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Unit 3 : Reading Quiz # 8 : 4 points

1. Economists use the term imperfect competition to describe: A) all industries which produce standardized products. B) any industry in which there is absolutely no competition. C) a pure monopoly only. D) those markets which are not purely competitive.

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Unit 3 : Reading Quiz # 8 : 4 points

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  1. 1. Economists use the term imperfect competition to describe: A) all industries which produce standardized products. B) any industry in which there is absolutely no competition. C) a pure monopoly only. D) those markets which are not purely competitive. Unit 3 : Reading Quiz # 8: 4 points 2. Which of the following statements applies to a purely competitive producer? A) It will not advertise its product. B) It will act as a “price-maker” C) Its product will have a brand name. D) Its product is slightly different from those of its competitors.

  2. 3. The demand curve in a purely competitive industry is ______, while the demand curve to a single firm in that industry is ______. A) perfectly inelastic, perfectly elastic B) downsloping, perfectly elastic C) downsloping, perfectly inelastic D) perfectly elastic, downsloping 4. Marginal revenue is the: A) change in product price associated with the sale of one more unit of output. B) change in average revenue associated with the sale of one more unit of output. C) difference between product price and average total cost. D) change in total revenue associated with the sale of one more unit of output.

  3. 5. To maximize profit or minimize losses this firm will produce: A) K units at price C. C) D units at price J. B) E units at price A. D) E units at price B. 6.  At the profit-maximizing output, the firm will realize: A) loss equal to BCFG. C) economic profit of ACFH. B) loss equal to ACFH. D) economic profit of ABGH.

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