16064675
Descripción
Test por Niki Barnes, actualizado hace más de 1 año
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Creado por Niki Barnes
hace alrededor de 6 años
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Pregunta 1
Pregunta
A perfectly competitive business is a _________ , or it accepts the price of the product it receives in the product market or it pays in the input as given.
Respuesta
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Monopsony
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Price Taker
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Interdependent
Pregunta 2
Pregunta
If the following conditions hold, an input or product market structure is considered perfectly competitive.
Respuesta
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Homogeneous product, barriers for entry or exit, a large number of sellers, perfect information
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Not homogeneous, no barriers for entry or exit, a large number of sellers, imperfect information
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Homogeneous product, no barriers for entry or exit, a large number of sellers, perfect information
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Homogeneous product, no barriers for entry or exit, a few sellers, perfect information
Pregunta 3
Pregunta
Classification of inputs
Respuesta
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Land, Labor, Capital, and management
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Renewable resources, Labor, Capital, business expansion
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Non renewable resources, Labor, Durable equipment, Management
Pregunta 4
Pregunta
Classification of firms
Respuesta
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Perfect Competition
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Monopolistic Competition
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Oligopoly
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Monopoly
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All of the Above
Pregunta 5
Pregunta
A production function characterizes the physical relationship between what?
Respuesta
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The level of inputs and the use of output
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The use of inputs and the level of output
Pregunta 6
Pregunta
When we graph the output and input relationship we come up with ________?
Respuesta
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A market supply curve
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A market demand curve
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A total physical product curve
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A total product demand curve
Pregunta 7
Pregunta
A market supply curve for a particular product generally has a positive slope.
Respuesta
- True
- False
Pregunta 8
Pregunta
The market supply curve for a particular product is based on the decisions of ________ and ____________ made by individual businesses in an industry
Respuesta
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What and how much to produce
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Where and what to produce
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Why and how to produce
Pregunta 9
Pregunta
Legislative act that prohibited monopolies and other restrictive business practices
Respuesta
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Federal Trade Commission Act
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Clayton Act
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Agricultural Bargaining Associations
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Sherman Antitrust Act
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