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PRACTICE 3: PERFECT COMPETITION
Circle the letter that corresponds to the best answer.
1. Perfect competition is
a. the prevalent form of competition in the United States
b. the only form of competition in the United States
c. found occasionally
d. probably impossible to find
2. Under prefect competition,
a. many firms have some influence over price
b. a few firms have influence over price
c. no firms have any influence over price
3. Under perfect competition, there are
a. many firms producing an identical product
b. a few firms producing an identical product
c. many firms producing a differentiated product
d. a few firms producing a differentiated product
4. The perfect competitor is a
a. price maker rather than a price taker
b. price taker rather than a price maker
c. price taker and a price maker
d. neither a price maker nor a price taker
5. The determination of whether two products are identical
a. is done by market research
b. takes place in the minds of the buyers
c. is done by the government
d. is done by the sellers
6. The perfect competitor's demand curve is
a. always horizontal
b. always vertical
c. sometimes horizontal
d. sometimes vertical
7. Which statement is true about the perfect competitor?
a. She may charge a little below market price to get more customers.
b. She may charge a little above market price to imply that her product is superior.
c. She will always charge the market price.
d. None of these statements is true.
8. Each of the following is a characteristic of perfect competition except
a. many firms
b. identical products
c. perfect mobility
d. varying prices charged by different firms
9. In the short run, the perfect competitor will probably
a. make a profit or break even
b. take a loss or break even
c. make a profit or take a loss
10. In the long run, the perfect competitor will
a. make a profit
b. break even
c. take a loss
11. Under perfect competition,___ profits are always zero in the long run.
a. accounting
b. economic
c. both economic and accounting
d. neither accounting nor economic
Use the choices below to answer questions 12 and 13.
a. in the long run making a profit
b. in the long run breaking even
c. in the long run taking a loss
d. in the short run making a profit
e. in the short run breaking even
f. in the short run taking a loss
12. Figure 1 shows the perfect competitor__.
13. Figure 2 shows the perfect competitor__.
14. The perfect competitor's demand and marginal revenue curves are
a. identical only in the long run
b. identical only in the short run
c. never identical
d. always identical
15. Decreasing, constant, and increasing costs refer to
a. accounting costs
b. economic costs
c. marginal costs
d. average total costs
16. Which statement is true?
a. Accounting profits are greater than economic profits.
b. Economic profits are greater than accounting profits.
c. Accounting profits are equal to economic profits.
17. The most efficient output
a. is always equal to the most profitable output forthe perfect competitor
b. is never equal to the most profitable output for the perfect competitor
c. is equal to the most profitable output for the perfect competitor only in the long run
d. is equal to the most profitable output for the perfect competitor only in the short run
Use Figure 3 to answer questions 18-21.
18. Total profit
a. is the rectangle bounded by EFJI
b. the rectangle bounded by EFGH
c. the rectangle bounded by HGJ1
d. cannot be found on this graph
19. Output
a. is OK
b. is OL
c. is OM
d. cannot be found on this graph
20. Profit per unit
a. MF
b. MG
c. MJ
d. FJ
e. GJ
21. The firm's most efficient output
a. is OK
b. is OL
c. is OM
d. cannot be determined on this graph
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