11.4 Quiz_ Perfect Competition_ Principles of Microeconomics 32872-932

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2023/4/22 下午 1:03 11.4 Quiz: Perfect Competition: Principles of Microeconomics 32872-932 https://ccsf.instructure.com/courses/53434/quizzes/357567 1/6 Due Apr 23 at 11:59pm Points 100 Questions 10 Time Limit 60 Minutes Allowed Attempts 3 Instructions Module 11.4 Quiz Purpose The purpose of this quiz is to review the characteristics of perfectly competitive markets. Quiz Instructions After carefully reviewing the text and the videos in this Module, please complete this quiz. In this quiz, you are allowed 3 attempts and the highest score will be used for your grade. As you take the quiz, you will see all of the questions on one page. You have 60 minutes to complete this quiz. Quizzes are 10% of you final grade. Submission When you have completed the quiz to the best of your ability, click the "Submit Quiz" button located at the bottom right of the screen. Helpful Resources How do I take a quiz? (https://community.canvaslms.com/docs/DOC-10645-421241977)
2023/4/22 下午 1:03 11.4 Quiz: Perfect Competition: Principles of Microeconomics 32872-932 https://ccsf.instructure.com/courses/53434/quizzes/357567 2/6 Attempt History Attempt Time Score LATEST Attempt 1 19 minutes 100 out of 100 Correct answers are hidden. Score for this attempt: 100 out of 100 Submitted Apr 22 at 1:03pm This attempt took 19 minutes. Take the Quiz Again 10 / 10 pts Question 1 A competitive firm's long-run equilibrium exists where price equals both AVC and MC. equals MC at minimum ATC. equals TR. exceeds AFC. 10 / 10 pts Question 2 One condition of the long-run equilibrium in a competitive market is that _________________. exit or entry of firms occurs price equals average total cost economic profits are positive
2023/4/22 下午 1:03 11.4 Quiz: Perfect Competition: Principles of Microeconomics 32872-932 https://ccsf.instructure.com/courses/53434/quizzes/357567 3/6 price exceeds marginal cost 10 / 10 pts Question 3 Suppose that a competitive market is initially in long-run equilibrium. Which of the following are the most likely results of an increase in market demand? Existing firms will produce less while new firms will enter the market so that the effect on the market supply curve is uncertain. Existing firms will produce less and some firms will exit the market so that the market supply curve will shift to the left. Some existing firms will produce more while some other firms will exit the market so that the market supply curve will remain the same. Existing firms will produce more and new firms will enter the market so that the market supply curve will shift to the right. Nothing will change in the market. 10 / 10 pts Question 4 Normal profits refer to the amount of accounting profits that exist when economic profits are equal to zero. True False
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2023/4/22 下午 1:03 11.4 Quiz: Perfect Competition: Principles of Microeconomics 32872-932 https://ccsf.instructure.com/courses/53434/quizzes/357567 4/6 10 / 10 pts Question 5 Which of the following is true in a long-run competitive equilibrium? Marginal cost is greater than average total cost. Profits are greater than zero. Economic profits are zero Price is greater than average total cost. 10 / 10 pts Question 6 If a competitive firm loses money in the short run, then it should shut down only if P is less than ATC shut down only if the price can not cover any of the fixed costs shut down only if TR is greater than TVC never shut down in the short run 10 / 10 pts Question 7 Long-run equilibrium occurs when economic profits are zero and there is no incentive to enter or exit the industry. True
2023/4/22 下午 1:03 11.4 Quiz: Perfect Competition: Principles of Microeconomics 32872-932 https://ccsf.instructure.com/courses/53434/quizzes/357567 5/6 False 10 / 10 pts Question 8 An individual firm in a competitive market takes the market-determined amount it should sell as given, and then, based on this amount, determines what price to charge. decides what price to charge and how much to produce and sell. decides, given the market price, how much to produce and sell. has no control over the price or the quantity it produces and sells. 10 / 10 pts Question 9 What is the difference between the demand curve of a single firm and the market demand curve in a competitive industry? The demand curve for a single firm is a horizontal line, while the market demand curve is downward sloping. The demand curve for a single firm is a horizontal line, while the market demand curve is vertical. The demand curve for a single firm is a straight downward sloping line, while the market demand curve is not.
2023/4/22 下午 1:03 11.4 Quiz: Perfect Competition: Principles of Microeconomics 32872-932 https://ccsf.instructure.com/courses/53434/quizzes/357567 6/6 The demand curve for a single firm is a horizontal line, while the market demand curve is vertical. 10 / 10 pts Question 10 A competitive firm maximizes profit by finding the level of production at which ________________. P=ATC P=AVC ATC=MC P=MC (MR=MC) Quiz Score: 100 out of 100
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