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Beschreibung
Quiz von Vashti Braynen, aktualisiert more than 1 year ago
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Erstellt von Vashti Braynen
vor mehr als 3 Jahre
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Frage 1
Frage
Under perfect competition, output is determined by:
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A. Demand and equilibrium price
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B. Fixed expenses
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C. Individuals
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D. Industry supply curve
Frage 2
Frage
Which of the following is NOT a characteristic of a perfectly competitive market?
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A. Free entry and exit
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B. No substitutes
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C. Numerous sellers
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D. Perfect information
Frage 3
Frage
Perfect competition pushes firms to
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A. Efficiency
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B. Maximum possible output
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C. Maximum sales
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D. Take over other firms
Frage 4
Frage
A factor that makes it difficult for firms to enter a market is called...
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A. A barrier to entry
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B. A block to entry
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C. An impediment to entry
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D. An obstacle to entry
Frage 5
Frage
Which is not a requirement for a market to have perfect competition?
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A. Consumers and producers are informed about products
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B. Diverse buyers and sellers participate in a market
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C. Sellers can freely enter and exit the market
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D. Sellers offer the same products
Frage 6
Frage
In a perfectly competitive market, a firm
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A. Can easily take control of the market
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B. Can influence the price of the good across the market
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C. Only has control over how much they decide to produce
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D. Can influence demand across the market through advertising
Frage 7
Frage
Perfect competition is best described as a market with
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A. Few firms producing essentially the same product
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B. Few firms producing very different products
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C. Many firms producing essentially the same product
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D. Many firms producing very different products
Frage 8
Frage
The market demand curve for a perfectly competitive industry is QD = 12 - 2P. The market supply curve is QS = 3 + P. The market will be in equilibrium if
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A. P = 3 and Q = 6
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B. P = 6 and Q = 9
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C. P = 5 and Q = 2
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D. P = 4 and Q = 4
Frage 9
Frage
A perfectly competitive firm should reduce output or shut down in the short run if market price is equal to marginal cost and price is
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A. Greater than average total cost
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B. Less than average total cost
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C. Greater than average variable cost
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D. Less than average variable cost
Frage 10
Frage
If the market demand curve for a commodity has a negative slope, then the market structure must be
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A. Perfect competition
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B. Monopoly
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C. Imperfect competition
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D. The market structure cannot be determined from the information given
Frage 11
Frage
If a firm sells its output on a market that is characterized by many sellers and buyers, a homogeneous product, unlimited long-run resource mobility, and perfect knowledge, then the firm is a
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Frage 12
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If a firm sells its output on a market that is characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Frage 13
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If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long-run resource mobility, then the firm is
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Frage 14
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If a firm sells its output on a market that is characterized by few sellers and many buyers and limited long-run resource mobility, then the firm is
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Frage 15
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Branding their goods and making the brand name familiar by means of advertising is an example of non-price competition.
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- True
- False
Frage 16
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Monopolies CANNOT be created by law.
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- True
- False
Frage 17
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Legal monopolies tend to consist of nationalised industries.
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- True
- False
Frage 18
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Restrictive trade practices occur when firms in an industry agree to not compete with each other but to restrict the entry of any new firm.
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- True
- False
Frage 19
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The Organization of Petroleum is a form of a cartel.
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- True
- False
Frage 20
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A monopoly is NOT capable of restricting the supply of a product.
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- True
- False
Frage 21
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Large scale production may enable firms to produce at a very low average cost is a barrier to entry.
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- True
- False
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