Time left 0:59:30 Quiz Question 4 Allocationefficiency means Not yet answered Select one: Marked out of O a. the same thing as technical efficiency. 1.00 O b. that all firms in a competitive industry are producing the same amounts of Flag output. question O c. it is impossible to alter the output of any good without reducing the value of the economy's output. LI O d. that high tech methods of production are the most efficient. Next page Previous page QUIZ 7 - Monopoly ChapterDashboard / My courses / ECON1110.1212.0404.REG / Quiz Links / Quiz 6: Chapter 9 Time left 0:59:44 Question 2 In the long run, firms will Not yet answered Select one: Marked out of O a. fail because of lack of competition. 1.00 O b. make normal profits. P Flag question O c. shutdown. O d. fail because of allocation efficiencies. Previous page Next pageTime left 0:58:51 Question 11 Which of the following is a feature of a perfectly competitive industry? Not yet answered Select one: Marked out of O a. There is restricted entry into the industry 1.00 O b. The industry demand curve is vertical. Flag question O c. Firms produce similar but not identical products. O d. Economic profits must be zero in the long run. Previous page Next page Quiz 5: Chapter 8Time left 0:58:44 Question 13 In long-run equilibrium, perfectly competitive firms will Not yet answered Select one: Marked out of O a. go out of business. 1.00 O b. produce where marginal cost is at its minimum. Flag question O c. produce where marginal cost equals average total cost. O d. produce on the upward sloping portion of its ATC curve. Previous page Next pageDashboard / My courses / ECON1110.1212.0404.REG / Quiz Links / Quiz 6: Chapter 9 Time left 0:58:37 Question 14 The firm is at the shutdown point Not yet answered Select one: Marked out of O a. in the area where MC is above ATC. 1.00 O b. where MC intersects the AFC curve. P Flag question O c. in the area between the AVC and ATC curves. O d. in the area below the AVC.Dashboard / My courses / ECON1110.1212.0A04.REG / Quiz Links / Time left 0:58:29 Question 16 A firm will maximize it's profits when the gap between total revenue and total cost is Not yet answered Select one: Marked out of O a. largest with total revenue being higher than total costs. 1.00 O b. the smallest Flag question O c. largest with total costs being higher than total profit. O d. minimized by marginal profits. Next pagelachart Connect Time left 0-58:21 Question 17 Any firm that shuts down experiences losses greater than its Not yet 1- answered Select one: Marked out of O a. total fixed costs. 1.00 O b. average variable costs. F Flag 22 question O c. total variable costs. O d. total variable costs minus its total fixed costs. Finish Previous page10. 1212.0A04.REG / Quiz Links / Quiz 6: Chapter 9 Time left 0:58:14 Question 18 The shut-down price of a firm occurs where Not yet answered Select one: Marked out of O a. price equals MC. 8 O b. price equals ATC at its minimum point. Flag lestion O c. price equals AVC at its minimum point. O d. price equals AFC at its minimum pointomics (2021/2022 Winter Te Dashboard / My courses / ECON1110.1212.0A04.REG / Quiz Links / Quiz 6: Chapter 9 Time left 0:58:07 Question 19 The short-run supply curve of a perfect competitor is its Not yet answered Select one: Marked out of O a. average variable cost curve. 1.00 O b. marginal revenue curve. Flag question O c. entire marginal cost curve. O d. MC curve above the minimum point on AVC.Moodle NAIT BACK TO MYNAIT Question 8 Fig 9-4 Hard Time left 0:59:10 1212.OA04 Not yet answered MC Marked out of 1.00 750 MR Flag question ATC 532 AVC Finish att 530 O 350 540 670 Refering to Fig 9-4, the total profit/loss is Select one:question Time left 0:59:03 532 AVC Finish at 530 350 540 670 Refering to Fig 9-4, the total profit/loss is Select one: O a. 12,060 O b. 225,630 O c. 146,060 O d. 234,500Time left 0:57:56 Question 20 Figure 9-6 Not yet answered MC Marked out of 1.00 120 MR1 Flag question ATC AVC LL MR3 135Time left 0:57:48 MR2 MR3 135 The shutdown point is at a quantity of Select one: O a. 70 O b. 50 O c. 135. O d. 60