Microeconomics Exam 2025 With
100% Correct Answers
The implicit costs of producing a good are - CORRECT ANSWER✔✔the opportunity costs of
producing the good
For any type of firm in any market, the profit-maximizing quantity of some good is found when -
CORRECT ANSWER✔✔marginal costs equal marginal revenue
Which of the following statements about economic profit is true? - CORRECT ANSWER✔✔It
takes into account both explicit and implicit costs
Which of the following would be considered a fixed cost in the short run? - CORRECT
ANSWER✔✔rent for a building
The change in total cost from producing one more unit of output is known as - CORRECT
ANSWER✔✔marginal cost
A firms economic profit will always be _____________ its accounting profit - CORRECT
ANSWER✔✔less than
Firms in competitive markets have _________ market power - CORRECT ANSWER✔✔no
Because a firm in a competitive market can sell as much as it wants at the market price, we
know that - CORRECT ANSWER✔✔price always equals marginal revenue
100% Correct Answers
The implicit costs of producing a good are - CORRECT ANSWER✔✔the opportunity costs of
producing the good
For any type of firm in any market, the profit-maximizing quantity of some good is found when -
CORRECT ANSWER✔✔marginal costs equal marginal revenue
Which of the following statements about economic profit is true? - CORRECT ANSWER✔✔It
takes into account both explicit and implicit costs
Which of the following would be considered a fixed cost in the short run? - CORRECT
ANSWER✔✔rent for a building
The change in total cost from producing one more unit of output is known as - CORRECT
ANSWER✔✔marginal cost
A firms economic profit will always be _____________ its accounting profit - CORRECT
ANSWER✔✔less than
Firms in competitive markets have _________ market power - CORRECT ANSWER✔✔no
Because a firm in a competitive market can sell as much as it wants at the market price, we
know that - CORRECT ANSWER✔✔price always equals marginal revenue
