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Ashford eco204 week 4 quiz




MC;AR = MR;The demand curve the firm faces slopes;downward.;Entry is easy.;Points Received: 1 of 1;Comments;2. Question: At the point of long-run equilibrium for a perfectly;competitive firm;economic profits are;zero.;TR > TC.;TR < TC.;P = AVC.;normal profits are zero.;Points Received: 1 of 1;Comments;3. Question: The greater the price elasticity of the demand curve that;the firm faces in monopolistic competition;the higher the degree;of competition in the industry.;the lower the degree of competition in the;industry.;the fewer substitutes for the good produced.;the easier it is for the firm to raise its;price.;the less sales the firm will gain from a price;decrease.;Points Received: 1 of 1;Comments;4. Question: Retail outlets operate in which of the following market;structures?;perfect competition;monopolistic;competition;oligopoly;monopoly;oligopsony;Points Received: 1 of 1;Comments;5. Question: Which one of the following is NOT a basic assumption of;the model of perfect competition?;Many buyers;Many sellers;A differentiated;product;Full information;Mobile resources;Points Received: 1 of 1;Comments;6. Question: A firm in a(n) industry will have the most elastic demand;curve.;monopolistic;oligopolistic;monopolistically competitive;perfectly competitive;Points Received: 1 of 1;Comments;7. Question: The marginal cost curve above the minimum average variable;cost;indicates points where the firm will realize an economic profit.;covers the area where a firm should shut down.;is equal to the firm's marginal revenue curve.;is the firm's;short-run supply curve.;Points Received: 1 of 1;Comments;8. Question: A firm in a monopolistically competitive industry faces a;downward-sloping demand curve because;the product is homogeneous.;the product is;differentiated.;nonprice competition is missing.;barriers to entry are high.;Points Received: 1 of 1;Comments;9. Question: Along a downward-sloping monopoly demand curve;marginal revenue is greater than price.;elasticity of demand is constant.;marginal revenue;decreases when price decreases.;marginal revenue is equal to zero when price;is equal to zero.;Points Received: 1 of 1;Comments;10. Question: Perfect competition is;not an abstraction from reality, it is reality.;an "ideal;type"?that is, a model or guidepost for comparison.;the only market structure in the United;States.;the best of all possible worlds.;found in the U.S. steel industry.


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