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ECON 102-3 WEEK 4 QUIZ.MICRO ECONOMICS QUESTIONS AND ANSWERS

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ECON 102-3 WEEK 4 QUIZ.MICRO ECONOMICS QUESTIONS AND ANSWERS • Question 1 3 out of 3 points Suppose the market price of lobster suddenly increases substantially. We can expect that most l... obstermen will: • Question 2 3 out of 3 points All of the following are characteristics of perfectly competitive markets except: • Question 3 3 out of 3 points In a firm's production planning horizon, the "long-run" refers to • Question 4 3 out of 3 points Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following statements is true? • Question 5 3 out of 3 points Suppose a barber shop that has fixed cost equal to $900/month and total costs equal to $4,000/month. This shop will continue to operate in the short run as long its total revenue is greater than: • Question 6 3 out of 3 points Assume a firm's average total cost equals $80 and average variable cost equals $70 at the current level of production. If the marginal cost of producing the next unit equals $75, then: • Question 7 3 out of 3 points A firm's accounting profit is given by total revenue: • Question 8 0 out of 3 points In the long-run in perfectly competitive industries: • Question 9 3 out of 3 points Whenever a market is not in equilibrium: • Question 10 3 out of 3 points Price subsidies generally serve to: [Show More]

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