In which of the following industry structures is the entry of new firms the most difficult?
A)
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pure monopoly
B)
oligopoly
C)
monopolistic competition
D)
perfect competition
?
2.
A one-firm industry is known as:
A)
monopolistic competition
B)
oligopoly
C)
pure monopoly
D)
perfect competition
?
3.
An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions is called:
A)
monopolistic competition
B)
oligopoly
C)
pure monopoly
D)
perfect competition
?
4.
Mutual interdependence would tend to limit control over price in which market model?
A)
monopolistic competition
B)
perfect competition
C)
pure monopoly
D)
oligopoly
?
5.
In which two market models would advertising be used most often?
A)
perfect competition and monopolistic competition
B)
perfect competition and pure monopoly
C)
monopolistic competition and oligopoly
D)
pure monopoly and oligopoly
?
6.
Which characteristic would best be associated with perfect competition?
A)
few sellers
B)
price taker
C)
nonprice competition
D)
product differentiation
?
7.
A perfectly competitive seller is:
A)
both a “price maker” and a “price taker.”
B)
neither a “price maker” nor a “price taker.”
C)
a “price taker.”
D)
a “price maker.”
?
8.
Which of the following is not a basic characteristic of perfect competition?
A)
considerable nonprice competition
B)
no barriers to the entry or exodus of firms
C)
a standardized or homogeneous product
D)
a large number of buyers and sellers
?
9.
Which of the following is characteristic of a perfectly competitive seller’s demand curve?
A)
Price and marginal revenue are equal at all levels of output.
B)
Average revenue is less than price.
C)
Its elasticity is “1” at all levels of output.
D)
It is the same as the market demand curve.
?
10.
Average revenue is:
A)
total revenue minus total cost.
B)
marginal revenue minus marginal cost.
C)
marginal revenue divided by the quantity of output.
D)
total revenue divided by the quantity of output.
?
11.
In perfect competition, the marginal revenue of a firm always equals:
A)
product price.
B)
total revenue.
C)
average total cost.
D)
marginal cost.
?
12.
Firms seek to maximize:
A)
per unit profit.
B)
total revenue.
C)
total profit.
D)
market share.
?
13.
A firm reaches a break-even point (firm makes normal profit) where:
A)
marginal revenue cuts the horizontal axis.
B)
marginal cost intersects the average variable cost curve.
C)
total revenue equals total variable cost.
D)
total revenue and total cost are equal.
?
14.
In the short run a perfectly competitive firm which seeks to maximize profit will produce:
A)
where the demand and the ATC curves intersect.
B)
where total revenue exceeds total cost by the maximum amount.
C)
that output where economic profits are zero.
D)
at any point where the total revenue and total cost curves intersect.
?
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