1. Question : If, as a perfectly competitive industry expands, it can supply larger quantities at the same long-run market price, it isStudent Answer: a constant-cost industry.an increasing-cost industry.a decreasing-cost industry.a fixed-cost industry.Points Received: 1 of 1Comments:2. Question : Which of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it?Student Answer: productive efficiencyallocative efficiencymarginal efficiencyprofit maximizationPoints Received: 0 of 1Comments:3. Question : Market supply is found byStudent Answer: vertically summing the relevant part of each individual producer’s marginal cost curve.horizontally summing the relevant part of each individual producer’s marginal cost curve.vertically summing each individual producer’s average total cost curve.horizontally summing each individual producer’s average total cost curve.Points Received: 1 of 1Comments:4. Question : Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm shouldStudent Answer: continue producing at the current output.produce a larger level of output.produce a smaller level of output.not enough information given to answer the question.Points Received: 0 of 1Comments:5. Question : Figure 11-7Refer to Figure 11-7. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long run equilibrium,Student Answer: there will be fewer firms in the industry and total industry output decreases.there will be more firms in the industry and total industry output increases.there will be fewer firms in the industry but total industry output increases.there will be more firms in the industry and total industry output remains constant.Points Received: 0 of 1Comments:6. Question : Market power refers toStudent Answer: the ability of consumers to dictate what products should be produced.the ability of a firm to advertise its product and succeed in selling more output.the ability of a firm to sell at a lower price than rival sellers.the ability of a firm to charge a price higher than the marginal cost of production.Points Received: 1 of 1Comments:7. Question : Figure 14-2Figure 14-2 above shows the demand and cost curves facing a monopolist.Refer to Figure 14-2. Suppose the monopolist represented in the diagram above produces positive output. What is the profit/loss per unit?Student Answer: loss of $7 per unitprofit of $30 per unitloss of $21 per unitprofit of $14 per unitPoints Received: 0 of 1Comments:8. Question : A possible advantage of a horizontal merger for the economy is thatStudent Answer: the merging firms could avoid losses.the merged firm might reap economies of scale which could translate into lower prices.the degree of competition in the industry will be intensified.the government stands to collect more corporate income tax revenue.Points Received: 1 of 1Comments:9. Question : Governments grant patents to encourageStudent Answer: research and development on new products.competition.low prices.firms to form public enterprises.Points Received: 1 of 1Comments:10. Question : Economic efficiency in a free market occurs whenStudent Answer: consumer surplus is maximized.producer surplus is maximized.the sum of consumer surplus and producer surplus is maximized.price is as low as possible.
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