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10/11/23, 10:56 AM Assessment 4: Attempt review 2023 ECS2601-23-S2 Welcome Message Assessment 4
QUIZ
Started on Monday, 9 October 2023, 6:56 PM
State Finished
Completed on Monday, 9 October 2023, 7:08 PM
Time taken 11 mins 41 secs
Marks 24.00/30.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 2.00 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. R300.
b. R50.
c. R200.
d. R150.
Question 2
Complete
Mark 0.00 out of 2.00
Suppose the city decides to sell permits. What is the
maximum price the vendor would pay for a permit per
day?
a. R100,00
b. R75,00
c. None of the options are correct.
d. R50,00
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14068745&cmid=622835 1/5
,10/11/23, 10:56 AM Assessment 4: Attempt review
Question 3
Complete
Mark 2.00 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. 98
b. 49
c. 3.5
d. 7
Question 4
Complete
Mark 0.00 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.
How will this tax affect the cost curves for the firm?
a. Marginal cost becomes MC + 1
b. all of the options are true.
c.
Average cost is now AC + 1.
d. Total cost becomes TC + q since the tax rate
is t = 1
Question 5
Complete
Mark 2.00 out of 2.00
Suppose the competitive market is currently in
equilibrium. If government imposes a price control, we
would expect the consumer surplus to __________ and
the producer surplus to __________.
a. fall; fall
b. fall; rise
c. rise; rise
d. rise; fall
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14068745&cmid=622835 2/5
,10/11/23, 10:56 AM Assessment 4: Attempt review
Question 6
Complete
Mark 2.00 out of 2.00
Economic profit and producer surplus are similar since
they both focus on the total cost.
Select one:
True
False
Question 7
Complete
Mark 0.00 out of 2.00
What happens in a perfectly competitive industry when
economic profit is greater than zero in the long run?
a. Existing firms may get larger.
b. Firms may move along their LRAC curves to
new outputs.
c. New firms may enter the industry.
d. There may be pressure on prices to fall.
Question 8
Complete
Mark 2.00 out of 2.00
The market supply curves and market demand curves
for books are given as follows:
Supply curve: P = 0.000002Q Demand curve: P = 11 –
0.00002Q
The short-run marginal cost curve: MC = 0.1 + 0.0009Q
The equilibrium quantity of books is …
a. 1 000 books
b. 1 book
c. 500 000 books
d. 10 000 books
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14068745&cmid=622835 3/5
, 10/11/23, 10:56 AM Assessment 4: Attempt review
Question 9
Complete
Mark 2.00 out of 2.00
Average variable cost (AVC) begins rising before
average total cost (ATC) because …
a. AVC is not influenced by marginal cost.
b. AVC is not influenced by declining average
fixed cost.
c. AVC is not influenced by diminishing returns.
d. ATC is not influenced by rising marginal cost.
Question 10
Complete
Mark 2.00 out of 2.00
Freddy opens his own sneaker shop in a property he
owns which cost R5,000 per month to run, but he
makes R10,000 a month. Freddy could have worked
for a popular retail store for R2,000 per month, or
rented out the store for R1,500 per month. Caculate
the economic profit.
a. R1500
b. R1300
c. R7000
d. R5000
Question 11
Complete
Mark 2.00 out of 2.00
When an exchange occurs in a marketplace, the total
net benefit that results from the transaction is the …
a. sum of the producer surplus and the
consumer surplus.
b. producer surplus minus the consumer
surplus.
c. entire area under the demand curve up to the
quantity exchanged.
d. consumer surplus minus the producer
surplus.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14068745&cmid=622835 4/5
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