What is the term for the price at which the firm makes no economic profits?

Question 2 options:

Shutdown price

Average price

Economic price

Break-even price

An oligopoly

Question 3 options:

Is a type of market dominated by a few firms

Is a market that is the same as monopolistic competition

Is a type of market in which many firms participate

Is a market in which only one firm participates

In the case of extreme (perfect) competition, the seller is said to be a price

Question 4 options:

Leader because it changes the price and other firms follow

Maker because it sets market price

Participant because it decides the price together with other firms

Taker because it takes the price given by the market

Which of the following is true of a perfectly competitive firm?

Question 6 options:

It can control both its output and its price

It has no control over its price or its output

It has total control over its output and its price

It can control its output but not its price

Which of the following industries provides the best example of a perfectly competitive market?

Question 7 options:

Fast-food restaurants

Furniture manufacturing

Wheat farming

Soft drink bottling

Diseconomies of scale are most likely caused by

Question 9 options:

Low productivity

Inflation

Bureaucracy

High tax rates

Economies of scale

Question 10 options:

Are established through higher tax rates

Are cost advantages achieved as a result of large-scale operations

Are created by government intervention

Are the same as decreasing returns to scale

What are diseconomies of scale?

Question 12 options:

The smallest level of output at which a firm is able to minimize long-run average cost

Bureaucratic inefficiencies in management that result in decreasing returns to scale

The situation where a firm's output decreases in proportion to the decrease in its inputs

The situation where a firm is able to obtain lower prices for the inputs it buys because of bulk buying

What is marginal revenue?

Question 16 options:

The amount of revenue per unit sold

The price multiplied by the quantity of product sold

The total revenue divided by the price

The extra revenue derived from the sale of one more unit

What is the term for the price at which the firm makes no economic profits?

Question 2 options:

Shutdown price

Average price

Economic price

Break-even price

An oligopoly

Question 3 options:

Is a type of market dominated by a few firms

Is a market that is the same as monopolistic competition

Is a type of market in which many firms participate

Is a market in which only one firm participates

In the case of extreme (perfect) competition, the seller is said to be a price

Question 4 options:

Leader because it changes the price and other firms follow

Maker because it sets market price

Participant because it decides the price together with other firms

Taker because it takes the price given by the market

Which of the following is true of a perfectly competitive firm?

Question 6 options:

It can control both its output and its price

It has no control over its price or its output

It has total control over its output and its price

It can control its output but not its price

Which of the following industries provides the best example of a perfectly competitive market?

Question 7 options:

Fast-food restaurants

Furniture manufacturing

Wheat farming

Soft drink bottling

Diseconomies of scale are most likely caused by

Question 9 options:

Low productivity

Inflation

Bureaucracy

High tax rates

Economies of scale

Question 10 options:

Are established through higher tax rates

Are cost advantages achieved as a result of large-scale operations

Are created by government intervention

Are the same as decreasing returns to scale

What are diseconomies of scale?

Question 12 options:

The smallest level of output at which a firm is able to minimize long-run average cost

Bureaucratic inefficiencies in management that result in decreasing returns to scale

The situation where a firm's output decreases in proportion to the decrease in its inputs

The situation where a firm is able to obtain lower prices for the inputs it buys because of bulk buying

What is marginal revenue?

Question 16 options:

The amount of revenue per unit sold

The price multiplied by the quantity of product sold

The total revenue divided by the price

The extra revenue derived from the sale of one more unit