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1) A price taker is a buyer or seller who:

1) A price taker is a buyer or seller who:
A) has the ability to influence the equilibrium price in the market
b) accepts whatever price that the government legislates as the price of the good or service
c) buys or sells only at a price where profits can be made
d) takes the market price as given
2) A radio signal broadcast through the air is _________ in the consumption and listeners are ____________
a) rival; nonexcludable b)nonrival;nonexcludable
c) nonrival; excludable d) rival; excludable
3) ________ are costs that do not require a monetary payment
a) All opportunity costs b) implicit costs
c) accounting costs d) explicit costs
4) A college education generates both
a) both private and external benefits b) only external benefits
c) no benefits d) only private benefits
5) Compared to a perfectly competitive firm having the same sot curves, a monopolistically competitive firm _________ output, and ___ prices
a) raises; raises b) reduces; raises
c) reduces; reduces d) raises; reduces
6) A firm is earning a positive profit if the price is greater than
a) total cost b) average cost
c) total variable cost d) marginal cost
7) Toby sells wheat in a perfectly competitive market . The demand curve for Toby's wheat is:
a) u-shaped b) horizontal
c) vertical d) downward slopping
8) A perfectly competitive firm can:
a) sell as much as it can produce at the market price
b) prevent entry from other firms into their market
c) affect the market price for it's good
d) collude with it's competitors to set prices
9) A monopoly is an industry with
a) many firms each too small to impact the market price of it's output
b) a single firm in which the entry of new firm is blocked
c) a small number of firms each large enough to impact the market price of it's output
d) many firms each able to differentiate their product
10) The major distinguishing characteristics of oligopoly is that
a) firms are interdependent
b) entry into the industry easy
c) firms produce differentiated products
d) firms can influence the price of their product
11) A firm is pure competition maximizes profit by selling the quantity where
a) average variable cost equal price b) average fixed cost equals price
c) marginal cost equals price d) average total cost equals price
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1) A price taker is a buyer or seller who:
A) has the ability to influence the equilibrium price in the market
b) accepts whatever price that the government legislates as the price of the good or...

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