ECON-1002-2/MGMT-3503-2-Microeconomics Week 4 Quiz (30 out of 30 points )

ECON-1002-2/MGMT-3503-2-Microeconomics Summer Qtr Quiz - Week 4 30 out of 30 points   1. Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: 2. All of the following are characteristics of perfectly competitive markets except: 3. In a firm's production planning horizon, the "long-run" refers to 4. Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following statements is true? 5. Suppose a barber shop that has fixed cost equal to $900/month and total costs equal to $4,000/month. This shop will continue to operate in the short run as long its total revenue is greater than: 6. Assume a firm's average total cost equals $80 and average variable cost equals $70 at the current level of production. If the marginal cost of producing the next unit equals $75, then: 7. A firm's accounting profit is given by total revenue: 8. In the long-run in perfectly competitive industries: 9. Whenever a market is not in equilibrium: 10. Price subsidies generally serve to: