Question 8 Economists study perfect competition A.because it is very common in practice. B.becauseour culture leans toward competition and away from
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Question 8A.because it is very common in practice.

Economists study perfect competition

B.because our culture leans toward competition and away from cooperation.

C.to establish a standard which may be used to measure the performance of the economy.

D.because of all of  the above answers.

E.because none of the above answers.


Question 9

Which of the following statements is true?

A.Production always takes place in the long run.

B.Production always takes place in the short run.

C.Production sometimes takes place in the long run.

D.Production sometimes takes place in the short run.

E.Answer C. and Answer D. are both true.


Question 10

In the United States, the two most common types of market structures are

A.perfect competition and monopoly.

B.perfect competition and oligopoly.

C.monopoly and oligopoly.

D.monopoly and monopolistic competition.

E.none of the above answers.


Question 11

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A profit maximizing perfectly competitive firm whose only variable input is labor has the following total cost schedule:

Level of Output     Total Cost

     0                28

     1                40

     2                55

     3                66

     4                80

     5                99

     6               123

     7               153

Using the information in the table, specify the level of economic profit or losses of this firm if the price per unit of this output is 11.  If economic losses are incurred, make sure to enter the minus sign (-) before the numerical value.

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