ECO 204 WEEK 4 QUIZ

ECO 204 WEEK 4 QUIZ

.

Question :

If, in the short run, a perfectly competitive firm is producing at a point where total cost is greater than total revenue, then the firm should

Points Received:

0 of 1

Comments:

Question 2.

Question :

If a firm is making an economic profit, then

Points Received:

1 of 1

Comments:

Question 3.

Question :

Monopolistic competition and oligopoly are examples of

Points Received:

1 of 1

Comments:

Question 4.

Question :

Under which market structure do firms face the flattest (most elastic) demand curve?

Points Received:

1 of 1

Comments:

Question 5.

Question :

Perfect competition is

Points Received:

1 of 1

Comments:

Question 6.

Question :

At the other end of the market continuum from perfect competition is

Points Received:

1 of 1

Comments:

Question 7.

Question :

Anna Lopez sells timber in a perfectly competitive market. Incomes increase, and many people buy new homes; the market demand curve shifts to the right. In the short run, she should expect

Points Received:

1 of 1

Comments:

Question 8.

Question :

All but which one of the following are characteristics of monopolistic competition?

Points Received:

1 of 1

Comments:

Question 9.

Question :

If the demand curve of a monopolist is in the inelastic range, then

Points Received:

1 of 1

Comments:

Question 10.

Question :

A firm in a monopolistically competitive industry faces a downward-sloping demand curve because

Points Received:

1 of 1

Comments:

 * Times are displayed in (GMT-07:00) Mountain Time (US & Canada)