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Econ 402 test 2 MC review || All Answers Are Correct 100%.
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In terms of firm production and costs, the short-run is defined as a.) an approximately 10-year interval. b.) the period when at least one input is fixed. c.) the situation where the firm has no fixed costs. d.) all of the above. correct answers b.) the period when at least one input is fixed. W...

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Econ 402 test 2 MC review || All Answers Are Correct 100%.
In terms of firm production and costs, the short-run is defined as a.) an approximately 10-year
interval. b.) the period when at least one input is fixed. c.) the situation where the firm has no
fixed costs. d.) all of the above. correct answers b.) the period when at least one input is fixed.

Which of the following characteristics IS NOT one of the characteristics of perfect competition?
a.) a few sellers b.) identical product c.) perfect information d.) no barriers to entry correct
answers a.) a few sellers

Which of the following markets is the best example of perfect competition? a.) the soybean
industry. b.) the airline industry. c.) the auto industry. d.) the pharmaceutical industry correct
answers a.) the soybean industry.

Firms maximize profits by producing where a.) The difference between marginal revenue and
marginal cost is greatest. b.) marginal revenue equals marginal cost. c.) the difference between
price and average total cost is the greatest. d.) marginal cost equals average total cost. correct
answers b.) marginal revenue equals marginal cost.

5. Consumer theory helps us understand that the marginal value of the good to consumers is
reflected by ______ and the total gains from trade to consumers is reflected by ______. a.)
marginal cost; total profit b.) price; total profit c.) marginal cost; consumer surplus d.) price;
consumer surplus correct answers d.) price; consumer surplus

I have used the fact that most Dunkin' Donuts' restaurants are approximately the same size as an
example of a key economic concept. What is it? a.) Law of diminishing marginal returns b.)
Economies (and diseconomies) of scale c.) Law of diminishing marginal utility d.) Producer
surplus correct answers b.) Economies (and diseconomies) of scale

The perfectly competitive firm's short-run supply curve is a.) its marginal cost curve above
average total cost. b.) its average variable cost curve above marginal cost. c.) its marginal cost
curve above average variable cost. d.) a horizontal line at the market price. correct answers c.) its
marginal cost curve above average variable cost.

Suppose that Joe gives up his job as a schoolteacher to open his own bakery. Joe's salary as a
teacher was $70,000. He took $300,000 out of his mutual funds, which are earning 10% a year,
to purchase a building. He can resell the building for its full price at any time. He had to spend
$80,000 in fuel, part-time labor and materials. At the end of his first year of business, Joe had
$125,000 in total revenues. According to this information, Joe's total economic profits for that
first year are a.) $125,000. b.) $45,000 c.) -$55,000 d.) -$325,000 correct answers c.) -$55,000

In Joe's situation, his economic profits are ______ his accounting profits. a.) less than b.) greater
than c.) equal to correct answers a.) less than

Which of the following is a major difference between a monopoly and a perfectly competitive
firm? a.) A monopolist faces the market demand curve while the perfectly competitive firm faces

, the market price. b.) Marginal revenue is less than price for a monopolist. c.) Monopolies can
earn profits in the long run while perfectly competitive firms cannot. d.) All of the above correct
answers d.) All of the above

Compared to what is allocatively efficient, the monopolist will produce a ______ level of output
at a ______ price. a.) lower, lower b.) lower, higher c.) higher, lower d.) higher, higher correct
answers b.) lower, higher

Economists say that perfectly competitive firms are productively efficient because a.) they
produce where price equals marginal revenue. b.) they produce where price equals marginal cost.
c.) they are forced to produce at the lowest possible average cost in the long run. d.) they take
advantage of large diseconomies of scale. correct answers c.) they are forced to produce at the
lowest possible average cost in the long run.

If the demand for the monopolist's product is inelastic at the current price, its total revenues will
_______ and its marginal revenue will be ______ if the firm lowers its price to sell more output.
a.) decrease, negative (< 0) b.) decrease, positive (> 0) c.) increase, negative (< 0) d.) increase
positive (> 0) correct answers a.) decrease, negative (< 0)

Which of the following is NOT a good example of price discrimination? a.) senior citizen
discounts b.) charging younger drivers more for car insurance c.) a "buy two, get one free"
promotion at a local t-shirt shop d.) frequent flier discounts correct answers b.) charging younger
drivers more for car insurance

Which of the following statements about price discrimination is FALSE? a.) Firms must be able
to identify two or more different groups of buyers to be able to price discriminate. b.) Price
discrimination leads to a greater quantity of output sold than if all units were sold at the same
price. c.) Price discrimination allows firms to capture some of the consumer surplus. d.) Price
discrimination occurs when one group of consumers is told by firms that they cannot purchase a
good. correct answers d.) Price discrimination occurs when one group of consumers is told by
firms that they cannot purchase a good.

16. Which of the following cost relationships is TRUE? a.) Total fixed costs plus total variable
costs equals total cost. b.) Total cost divided by output equals marginal cost. c.) Marginal cost is
at its minimum when it equals average total cost. d.) all of the above correct answers a.) Total
fixed costs plus total variable costs equals total cost.

Exhibit 1

(1)
(2)
(3)
(4)
Variable
Input
Fixed

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