Question 20 The marginal cost curve intersects Question 20 options: 1) the avera

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Question 20

The marginal cost curve intersects
Question 20 options:
1) the average fixed cost curve at its minimum.
2) the average total cost curve at its maximum.
3) the minimum of the average fixed cost, average variable cost and the average total cost curves.
4) the minimum of the average variable cost and average total cost curves.
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Question 21 (2 points)
Which of the following is NOT a characteristic of a perfectly competitive market?
Question 21 options:
1) The products sold by the firms in the market are homogeneous.
2) There are many buyers and sellers in the market.
3) It is difficult for a firm to enter or leave the market.
4) Each firm is a price taker.
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Question 22 (2 points)
The perfectly competitive firm cannot influence the market price because
Question 22 options:
1) it has market power.
2) its production is too small to affect the market.
3) it is a price maker.
4) its costs are too high.
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Question 23 (2 points)
All firms in a perfect competition industry
Question 23 options:
1) are price makers.
2) produce differentiated products.
3) produce identical products.
4) lose money.
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Question 24 (2 points)
A firm in a perfectly competitive industry is a
Question 24 options:
1) price taker.
2) quantity taker.
3) quality maker.
4) price maker.
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Question 25 (2 points)
Under the perfectly competitive market structure, the demand curve of an individual firm is
Question 25 options:
1) perfectly inelastic.
2) downward sloping.
3) relatively inelastic.
4) perfectly elastic.
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Question 26 (2 points)
Monopoly producers face
Question 26 options:
1) many competitors producing the same product.
2) only a few competitors producing the same product.
3) at least one competitive producer of the same product.
4) no competitive producers of the same product.
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Question 27 (2 points)
A firm can be the sole supplier of a good and is still not a monopolist if
Question 27 options:
1) the firm is not large.
2) the good produced is not important to the economy.
3) the firm is not making excessive profits.
4) there are very close substitutes for the good.
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Question 28 (2 points)
A monopolist is
Question 28 options:
1) a firm with annual sales over $50 million.
2) a single supplier of a good for which there is no close substitute.
3) a large firm that makes all the other firms in the industry do what it wants.
4) a supplier of a good that everyone needs with the result that it makes large profits.
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Question 29 (2 points)
Which of the following are barriers to entry?
Question 29 options:
1) Economies of scale
2) Patents and copyrights
3) Control of resources
4) All of these
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Question 30 (2 points)
Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
Question 30 options:
1) monopoly due to government restrictions.
2) a barrier to entry from owning an important resource.
3) a barrier to entry from scale economies.
4) monopoly due to governmental entry restrictions.
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Question 31 (2 points)
A tax that is imposed on an imported good is called a
Question 31 options:
1) tariff.
2) quota.
3) government license.
4) patent.
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Question 32 (2 points)
A firm that faces a downward sloping demand curve is known as a
Question 32 options:
1) price taker.
2) utility maximizer.
3) price searcher.
4) perfect competitor.
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Question 33 (2 points)




Given the data in the above table, what is the marginal revenue when the 12th unit is sold?
Question 33 options:
1) $7.00
2) $5.00
3) $3.00
4) $1.00
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Question 34 (2 points)
Which of the following is NOT a characteristic of monopolistic competition?
Question 34 options:
1) Product differentiation
2) Barriers to entry into the market
3) Advertising
4) A significant number of sellers
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Question 35 (2 points)
Which of the following describes monopolistic competition?
Question 35 options:
1) Homogenous products
2) P = MR = MC
3) Advertising plays a key role
4) There is only one seller in the industry

Explanation / Answer

20. 4) the minimum of the average variable cost and average total cost curves. 21. 4) Each firm is a price taker. 22. 3) it is a price maker. 23. 3) produce identical products. 24. 4) price maker. 25. 3) relatively inelastic. 26. 4) no competitive producers of the same product. 27. 4) there are very close substitutes for the good. 28. 2) a single supplier of a good for which there is no close substitute. 29. 4) All of these 30. 1) monopoly due to government restrictions. 31. 3) government license. 32. 33.no table 34.4) A significant number of sellers 35. 3) Advertising plays a key role please rate appreciated

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