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Please answers these questions Question 1150.2 pts

In which of the following market structures are entry barriers the highest?

Group of answer choices



Oligopoly.


Perfect competition.


Monopolistic competition.


Monopoly.

 

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Question 116

0.2 pts

A firm should shut down production when:

Group of answer choices



P < minimum AVC.


P > minimum AVC.


P = minimum ATC.


P = MC.

 

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Question 117

0.2 pts

Which of the following is characteristic of a perfectly competitive market?

Group of answer choices



One firm in the market.


Imperfect information.


All of the above.


Zero economic profit in the long run.

 

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Question 118

0.2 pts

The market-supply curve in a perfectly competitive market is usually:

Group of answer choices



Vertical.


Downward-sloping.


Upward-sloping.


Horizontal.

 

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Question 119

0.2 pts

To maximize profits, a competitive firm will seek to expand output until:

Group of answer choices



Price equals marginal cost.


The elasticity of demand equals 1.


Total revenue equals total cost.


All of the above.

 

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Question 120

0.2 pts

If price is above the long-run competitive equilibrium level:

Group of answer choices



Firms will shut down.


Firms will enter the market.


Firms will incur losses.


Market supply will shift to the left.

 

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Question 121

0.2 pts

If in the long run price is less than average total costs then:

Group of answer choices



A typical firm will break even and should maintain existing capacity and there is no entry or exit in the industry.


A typical firm will incur a loss and should reduce capacity and or exit the industry.


A typical firm will enjoy profits and should expand capacity and or enter the industry.


None of the above

 

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Question 122

0.2 pts

Examples of barriers to entry include:

Group of answer choices



Patents.


All of the above.


Price taking.


Standardized products.

 

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Question 123

0.2 pts

If price is below the long-run competitive equilibrium level, there will be:

Group of answer choices



Positive economic profits.


Exit of firms from the market.


Greater output.


Greater demand.

 

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Question 124

0.2 pts

If in the long run price is greater than average total costs then:

Group of answer choices



A typical firm will break even and should maintain existing capacity and there is no entry or exit in the industry.


A typical firm will incur a loss and should reduce capacity and or exit the industry.


A typical firm will enjoy profits and should expand capacity and or enter the industry.


None of the above

 

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Question 125

0.2 pts

As new firms enter a competitive market:

Group of answer choices



The equilibrium market quantity falls.


The equilibrium market price falls.


Profits for existing firms will increase.


The market supply curve shifts to the left.


Question 111

0.2 pts

There are many wheat farmers, each of whom produces the same product. The wheat market can best be classified as:

Group of answer choices



Monopolistic competition.


Oligopoly.


Monopoly.


Perfect competition.


Question 91

0.2 pts

If price is greater than marginal cost, a perfectly competitive firm should increase output because:

Group of answer choices



Total revenues would increase.


The price they receive for their product is increasing.


Additional units of output will add to the firm's profits (or reduce losses).


Marginal costs are increasing.

 

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Question 92

0.2 pts

The long run is:

Group of answer choices



A period of time long enough for all inputs to be variable.


Approximately one year.


The time period required to produce a unit of the firm's output.


A time period longer than 1 year.

 

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Question 93

0.2 pts

Suppose a firm has an annual budget of $150,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner-manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $320,000 per year. Answer the indicated questions on the basis of this information. What are the annual implicit costs for the firm described above?

Group of answer choices



$75,000.


$90,000.


$310,000.


$50,000.

 

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Question 94

0.2 pts

Accounting costs and economic costs differ because:

Group of answer choices



Accounting costs exceed economic costs whenever any factor is not paid an explicit wage.


Accounting costs include implicit costs and economic costs do not.


Accounting costs include explicit costs and economic costs do not.


Economic costs include the opportunity costs of all resources used while accounting costs include actual dollar outlays.

 

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Question 95

0.2 pts

Suppose a firm has an annual budget of $150,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner-manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $320,000 per year. Answer the indicated questions on the basis of this information. What are the annual economic costs for the firm described above?

Group of answer choices



$400,000.


$310,000.


$275,000.


$255,000.

 

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Question 96

0.2 pts

Profit per unit equals:

Group of answer choices



(TR - TC) ÷ Q.


All of the above.


(P - ATC) × Q.


Profit × Q.

 

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Question 97

0.2 pts

A competitive firm is one:

Group of answer choices



That can alter the market price of the good(s) it produces.


That can raise price to increase profit.


That has a large advertising budget.


Whose output is so small relative to the market supply that it has no effect on market price.

 

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Question 98

0.2 pts

A firm experiencing economic losses will still continue to produce output in the short run as long as:

Group of answer choices



All of the above.


MR = MC.


Price is above average variable cost.


Revenues are greater than total fixed cost.

 

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Question 99

0.2 pts

Total revenue for the competitive firm is equal to:

Group of answer choices



Economic costs + economic profit.


MR × Q.


P × Q.


All of the above.

 

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Question 100

0.2 pts

If a perfectly competitive firm is producing a rate of output for which MC exceeds price, then the firm:

Group of answer choices



Must have an economic loss.


Can increase its profit by decreasing output.


Can increase its profit by increasing output.


Is maximizing profit.


Question 85

0.2 pts

Suppose that Ali's doctor tells him that consuming this product will reduce the risk of having a fatal heart attack. The market price should

Group of answer choices



Impossible to tell what will happen with out more information


Remain the same


Rise


Fall

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Subject: Business, Economics

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