Exam (elaborations)
ECS2601 ASSIGNMENT 6
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ECS2601 ASSIGNMENT 6 QUESTIONS AND ANSWERS
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ECS2601-23-S2 Welcome Message Assessment 6QUIZ
Started on Saturday, 4 November 2023, 7:27 PM
State Finished
Completed on Saturday, 4 November 2023, 8:20 PM
Time taken 52 mins 36 secs
Marks 54.00/60.00
Grade 90.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Which of the following statements about a monopolistic competitor is FALSE?
a. A monopolistic competitor will produce at an output level where its MR and SMC curves intersect, given that it would
make either a profit or a loss, which is less than its total fixed cost.
b. The monopolistic competitor’s supply curve is part of its marginal cost curve.
c. The demand curve of a monopolistic competitor and that of its competitors may all have different positions.
d. The demand curve of a monopolistic competitor is downward sloping.
Question 2
Complete
Mark 2.00 out of 2.00
If a firm hires a currently unemployed worker, the opportunity cost of utilizing the worker’s services is zero.
Select one:
True
False
, Question 3
Complete
Mark 2.00 out of 2.00
A perfect competitor found that it could produce a maximum output of 100 units each day, which it can sell at the market
price or AR of R100, but even at this rate, it would make a loss. Considering this information, under what circumstances
would it definitely make a smaller loss if it shut down and produced nothing?
a. At an output level of 100 units a day, its short-run marginal cost (SMC) would be above R100.
b. At an output level of 100 units a day, its short-run average cost (SAC) would be above R100.
c. At an output level of 100 units a day, its average variable cost (AVC) would be above R100.
d. At an output level of 100 units a day, its average fixed cost (AFC) would be above R100.
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