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    Answer Key

    Uploaded by

    Cañeda Alejanio
    The document summarizes the results of a 30 question multiple choice quiz on market structures and economics. The participant answered 0 questions correctly, scoring 0%. The summary provides the question topics that were covered, including different market structures, demand and supply curves, barriers to entry, costs, and imperfect competition.

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    © All Rights Reserved
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    Answer Key

    Uploaded by

    Cañeda Alejanio
    37 views4 pages
    The document summarizes the results of a 30 question multiple choice quiz on market structures and economics. The participant answered 0 questions correctly, scoring 0%. The summary provides the question topics that were covered, including different market structures, demand and supply curves, barriers to entry, costs, and imperfect competition.

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    The document summarizes the results of a 30 question multiple choice quiz on market structures and economics. The participant answered 0 questions correctly, scoring 0%. The summary provides the question topics that were covered, including different market structures, demand and supply curves, barriers to entry, costs, and imperfect competition.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    37 views4 pages

    Answer Key

    Uploaded by

    Cañeda Alejanio
    The document summarizes the results of a 30 question multiple choice quiz on market structures and economics. The participant answered 0 questions correctly, scoring 0%. The summary provides the question topics that were covered, including different market structures, demand and supply curves, barriers to entry, costs, and imperfect competition.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Multiple Choice Quiz - Results

    You answered 0 out of 30 questions correctly, for a score of 0%.

    1. Incorrect. You did not provide an answer.

    Which of the following is not a type of market structure?

    The correct answer was: a. Competitive monopoly.

    2. Incorrect. You did not provide an answer.

    If the market demand curve for a commodity has a negative slope then the market structure
    must be

    The correct answer was: d. The market structure cannot be determined from the information
    given..

    3. Incorrect. You did not provide an answer.

    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

    The correct answer was: c. a perfect competitor..

    4. Incorrect. You did not provide an answer.

    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

    The correct answer was: a. a monopolist..

    5. Incorrect. You did not provide an answer.

    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

    The correct answer was: d. a monopolistic competitor..

    6. Incorrect. You did not provide an answer.

    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

    The correct answer was: b. an oligopolist..

    7. Incorrect. You did not provide an answer.

    If one perfectly competitive firm increases its level of output, market supply

    The correct answer was: c. and market price will both remain constant..
    8. Incorrect. You did not provide an answer.

    Which of the following markets comes close to satisfying the assumptions of a perfectly
    competitive market structure?

    The correct answer was: d. All of the above come close to satisfying the assumptions of
    perfect competition..

    9. Incorrect. You did not provide an answer.

    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

    The correct answer was: d. less than average variable cost..

    10. Incorrect. You did not provide an answer.

    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

    The correct answer was: d. P = 3 and Q = 6..

    11. Incorrect. You did not provide an answer.

    Which of the following is a barrier to entry that typically results in monopoly?

    The correct answer was: c. Production of the industry's product requires a large initial capital
    investment..

    12. Incorrect. You did not provide an answer.

    In the short run, a monopolist will shut down if it is producing a level of output where marginal
    revenue is equal to short-run marginal cost and price is

    The correct answer was: d. less than average variable cost..

    13. Incorrect. You did not provide an answer.

    A natural monopolyrefers to a monopoly that is defended from direct competition by

    The correct answer was: a. economies of scale over a broad range of output..

    14. Incorrect. You did not provide an answer.

    When a perfectly competitive industry is in long-run equilibrium, all firms in the industry

    The correct answer was: d. All of the above are correct..

    15. Incorrect. You did not provide an answer.

    The short-run supply curve of a perfectly competitive firm


    The correct answer was: a. is equal to that portion of the short-run marginal cost curve that is
    above the average variable cost curve..

    16. Incorrect. You did not provide an answer.

    The long-run supply curve of a perfectly competitive firm

    The correct answer was: b. is equal to that portion of the long-run marginal cost curve that is
    above the relevant short-run average total cost curve..

    17. Incorrect. You did not provide an answer.

    A depreciation of the U.S. dollar relative to foreign currencies will make

    The correct answer was: b. U.S. exports less expensive in foreign countries..

    18. Incorrect. You did not provide an answer.

    The value of the U.S. dollar on the foreign exchange market will tend to

    The correct answer was: d. All of the above are correct..

    19. Incorrect. You did not provide an answer.

    A monopolized market is in long-run equilibrium when

    The correct answer was: c. production takes place where long-run marginal cost is equal to
    marginal revenue and price is not below long-run average cost..

    20. Incorrect. You did not provide an answer.

    A monopolist produces 14,000 units of output and charges $14 per unit. Its marginal revenue
    is $8, its marginal cost is $7 and rising, its average total cost is $10, and its average variable
    cost is $9. The monopolist should

    The correct answer was: a. increase output, which will result in an increase in the firm's
    positive economic profit..

    21. Incorrect. You did not provide an answer.

    Which of the following types of firms is likely to be a monopolistic competitor?

    The correct answer was: c. A restaurant..

    22. Incorrect. You did not provide an answer.

    Which of the following is a differentiated product?

    The correct answer was: d. All of the above are differentiated products..

    23. Incorrect. You did not provide an answer.


    Which of the following is a characteristic of monopolistic competition?

    The correct answer was: a. Few sellers..

    24. Incorrect. You did not provide an answer.

    The demand curve faced by a monopolistically competitive firm is

    The correct answer was: b. elastic..

    25. Incorrect. You did not provide an answer.

    If an imperfectly competitive firm is producing a level of output where marginal cost is equal
    to marginal revenue, marginal revenue is below average variable cost, and price is equal to
    average total cost, then the firm

    The correct answer was: d. None of the above is correct..

    26. Incorrect. You did not provide an answer.

    If an imperfectly competitive firm is producing a level of output where marginal cost is equal
    to marginal revenue, marginal revenue is below average variable cost, and price is equal to
    average total cost, then the firm is

    The correct answer was: c. minimizing short-run average total cost..

    27. Incorrect. You did not provide an answer.

    Product variation refers to

    The correct answer was: a. an activity undertaken by a firm to increase demand..

    28. Incorrect. You did not provide an answer.

    Which of the following is a criticism of the theory of monopolistic competition?

    The correct answer was: d. All of the above are correct..

    29. Incorrect. You did not provide an answer.

    Which of the following industries is most likely to be monopolistically competitive?

    The correct answer was: c. The car repair industry.

    30. Incorrect. You did not provide an answer.

    Marginal revenue is equal to price for which one of the following types of market structure?

    The correct answer was: b. Perfect competition.

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