BMZ ACADEMY
BMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,10/6/24, 6:26 PM Assessment 4 (page 1 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 4
QUIZ
Question 1
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In a perfectly competitive industry, the amount of output that a firm decides to sell has no effect on the market price,
because…
a. the firm’s output is a small fraction of the entire industry’s output.
b. the firm supplies a different good than its rivals.
c. the market price is determined through regulation, by the government.
d. the short-run market price is determined solely by the firm’s technology.
Clear my choice
Question 2
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Short-run equilibrium is efficient because at that point …
a. the price will always equal the average cost of production.
b. accounting profits will exist but economic profits will be zero.
c. all firms that are operating will be covering their fixed cost.
d. the benefit from the last unit produced is exactly equal to the cost of producing that unit of output.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22983641&cmid=990760 1/1
,10/6/24, 6:26 PM Assessment 4 (page 2 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 4
QUIZ
Question 3
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A firm producing six units of output has an average total cost of R200 and has to pay R300 to its fixed factors of production.
The average variable cost is …
a. R200.
b. R300.
c. R50.
d. R150.
Clear my choice
Question 4
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A sales tax of R1 per unit of output is placed on a particular firm whose product sells for R5 in a competitive industry with
many firms.
What will happen to the firm’s price?
a. Increase
b. Remain the same
c. Decrease.
d. More information is needed to determine what will happen to the price.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22983641&cmid=990760&page=1 1/1
, 10/6/24, 5:36 PM Assessment 4 (page 3 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 4
QUIZ
Question 5
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Deadweight loss is the decrease in … from producing an efficient amount of a product.
a. consumer and producer surplus
b. consumer surplus
c. profit
d. producer surplus
Clear my choice
Question 6
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Consider the equilibrium in the market for carrots expressed as:
Qs=2P Qd=21-P. If P = R7 and Q = 14. What is the consumer surplus?
a. 7
b. 98
c. 3.5
d. 49
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22982853&cmid=990760&page=2 1/1
BMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,10/6/24, 6:26 PM Assessment 4 (page 1 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 4
QUIZ
Question 1
Answer saved
Marked out of 2.00
In a perfectly competitive industry, the amount of output that a firm decides to sell has no effect on the market price,
because…
a. the firm’s output is a small fraction of the entire industry’s output.
b. the firm supplies a different good than its rivals.
c. the market price is determined through regulation, by the government.
d. the short-run market price is determined solely by the firm’s technology.
Clear my choice
Question 2
Answer saved
Marked out of 2.00
Short-run equilibrium is efficient because at that point …
a. the price will always equal the average cost of production.
b. accounting profits will exist but economic profits will be zero.
c. all firms that are operating will be covering their fixed cost.
d. the benefit from the last unit produced is exactly equal to the cost of producing that unit of output.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22983641&cmid=990760 1/1
,10/6/24, 6:26 PM Assessment 4 (page 2 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 4
QUIZ
Question 3
Answer saved
Marked out of 2.00
A firm producing six units of output has an average total cost of R200 and has to pay R300 to its fixed factors of production.
The average variable cost is …
a. R200.
b. R300.
c. R50.
d. R150.
Clear my choice
Question 4
Answer saved
Marked out of 2.00
A sales tax of R1 per unit of output is placed on a particular firm whose product sells for R5 in a competitive industry with
many firms.
What will happen to the firm’s price?
a. Increase
b. Remain the same
c. Decrease.
d. More information is needed to determine what will happen to the price.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22983641&cmid=990760&page=1 1/1
, 10/6/24, 5:36 PM Assessment 4 (page 3 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 4
QUIZ
Question 5
Answer saved
Marked out of 2.00
Deadweight loss is the decrease in … from producing an efficient amount of a product.
a. consumer and producer surplus
b. consumer surplus
c. profit
d. producer surplus
Clear my choice
Question 6
Answer saved
Marked out of 2.00
Consider the equilibrium in the market for carrots expressed as:
Qs=2P Qd=21-P. If P = R7 and Q = 14. What is the consumer surplus?
a. 7
b. 98
c. 3.5
d. 49
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22982853&cmid=990760&page=2 1/1
