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ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30/30)
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ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30/30)
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ECON 1002 WEEK 4 QUIZ WITH ANSWERS –MGMT 3503 (30/30)
Question 1
3 out of 3 points
Suppose the market price of lobster suddenly increases substantially. We can expect that most
lobstermen will:
Selected Answer:
spend more hours catching lobster and supply more lobsters.
Correct Answer:
spend more hours catching lobster and supply more lobsters.
Question 2
3 out of 3 points
All of the following are characteristics of perfectly competitive markets except:
Selected Answer:
all firms produce a differentiated product.
Correct Answer:
all firms produce a differentiated product.
Question 3
3 out of 3 points
In a firm's production planning horizon, the "long-run" refers to
Selected Answer:
the period during which all of the firm's inputs can be varied.
Correct Answer:
the period during which all of the firm's inputs can be varied.
Question 4
3 out of 3 points
Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and
total revenue for all quantities. Which of the following statements is true?
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