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View Go Tools Window Help 100% 47 Module 4-Production and cost Perfect competition - .._.pdf (page 1 of 4) ~ Q Question 3: (1 point) Suppose that a firm has a fixed plant and variable units of labour as its only inputs into its production process. As output increa the following is incorrect? (a) The marginal product of labour reaches a maximum earlier than total product. (b) The average product of labour continues rising as long as marginal product is greater than average product. (c) The total product of labour is at a maximum when the marginal product of labour is zero. (d) The average product reaches a maximum when marginal product is zero. https://courseware.mymru.ca/webapps/blackboard/content/contentWrapper.jsp?content_id=_5310658_1&displayName=Module+4-Production+and+cost+Per 12/5/2020 Mount Royal University - Question 4: (1 point) DEC W ... AGo Tools Window Help 100% 27 Sat 10: Module 4-Production and cost Perfect competition - .._.pdf (page 2 of 4) Q Search 12/5/2020 Mount Royal University - Question 4: (1 point) In the short run, as output is increased more variable inputs are added to a given amount of fixed inputs. After some point, we expect: (a) essentially no change in average fixed costs. (b) average variable cost to stop falling and to begin rising. (c) average total cost to stop rising and begin falling. (d) marginal cost to continue its decline throughout all ranges of output. Question 5: (1 point) When a firm experiences decreasing returns to scale: (a) the long-run average cost curve rises as output expands. (b) it should expand its scale of operation because production efficiency can be increased. (c) proportionate increases in all inputs change output by the same amount. (d) the long-run average cost curve decreases as output expands. Question 6: (1 point) DEC W A 5Question 6: (1 point) Type: Empirical observationfbackground Use the following to answer this question: ' Price ~57 Quantity Referring to figure 9.1. the market demand curve in a pedectly competitive market is best represented by whic of the following? ; (a) A. . 7 . ._ (b) B. . (c) C. . (d) D. Go Tools Window Help 100% 7 Sat 10: Module 4-Production and cost Perfect competition - .._.pdf (page 3 of 4) Q Search Question 7: (1 point) Type: Empirical observation/background Use the following to answer this question: Price C D B Quantity Referring to figure 9.1, the perceived demand curve faced by an individual firm in a perfectly competitive market is best represented by which of the following? (a) A. (b) B. (c) C. (d) D. DEC 5 .... X WTools Window Help 100% 27 Module 4-Production and cost Perfect competition -.._.pdf (page 3 of 4) ~ Sat 10:18 PM Q Search Question 8: (1 point) An industry is composed of one hundred identical firms, each with a marginal cost curve of the form MC = 2 + 0.1Q. If the price in the market is $4, how much will be sold altogether? (a) 20. (b) 200. (c) 2000. (d) 400. https://courseware.mymru.ca/webapps/blackboard/content/contentWrapper.jsp?content_id=_5310658_1&displayName=Module+4-Production+and+cost+Perfect+co... 3/4 Mount Royal University 12/5/2020 DEC W ... A" Module 4-P d cticn and cost Perfect competition --_.._.pdf (page :4 Mount Royal University - Question 9: {1 point) In a perfectly competitive market. if market price is greater than long-run average cost, we would expect: ' (a) the firm to lower its level of output and price to rise. (b) new firms to enter the industry and market price to fall. - .- mg (C) some firms to leave the industry and market price to rise. _ ' _ . 33\"} (ct) the typical firm in the industry to earn a profit just sufcient to cover ALL costs of production. . Question 10: (1 point) . When economists study perfectly competitive markets. one of the assumptions made about the market is that: (a) each firm in the market has some, but not complete. control over the price of its product. (b) firms are completely free to enter or leave the market. (c) there are many producers producing similar, but not identical, products. (d)'tirms in the market advertise in order to shift the demand curve for their product. Go Tools Window Help 2 10 Module 4-Production and cost Perfect competition -.._.pdf (page 1 of 4) ~ Question 1: (1 point) To the firm operating in the short run, average fixed cost: (a) initially rises but then falls as output expands. (b) is its total fixed cost divided by the level of output produced. (c) falls throughout a very broad range of output but eventually rises as output expands. (d) is constant regardless of the level of output, and this reflects using fixed inputs. Question 2: (1 point) If GLUM Corporation increases its output in the short run, then it can expect to see: (a) average fixed cost falling down to a particular level of output but then increasing. (b) average fixed cost remaining constant throughout all levels of output since fixed inputs don't change. (c) average fixed cost decreasing throughout the range of output produced by the firm. (d) average fixed cost initially rising then falling. Question 3: (1 point) DEC 5 W