QUESTION 35 The price received by a firm in a perfectly competitive market: A. d
ID: 1115252 • Letter: Q
Question
QUESTION 35The price received by a firm in a perfectly competitive market: A. decreases with the quantity of output sold by the firm. B. is less than the market price. C. is greater than the market price. D. is equal to the market price. 1 points QUESTION 36
Consider a perfectly competitive firm in the short run. Assume that it is sustaining economic losses but continues to produce at the profit-maximizing (loss-minimizing) output. Which statement is FALSE? A. Marginal cost is less than average variable cost. B. Marginal cost is less than average total cost. C. Marginal cost is equal to marginal revenue. D. Price is equal to marginal cost. 1 points QUESTION 37
Wenqin is a farmer, and in the short run she produces 100 bushels of wheat. Her average total cost per bushel is $1.75, total revenue is $450, and total fixed costs are $100. Wenqin's: A. profit per bushel is $2.75. B. average variable cost is $1.25. C. average fixed cost is $1.50. D. economic profit is $250. 1 points QUESTION 38
An industry with a single producer that sells a single product with no substitutes is a: A. perfectly competitive industry. B. oligopoly. C. monopolistically competitive industry. D. monopoly. 1 points QUESTION 39
A monopoly is a market characterized by: A. a product with many close substitutes. B. a single seller. C. a small number of large firms. D. a large number of small firms. 1 points QUESTION 40
The ability of a monopolist to raise the price of a product above the competitive level by reducing the output is known as: A. market power. B. patents and copyrights. C. barrier to entry. D. product differentiation.
QUESTION 35
The price received by a firm in a perfectly competitive market: A. decreases with the quantity of output sold by the firm. B. is less than the market price. C. is greater than the market price. D. is equal to the market price. 1 points QUESTION 36
Consider a perfectly competitive firm in the short run. Assume that it is sustaining economic losses but continues to produce at the profit-maximizing (loss-minimizing) output. Which statement is FALSE? A. Marginal cost is less than average variable cost. B. Marginal cost is less than average total cost. C. Marginal cost is equal to marginal revenue. D. Price is equal to marginal cost. 1 points QUESTION 37
Wenqin is a farmer, and in the short run she produces 100 bushels of wheat. Her average total cost per bushel is $1.75, total revenue is $450, and total fixed costs are $100. Wenqin's: A. profit per bushel is $2.75. B. average variable cost is $1.25. C. average fixed cost is $1.50. D. economic profit is $250. 1 points QUESTION 38
An industry with a single producer that sells a single product with no substitutes is a: A. perfectly competitive industry. B. oligopoly. C. monopolistically competitive industry. D. monopoly. 1 points QUESTION 39
A monopoly is a market characterized by: A. a product with many close substitutes. B. a single seller. C. a small number of large firms. D. a large number of small firms. 1 points QUESTION 40
The ability of a monopolist to raise the price of a product above the competitive level by reducing the output is known as: A. market power. B. patents and copyrights. C. barrier to entry. D. product differentiation.
QUESTION 35
The price received by a firm in a perfectly competitive market: A. decreases with the quantity of output sold by the firm. B. is less than the market price. C. is greater than the market price. D. is equal to the market price. 1 points QUESTION 36
Consider a perfectly competitive firm in the short run. Assume that it is sustaining economic losses but continues to produce at the profit-maximizing (loss-minimizing) output. Which statement is FALSE? A. Marginal cost is less than average variable cost. B. Marginal cost is less than average total cost. C. Marginal cost is equal to marginal revenue. D. Price is equal to marginal cost. 1 points QUESTION 37
Wenqin is a farmer, and in the short run she produces 100 bushels of wheat. Her average total cost per bushel is $1.75, total revenue is $450, and total fixed costs are $100. Wenqin's: A. profit per bushel is $2.75. B. average variable cost is $1.25. C. average fixed cost is $1.50. D. economic profit is $250. 1 points QUESTION 38
An industry with a single producer that sells a single product with no substitutes is a: A. perfectly competitive industry. B. oligopoly. C. monopolistically competitive industry. D. monopoly. 1 points QUESTION 39
A monopoly is a market characterized by: A. a product with many close substitutes. B. a single seller. C. a small number of large firms. D. a large number of small firms. 1 points QUESTION 40
The ability of a monopolist to raise the price of a product above the competitive level by reducing the output is known as: A. market power. B. patents and copyrights. C. barrier to entry. D. product differentiation.
Explanation / Answer
Answers
35) - d, the price received by a firm in the perfectly competitive firm will always be equal to the market price.
36) d - the price is equal to marginal cost.
37) a - profit per bushel is equal to 2.75 dollars.
38) d - monopoly market.
39) b - single seller and a large number of the buyer .
40) a - market power of the monopolist.