4505277
Description
Quiz by anjalisingh02, updated more than 1 year ago
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Created by anjalisingh02
almost 9 years ago
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Question 1
Question
A merger between 2 firms, within the same industry, operating at the same stage of production.
What type of merger is this?
Answer
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Vertical
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Horizontal
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Conglomerate
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Forward Vertical
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Backward Vertical
Question 2
Question
A merger between 2 firms in entirely unrelated industries.
What type of merger is this?
Answer
-
Vertical
-
Horizontal
-
Conglomerate
-
Forward Vertical
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Backward Vertical
Question 3
Question
A merger between 2 firms, within the same industry, operating at different stages of production.
What type of merger is this?
Answer
-
Vertical
-
Horizontal
-
Conglomerate
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Forward Vertical
-
Backward Vertical
Question 4
Question
Why do firms remain small?
Answer
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Gain expertise
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Barriers to Entry/Exit
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Niche-Market Businesses
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Lack of resources
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Lack of motivation
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Benefit from greater profits
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Increase sales
Question 5
Question
Why do firms grow?
Answer
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Increase market share
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Barriers to Entry/Exit
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Gain power
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Benefit from greater profits
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Avoid attention from potential buyers
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Lack of resources
Question 6
Question
Productive efficiency occurs...
Answer
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at the lowest point of the average cost curve
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when the cost of production and the demands of consumers are taken into account to maximise welfare
Question 7
Question
How can productive efficiency be shown on a diagram?
Answer
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P=MC
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MC=AC
Question 8
Question
Allocative efficiency occurs...
Answer
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at the lowest point of the average cost curve
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when the cost of production and the demands of consumers are taken into account to maximise welfare
Question 9
Question
How can allocative efficiency be shown on a diagram?
Answer
-
P=MC
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MC=AC
Question 10
Question
Profit maximisation occurs where...
Answer
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AC=AR
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MC=MR
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MR=0
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AR=MR
Question 11
Question
Revenue maximisation occurs where...
Answer
-
AC=AR
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MC=MR
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MR=AR
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MR=0
Question 12
Question
Sales maximisation occurs where...
Answer
-
MC=MR
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MR=AR
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AC=AR
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MR=0
Question 13
Question
Which one best describes Perfect Competition?
Answer
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High Barriers to Entry/Exit
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Imperfect knowledge
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Few large firms dominate
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Homogenous products
Question 14
Question
Which one best describes Monopolistic Competition?
Answer
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Low concentration ratio
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Homogenous products
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Perfect knowledge
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No barriers to Entry/Exit
Question 15
Question
Which one best describes Oligopoly?
Answer
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Many small firms
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Perfect knowledge
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High barriers to Entry/Exit
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Unique products
Question 16
Question
Which one best describes Monopoly?
Answer
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Low concentration ratio
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Perfect Knowledge
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Unique products
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Low barriers to Entry/Exit
Question 17
Question
How do you calculate Average Fixed Costs?
Answer
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Fixed Costs/Output
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Variable Costs/Output
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Fixed Costs/Price
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Variable Costs/Price
Question 18
Question
How do you calculate Average Variable Costs?
Answer
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Variable Costs/Output
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Variable Costs/Price
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Fixed Costs/Output
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Fixed Costs/Price
Question 19
Question
How do you calculate Marginal Costs?
Answer
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Change in Total Costs/ Change in Quantity
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Change in Quantity/ Change in Total Costs
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Change in Fixed Costs/ Change in Quantity
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Change in Variable Costs/ Change in Quantity
Question 20
Question
How do you calculate Total Revenue?
Answer
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Price x Quantity
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Total Costs x Quantity
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(Price x Quantity)/ Quantity
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Total Revenue/ Quantity
Question 21
Question
How do you calculate Average Revenue?
Answer
-
(Price x Quantity)/ Quantity
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Fixed Costs/ Quantity
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Price x Quantity
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Variable Costs x Quantity
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