ECON 213 ECON213 Chapter 9 A Price Takers and the Competitive Process (Liberty University)

ECON 213 ECON213 Chapter 9 A Price Takers and the Competitive Process (Liberty University)

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ECON213 Chapter 9 A Price Takers and the Competitive Process (Liberty University)

MULTIPLE CHOICE (237 questions)

1.Which of the following is a primary difference between price searchers and price takers?

2.In competitive price-taker markets, firms

3.When we say that a firm is a price taker, we are indicating that the

4.In price-taker markets, individual firms have no control over price. Therefore, the firm's marginal revenue curve is

5.If marginal revenue exceeds marginal cost, a price-taker firm should

6.When firms in a price-taker market are temporarily able to charge prices that exceed their production costs,

7.When market conditions in a price-taker market are such that firms cannot cover their production costs,

8.When the price of a product rises, the increase in quantity supplied will generally be greater in the long run than the short run because

9.If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect

10.Suppose a restaurant that is highly profitable during the summer months is unable to cover its total cost during the winter months. If it wants to maximize profits, the restaurant should

11.A firm in a price-taker market

12.Firms that are price takers

13.A firm that is a price taker can

14.Which of the following is the best example of a business firm operating in a competitive price-taker market?

15.Which of the following is the best example of a business firm operating in a competitive price-taker market?

16.Which of the following business decisions will be made by firms that are price searchers but not those that are price takers?

17.Firms that can choose what price they will charge for their product and can increase the number of units sold by reducing price are called

18.The main difference between a firm that is a price searcher and a firm that is a price taker is that a

19.Which of the following is a primary difference between price takers and price searchers that operate in markets with low barriers to entry?

20.Competition as a dynamic process implies that the individual firms in an industry

21.The dynamic process of competition

22.Competition as a dynamic process implies that individual firms in a market

23.The dynamic process of competition

24.Which of the following is a reason to study the decisions of price takers?

25.When a law is passed that requires businesses to obtain permission from government officials in order to enter a market, this is an example of

26.Several states require cosmetologists to undertake 1,500 hours or more of training in order to obtain a license to provide hair styling or braiding services. This is an example of

27."Competitive price-taker markets" and "purely competitive markets" are

28.In a competitive price-taker market, the actions of any single buyer or seller will

29.In a competitive price-taker market,

30.In the absence of government regulation, which of the following products would most closely fit the competitive price-taker (purely competitive) model?

........

231.Refer to Figure 9-19. To maximize profit, the firm should produce an output level of

232.Refer to Figure 9-19. At the profit-maximizing level of output, the firm will earn an economic

233.Refer to Figure 9-19. Given the current market conditions, in the long run,

234.The figure shows a representative firm in a price-taker market. Which of the following is true regarding the situation depicted in the figure?

235.Which of the following best describes the series of events shown in the figure? The original conditions prior to the change are shown by D0 and S0 (point A), and SLR is the market long-run supply curve.

236.The dynamic process of competition

237.In the short run, a profit-maximizing price taker will expand output as long as the market price exceeds


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