ECON 1002 - MGMT 3503 Week 4 Quiz
ECON-1002-2/MGMT-3503-2-Microeconomics Summer Qtr
Quiz - Week 4
30 out of 30 points
1. Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will:
2. All of the following are characteristics of perfectly competitive markets except:
3. In a firm's production planning horizon, the "long-run" refers to
4. Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following statements is true?
5. Suppose a barber shop that has fixed cost equal to $900/month and total costs equal to $4,000/month. This shop will continue to operate in the short run as long its total revenue is greater than:
6. Assume a firm's average total cost equals $80 and average variable cost equals $70 at the current level of production. If the marginal cost of producing the next unit equals $75, then:
7. A firm's accounting profit is given by total revenue:
8. In the long-run in perfectly competitive industries:
9. Whenever a market is not in equilibrium:
10. Price subsidies generally serve to:
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Term/Date | Walden University |
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