this document is a compilation of ecs1501 assessment 10 expected questions and answers for 2023 sem 2. using it correctly for practice and revision will help you score above 75%.
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Started on Monday, 23 October 2023, 2:47 PM
State Finished
Completed on Monday, 23 October 2023, 3:31 PM
Time taken 44 mins 50 secs
Marks 10.00/12.00
Grade 83.33 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
,Question 2
Complete
M ark 1.00 out of 1.00
A monopoly is a
large number of producers each with a small share of the total market output.
single seller of a product that has no close substitutes.
small group of producers with similar products.
single buyer of raw materials.
A monopoly is a market structure in which a single seller or producer controls the entire supply of a product or
service, and as a result, dominates the market and has significant pricing power.
Key characteristics of a monopoly include:
1. Single Seller: There is only one company or entity that provides the product or service in the market.
2. No Close Substitutes: The product or service offered by the monopoly has no close substitutes. Consumers
do not have alternative options that are comparable in terms of quality, price, or availability.
3. Price Maker: The monopoly has control over setting the price of the product or service.
4. Barriers to Entry: Monopolies often maintain their dominant position due to significant barriers that prevent
other firms from entering the market and competing. Barriers can include legal restrictions, high startup costs,
control over essential resources, or technological advantages.
,Question 3
Complete
M ark 1.00 out of 1.00
In a perfectly competitive market,
the price can be driven upward by suppliers holding back on goods and services.
each participant is too small to affect the market price.
government intervention is needed to ensure that prices are fair for consumers.
there can be few or many buyers and sellers.
In a perfectly competitive market, there are many buyers and sellers, all of whom are small relative to the size of the
market. This market structure is characterised by several key features:
1. Many Buyers and Sellers: There are numerous buyers and sellers in the market, and no single buyer or
seller has the power to influence the market price. Each buyer and seller is a price taker, meaning they accept
the market price as given and cannot change it.
2. Homogeneous Products: The products or services sold in a perfectly competitive market are homogeneous
(meaning they are identical and indistinguishable from one another).
3. Perfect Information: All buyers and sellers in a perfectly competitive market have access to perfect
information. T
4. Free Entry and Exit: There are no barriers to entry or exit in the market.
5. Firms are Price Takers: Each firm in a perfectly competitive market is so small compared to the overall
market that its actions cannot affect the market price. Therefore, each firm accepts the market price as given
and adjusts its quantity of output to maximise profits at that price.
6. Profit Maximisation: Firms in a perfectly competitive market aim to maximise profits.
7. No government intervention: The market answers the questions What? How? and For whom?
, Question 4
Complete
M ark 1.00 out of 1.00
Economists assume that the goal of the firm is to
break-even in the long run.
maximise total revenue.
maximise profits.
minimise implicit costs.
Economists generally assume that the goal of the firm is to maximise its profits. Profit maximisation occurs when a
firm produces a quantity of goods or services at which its marginal cost (the cost of producing an additional unit)
equals its marginal revenue (the revenue earned from selling an additional unit).
While profit maximisation is a common assumption in economic theory, real-world firms often have various objectives
and goals, including market share growth, customer satisfaction, social responsibility, or long-term sustainability.
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