Multiple-Choice Questions

  1. Question

    Gt5zZzuo+HtqJbjUDb409tLhUjVtbsaEYfBo2OaC5Xb3GSBgw7LiEI+h5gnqR8qlOhORhkytYaWeWGaLhBUSQrY7WC2CMyll74pmD/BKbKyW1LD2ZAsOs1KSBUzlKP/b3ATApJFn8+7FkV9V0ln8/JpF5C2X/NRVXZuyO5K5aGsaMhQAucnMN6pzgzAiXDQ9I/wcYo6QFQsTv9YPAB63nL2h9RY8i0aAy7f/+nnkk34lHVL2BkFqGTrB7PH1Xnz15s3Ox4FcLalpojBgSJlkxY1IWiRxhV3xz5sHEhA1LzUT3pPv2h5hxwu20AtsJ2sVTdumpv6sVwi1tLRoYyb0mx/vVXfY+ZKYdLNkOaX33DkwCTOj3OP3eNk5PUpWztCjR/9Q4lCr0fgRLrsoMRgTZ20bqIIan4VUV1M9hXiUQ7W56AUijgJS6UFBLSqGqfGRhJnkSF3DTxgJmfaCJPIdDtIRxZ1L2axCCY7Om3A77IaJdBtXr8UWhqZgWXXmAToBhGRr0wII+EvuK7mr1pUsyO8/R1NTehrs76njFglGtHEnErBWbP3rPECt+QnPvRiQDOBVvqClUNEuK9UaRaImK+/adtGPrZxviZktlHjyz3rCDqlCfy0qa8xOkGkSyvEy/BxnXq7tBg5bXZ75tc5NZzqAce5WS5nZVYWXutDglGR8b0tVKGsfbY00r3Crlt89FITEkFY6yjDa+qym1JVeqGKaHUla5T/1aP4kH+8n3rVe+Cy9nikZXyTHKwCAo/vTLLJi1gwUvuYNv1ww/y/9xZy6dEg9QS/ieRvhzLe0AbhH4SXHYKdF7E2WG1YW8W3NOOvOnlkHsZATg77DLJ+tUMsrvJZp1LLAwbpvQIUypGlIF2iFkuTATGFCcrrrbW0hW3nYuHkitDYpMEsh0M8AWjzZfokKAVAq7hbMsROUtv3xkNggWn1W16oLf4XKt11leB0lK5huo81x8MgUhaDA/LtDju6YXb2B80iJtkK4uMjAZM+b8Mk3zTWXO75w8UIeT3qE/Rq6PxKZ2nWAj2A5XECRXSqLH34Y1IiG1F/cN5BddvbBr4O2d5jnYtKRXKcXaFeS9387EF+cVyW+llN6lXWVUigWsxRJSnl2pNsh5eR4O2TZISqActYnFgfxQnFHEdcbwbPa0Lo=
    According to the pric
  2. Question

    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
    A perfectly competitive firm is a pric
  3. Question

    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
    Because a perfectly competitive firm is a pric
  4. Question

    AzgHKu4bU9lfWyosNRZX4DJxHz7jo9Uyf3aPJX5my0T3jMO0A2GcqAMhnlYmLosk7Z30Wqu6VDmtgyx/lP7YmOwTnz6lb6SAYAATvwLx7umhpwhUYdQLdBS5r42x2733gnn2AgC7G/BZkUfUnDsufnzrPHi6Pp/zHBlRjzi32x9dvOIjMWMlR8g/vRjuB1dJ1eZXyBo0gq/Fy5KfapE+9KGFQi9RvAr0Urfuxjuypb8Igt9qxysw5y3DE7wG9j01a7TKPQJyFb//q/VOrfoaZvggOalaMwb+DyHZx6mCQx+f3IUA0597q2f2IBO78YpGMMfCzgJKkGYitSphLdTy0mirFFX2i1U/yJNscdIDBlE7/5ysT6tvkmNyJUqoImzZs1abBqrFqXiILV5PsoS1g+C6MD8en0Ec+o3RGdGbmbsXcwZjM3BWcA6JgWfcGLkFyRYIRkwtisMav9ML0RgGwnLdpTzyEXhus8ToyVga6ZUxYoCFPEIVNb1utuWmVDAlc+JNq6+bQOIlHH5aCZgu0ZHiVhijld78GyJZKCfUQgcnDkB42ppIdKkrGyuvEBhmi9oey4uCa/B/sKyTy4B7S5/xaWkI3uPG7wS7TBRhqzFZ1N6DcKvhTBWJWg/cdnneOLzBxrta45zvNVvqkIoQDy8P1L9hGEEUaN7oMZQXtaYF96tDd9n4BOBNEKII2CMWM9JiSs6ewUO5hvShcemfW7SvvJjGXrTQIP/eoTiq/O1PWm4fgmtGfrwCdKbm634mZZKbpNAsIyBg1o2sQ1qK4m+zM12UZonSlhDDYJuUYeqxbfK8aBNwqT7fzVJOYSg2elp/D11wK/Bul26e8BXCo5jIi8PTzW9PfNspztrltqMGr6zCt4qvXdqShyv58zwOkMjNbGGu28OoluVyoddYlnqOZe04KMyqr9HZHXtbZ3bjQCcCmZw8O9UaDeo2JifuaBtJCuD3HAcsZsfGCtAqdqHZqHbIi5zza57B11hZdrBgsJqaSKv4UjDeQfR2QqgpWpbtFBlf3wBfgiBdw8v5wGZ4O6aeLDDSWikdi3M/32MbNeeUqj6olk6sZlnnNGTHoAwIi3p0IW8net3u0aScriIBs0+D0EoSHGKJ5f0Fa3NOubSZahvIHCEZQ6Q=
    A perfectly competitive firm is guaranteed to be profitable when it produces a level of output where
  5. Question

