HSU Microeconomics Final Exam Ch 14,18 Questions & Answers 2024/2025
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HSU Microeconomics
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HSU Microeconomics
HSU Microeconomics Final Exam Ch 14,18 Questions & Answers 2024/2025
To produce 10 shirts, the total cost is $80; to produce 11 shirts, the total cost is $99. The average total cost of the 11th shirt is equal to - ANSWERS$9
For a perfectly competitive firm, profit maximized at the output le...
HSU Microeconomics Final Exam Ch
14,18 Questions & Answers 2024/2025
To produce 10 shirts, the total cost is $80; to produce 11 shirts, the total cost is $99. The average total
cost of the 11th shirt is equal to - ANSWERS$9
For a perfectly competitive firm, profit maximized at the output level where:
i. Total revenue exceeds total cost by the largest amount.
ii. Marginal revenue equals marginal cost.
iii. Price equals marginal cost. - ANSWERSi, ii, and iii
In which market structure is there a large number of firms producing slightly differentiated products? -
ANSWERSOnly monopolistic competition
A market is classified as an oligopoly when: - ANSWERSA few firms compete.
If the market price is $50 for a unit of a good produced in a perfectly competitive market and the firm's
minimum average variable cost is $52, then to maximize its profit (or minimize its loss) the firm should -
ANSWERSShut down.
In part, perfect competition arises if
i. Each firms minimum efficient scale is large relative to demand.
ii. Each firm produces a good or service identical to those produced by its many competitors.
iii. There are significant barriers to entry. - ANSWERSii. Each firm produces a good or service identical to
those produced by its many competitors.
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