Microeconomics Exam 4 With
Verified Questions and Certified
Answers | Graded A+
perfect competition - Correct Answer-many firms, perfect subs
monopolistic competition - Correct Answer-many firms, close subs
oligopoly - Correct Answer-few firms
monopoly - Correct Answer-one firm
buyers, sellers - Correct Answer-in a perfect competition there are many ____ and _____
standardized products - Correct Answer-in a perfect competition there are ______ or
perfect subs.
information - Correct Answer-in a perfect competition there is perfect _____
barriers - Correct Answer-in a perfect competition there are no ______ to entry
price or quantity - Correct Answer-in a perfect competition, no individual can affect
____or ____ of equilibrium
elasticity - Correct Answer-in a perfect competition there is a firm ___ which means no
advertising
price takers - Correct Answer-in a perfect competition firms are ____, ( set quantity
only)
zero - Correct Answer-in a perfect competition long run profit is equal to ___.
profit maximization - Correct Answer-this is when a firm produces and sells an
additional unit of a good, total revenue and total cost both increase.
greater than - Correct Answer-in profit maximization, if total revenue is ___ or equal to
total cost then the unit will be produced.
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, marginal cost - Correct Answer-this is equal to the change in total cost
marginal revenue - Correct Answer-this is equal to the change in total revenue
marginal revenue - Correct Answer-the additional revenue earned from selling one
additional unit.
demand curve - Correct Answer-since firm in a perfect competition are price takers the
price along a ___ never changes.
constant - Correct Answer-when price is ____, price is equal to marginal revenue for all
levels of output.
perfect competition - Correct Answer-only in _____ does demand equal marginal
revenue
increase - Correct Answer-if marginal revenue is greater than marginal cost the firm
will ____ quantity
decrease - Correct Answer-if marginal revenue is less than marginal cost the firm will
_____quantity
profit maximization rule - Correct Answer-MR=MC
allocative efficiency - Correct Answer-with _______ ,profit equals marginal cost and
everyone is wiling to pay at least marginal cost will get the good.
productive efficiency - Correct Answer-with _______, profit is equal to the minimum
ATC, opportunity cost of resources is maximized, and the output of all other goods is
maximized.
monopoly - Correct Answer-a single seller in a industry
substitutes - Correct Answer-in a monopoly, there are no close _____
firm D - Correct Answer-in a monopoly market D is equal to ____
price maker - Correct Answer-this is a characteristic of a monopoly in which producer
that finds the profit-maximizing price/quantity combination
high - Correct Answer-in a monopoly there are ____ barriers to entry
greater than - Correct Answer-in a monopoly profit can be _____ zero.
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Verified Questions and Certified
Answers | Graded A+
perfect competition - Correct Answer-many firms, perfect subs
monopolistic competition - Correct Answer-many firms, close subs
oligopoly - Correct Answer-few firms
monopoly - Correct Answer-one firm
buyers, sellers - Correct Answer-in a perfect competition there are many ____ and _____
standardized products - Correct Answer-in a perfect competition there are ______ or
perfect subs.
information - Correct Answer-in a perfect competition there is perfect _____
barriers - Correct Answer-in a perfect competition there are no ______ to entry
price or quantity - Correct Answer-in a perfect competition, no individual can affect
____or ____ of equilibrium
elasticity - Correct Answer-in a perfect competition there is a firm ___ which means no
advertising
price takers - Correct Answer-in a perfect competition firms are ____, ( set quantity
only)
zero - Correct Answer-in a perfect competition long run profit is equal to ___.
profit maximization - Correct Answer-this is when a firm produces and sells an
additional unit of a good, total revenue and total cost both increase.
greater than - Correct Answer-in profit maximization, if total revenue is ___ or equal to
total cost then the unit will be produced.
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, marginal cost - Correct Answer-this is equal to the change in total cost
marginal revenue - Correct Answer-this is equal to the change in total revenue
marginal revenue - Correct Answer-the additional revenue earned from selling one
additional unit.
demand curve - Correct Answer-since firm in a perfect competition are price takers the
price along a ___ never changes.
constant - Correct Answer-when price is ____, price is equal to marginal revenue for all
levels of output.
perfect competition - Correct Answer-only in _____ does demand equal marginal
revenue
increase - Correct Answer-if marginal revenue is greater than marginal cost the firm
will ____ quantity
decrease - Correct Answer-if marginal revenue is less than marginal cost the firm will
_____quantity
profit maximization rule - Correct Answer-MR=MC
allocative efficiency - Correct Answer-with _______ ,profit equals marginal cost and
everyone is wiling to pay at least marginal cost will get the good.
productive efficiency - Correct Answer-with _______, profit is equal to the minimum
ATC, opportunity cost of resources is maximized, and the output of all other goods is
maximized.
monopoly - Correct Answer-a single seller in a industry
substitutes - Correct Answer-in a monopoly, there are no close _____
firm D - Correct Answer-in a monopoly market D is equal to ____
price maker - Correct Answer-this is a characteristic of a monopoly in which producer
that finds the profit-maximizing price/quantity combination
high - Correct Answer-in a monopoly there are ____ barriers to entry
greater than - Correct Answer-in a monopoly profit can be _____ zero.
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