d. \$21. ____ 6. Refer to Table 14-1. For a firm operating in a competitive market, the average revenue is Table 14-2

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Quantity Price 0 \$13 1 \$13 2 \$13 3 \$13 4 \$13 5 \$13 6 \$13 7 \$13 8 \$13 9 \$13 ____ 7. Refer to Table 14-2 . The price and quantity relationship in the table is most likely that faced by a firm in a ____ 8. Refer to Table 14-2 . Over which range of output is average revenue equal to price? ____ 9. Refer to Table 14-2 . Over what range of output is marginal revenue declining? a. 1 to 6 b. 3 to 7 c. 7 to 9 d. None; marginal revenue is constant over the entire range of output. ____ 10. Refer to Table 14-2 . If the firm doubles its output from 3 to 6 units, total revenue will Table 14-4 Quantity Total Revenue Total Cost 0 \$0 \$3 1 \$7 \$5 2 \$14 \$8 3 \$21 \$12 4 \$28 \$17 5 \$35 \$23 6 \$42 \$30 7 \$49 \$38 ____ 11. Refer to Table 14-4. A firm operating in a competitive market and facing the total costs listed in the table will not produce an output level beyond
____ 12. Refer to Table 14-4. The firm will produce a quantity greater than 4 because at 4 units of output, marginal cost ____

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ReviewCh14 - Chapater14 Multiple Choice Identify the choice...

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