30442282
Descripción
Test por Vashti Braynen, actualizado hace más de 1 año
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Creado por Vashti Braynen
hace más de 3 años
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Pregunta 1
Pregunta
Under perfect competition, output is determined by:
Respuesta
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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
Pregunta 2
Pregunta
Which of the following is NOT a characteristic of a perfectly competitive market?
Respuesta
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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
Pregunta 3
Pregunta
Perfect competition pushes firms to
Respuesta
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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
Pregunta 4
Pregunta
A factor that makes it difficult for firms to enter a market is called...
Respuesta
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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
Pregunta 5
Pregunta
Which is not a requirement for a market to have perfect competition?
Respuesta
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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
Pregunta 6
Pregunta
In a perfectly competitive market, a firm
Respuesta
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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
Pregunta 7
Pregunta
Perfect competition is best described as a market with
Respuesta
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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
Pregunta 8
Pregunta
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
Respuesta
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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
Pregunta 9
Pregunta
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
Respuesta
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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
Pregunta 10
Pregunta
If the market demand curve for a commodity has a negative slope, then the market structure must be
Respuesta
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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
Pregunta 11
Pregunta
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
Respuesta
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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
Pregunta 12
Pregunta
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
Respuesta
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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
Pregunta 13
Pregunta
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
Respuesta
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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
Pregunta 14
Pregunta
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
Respuesta
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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
Pregunta 15
Pregunta
Branding their goods and making the brand name familiar by means of advertising is an example of non-price competition.
Respuesta
- True
- False
Pregunta 16
Pregunta
Monopolies CANNOT be created by law.
Respuesta
- True
- False
Pregunta 17
Pregunta
Legal monopolies tend to consist of nationalised industries.
Respuesta
- True
- False
Pregunta 18
Pregunta
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.
Respuesta
- True
- False
Pregunta 19
Pregunta
The Organization of Petroleum is a form of a cartel.
Respuesta
- True
- False
Pregunta 20
Pregunta
A monopoly is NOT capable of restricting the supply of a product.
Respuesta
- True
- False
Pregunta 21
Pregunta
Large scale production may enable firms to produce at a very low average cost is a barrier to entry.
Respuesta
- True
- False
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