ECON 102 ECON102 Quiz 7 Answers (Penn State University)

ECON 102 ECON102 Quiz 7 Answers (Penn State University)

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ECON 102 Quiz 7 Answers (Penn State University)

Question 1

1 / 1 pts

Which of the following markets is the closest to being perfectly competitive?

Question 2

0 / 1 pts

When we say that a firm is a "price taker", we mean that

Question 3

In the above figure, the demand curve depicted on which graph represents the demand curve faced by a perfectly competitive firm?

Question 4

1 / 1 pts

If a perfectly competitive firm chooses output such that MR< MC

Question 5

1 / 1 pts

A perfectly competitive firm will maximize profit by choosing quantity such that

Question 6

The above figure represents the cost curves for a perfectly competitive firm. Below what price will the firm shut down?

Question 7

The above figure represents the cost curves for a perfectly competitive firm. Above what price will the firm be making positive economic profits?

Question 8

In the above figure, the left hand side graph represents a perfectly competitive industry and the right hand side graph represents a perfectly competitive firm. Which line represents the demand curve that the firm faces?

Question 9

In the above figure, the left hand side graph represents a perfectly competitive industry and the right hand side graph represents a perfectly competitive firm. As the demand curve decreases from D2 to D1,

Question 10

0 / 1 pts

Why do perfectly competitive firms in the long run always make zero economic profit?


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