    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
    Average total cost is minimized by producing the level of output where the marginal cost
  6. Question

    Consider the data below for Questions 6, 7, and 8 for a perfectly competitive firm.

    image
    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
    Suppose an increase in the demand for tomatoes brings the market price up to $22. How many tomatoes should be produced in order to maximize profit?
  7. Question

    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
    Now suppose a decrease in the demand for tomatoes brings the market price down to $15. How many tomatoes should be produced in order to maximize profit?
  8. 639

    Question

    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
    What price represents the shu
  9. Question

    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
    Oscar sells bicycles in a perfectly competitive market. In the short run, at the quantity that equates marginal revenue and marginal cost, the market price is above Oscar’s average variable cost and below his average total cost. Oscar should
  10. Question

    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
    The shor
  11. Question

    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
    For a perfectly competitive industry, the shor
  12. Question

    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
    Tia sells hats in a perfectly competitive market. If, in the long run, the market price exceeds the minimum of Tia’s average variable cost but is below the minimum of her average total cost, Tia should
  13. Question

    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
    In the long run for a perfectly competitive constan
  14. Question

    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
    For a perfectly competitive increasin
  15. Question

    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
    The lon
  16. Question

    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
    The demand curve for a monopolist producing a normal good is downwar
  17. Question

    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
    The marginal revenue curve for a monopolist lies below the demand curve because of
  18. Question

    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
    If a monopolist is charging a price such that marginal revenue is greater than marginal cost, then the monopolist
  19. 640

    Question

    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
    For a monopolist, when marginal revenue is positive
  20. Question

    nDmxQ+JHx+c94tJslPzLsYUeMlxRyNHVn91WSaJJ7SlDu3J6DGxV8c3BWcYteKx54MZFNY29liXjcAVvxi6PgaMtcI3ATrWvi9zFbwDkbiKxot7Kpa6gp0Jm//MAA98A2F5mbqdMz8cH0MGHQzUSiDYMg0/PdUBaPmvhx2U5LvLQIXwzZ1BQn7dQVUdforEwTW5/QqtQEjlXwFX/gujntXLgXO1Xgbd7/gdeVHOqptBdpIfkOQ8Tvhgy3SeQ6aRsnlkBLqVsaTavJUrLjj2thu4FMC9PNHbL9fncmgBGrYoTkcahRsANlDTVHRkrI2s3I93hfO9kIURlhVUBA8G60iJLwP8yDslsAk32rXp2nMAFE+MRDwr1NwRVEtJsS5JQShIwJip8drMUhrRlW4dKY58+VX9bQvraAO4eCmpA62JQP1fgXBB1E6nIeLrvTGa1igk/p8fV6dXlQmvyUh1JsUqqgskU93l982VuT7EEXgBYGDDnWAVqQKIlHroGs9m1Z5iBGcMAvI2EROL/ef/yIZy5WJTPqNcY9PL7etRa3UzgB4cENyfrYk3W6ES6zb0CDcecrj8TqXWzqx4lsmFyil5nSwDXvkHFm4ibFhPxNdposwTNo4zmhimrzohbhCh9RUHF8SHRSI1J9lU6s3jDY/hIFYDF1m/ufE6uLC7IGsTOZZJd2/vUkGHoCtSYZwPpDRhAymclX+/EI4C35EI4XdLgHumDlRp8/yPi0EQq0yPEr+LuoDbAI9xFmiDEIZoG7fwlrW5rQNFhdJjN1P1Qf81jPgSmrn1dk/Wqlq2zZox6dP+Cz9de0xle7W5/RWXdygCNcbFAwgW6ki02arsx1RbFuaTojgS2vJkkfDf9wCp2vML9SfV2PJP7ZVqhJsOXzlKgN9/Y+rsexaZtEmfI8AG13XOfA3TAZ7td74Z3Zx30gA2FVrvbC4A9xDhcvN7czwrEZmmGa7JwZyKry08+YdqXhXpJhUzm30aacuRD87GWUBYXzK4PkjQD9OVCVo1zU5Pw9yWWmWYNZtZPiBmzd1y+kfuSj1terqArm/oIMhn00+goMUmyOfaDs/E9LyKKElxZ33306tr5Xh+tJGEQY7z0dwWAigRnhKzY+xvWgdRP2qAL
    Relative to a competitive industry with the same costs, a monopolist charges
  21. Question

    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
    If a monopolist finds that demand is elastic at the level of output where marginal revenue is equal to marginal cost, the monopolist will
  22. Question

    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
    A perfectly competitive industry will likely have
  23. Question

    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
    If a regulatory commission wants to ensure that a monopolist produces the largest quantity of output that is consistent with earning a normal profit, it will require the monopolist to charge a price equal to its
  24. Question

    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
    In order to practice price discrimination, a firm must have
  25. Question

    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
    Perfect price discrimination will result in