Quiz Maker LogoMake your own QuizCopy & Edit
Make your own quizManage my QuizzesPlans / FeaturesGuides and HelpContactPrivacy & Security

Economic Chapter

If advertising makes consumers more loyal to particular brands, it could __________the elasticity of demand and __________the markup of price over marginal cost.
Decrease, decrease
Increase, decrease
Decrease, increase
Increase, increase
Which of the following goods best fits the definition of monopolistic competition?
Soft drink
Tap water
Wheat
Crude Oil
A monopolistically competitive firm will increase its production if
Marginal revenue is greater than marginal cost
Price is greater than average total cost
Marginal revenue is greater than average total cost
Price is greater than marginal cost
You are hired as the consultant to a monopolistically competitive firm. The firm reports that it has P < MC and P > ATC. Which statement is correct?
The firm is minimizing loss
The firm should increase its output to increase its profit
Marginal revenue must be less than marginal cost
The firm is maximizing profit
The firms reports that it has P = MC, P>ATC. Which statement is correct?
The firm is not maximizing profit
MC < MR
The firm earns zero economic profit
The firm should increase output to increase its profit
Which firm would be more likely to engage in advertising?
A family owned restaurant
A family owned farm
A company invented a less comfortable razor
A manufacturer forklifts
The two types of imperfectly competitive markets are
Public goods and common resources
Monopolistic competition and oligopoly
Oligopoly and monopoly
Markets with advertising and markets with price competition
A profit-maximizing firm in a monopolistically competitive market differs from a firm in a perfectly competitive market because the firm in the monopolistically competitive market
Can earn profits in the long run
Sell its product in highly-concentrated market
Faces a downward-sloping demand curve for its product
Chooses its profit-maximizing quantity where marginal revenue equals marginal cost
Which of the following conditions does not describe a firm in a monopolistically competitive market?
It takes its price as given by market conditions
It maximizes profit both in the short run and the long run
It has the freedom to enter or exit in the long run
It makes a product different from its competitors
New firms will enter a monopolistically competitive market if
Marginal revenue is greater than marginal cost
Marginal revenue is greater than average total cost
Price is greater than marginal cost
Price is greater than average total cost
What is true of a monopolistically competitive market in long run equilibruim?
Price is equal to marginal revenue
Firms make positive economics profits
Price is greater than marginal cost
Firms produce at the minimum of average total cost
{"name":"Economic Chapter", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"If advertising makes consumers more loyal to particular brands, it could __________the elasticity of demand and __________the markup of price over marginal cost., Which of the following goods best fits the definition of monopolistic competition?, A monopolistically competitive firm will increase its production if","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}

More Quizzes

Gyneco(251-300)
50250
Gneco(101-150)
50250
Baby Shower Price is Right
9418
Chapter 9 Language
1050
Science Grade 4 Quiz
1050
El Concurso Para Guinea Ecuatorial
520
Behavioural neuroscience
420
KBC by Aneri
1167
Which Harry Potter character should you be with?
10521
Test
210
RM Pop-quiz 1
5226
The law as it affects Desegregation & Constitutional Law and Black Women
8417
Quiz Maker Logo Make your own Quiz
Powered by: Quiz Maker