Economics and Correct Answer

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Tu oi, minh co 2 bai Quiz 4 day. Quiz 3 thi de minh tim da nhe, hinh nhu khong luu thi phai. Linh Question 1 10 out of 10 points A monopoly will usually produce Answer Selected Answer: where its demand curve is elastic. Correct Answer: where its demand curve is elastic. Question 2 10 out of 10 points Suppose a firm is currently maximizing its profits (i. e. , following the MR=MC rule). Assuming that it wants to continue maximizing its profits, if its fixed costs increase, it should Answer Selected Answer: maintain the same price. Correct Answer: maintain the same price. Question 3 10 out of 10 points A firm that seeks to maximize its revenue is most likely to adhere to which of the following? Answer Selected Answer: MR =0 Correct Answer: MR =0 Question 4 10 out of 10 points Assume a perfectly competitive firm’s short-run cost is TC = 100 + 160Q + 3Q2. If the market price is $196, what should it do? Answer Selected Answer: produce 6 units and continue operating Correct Answer: produce 6 units and continue operating Question 5 10 out of 10 points When a firm has the power to establish its price, Answer Selected Answer: P ; MR. Correct Answer: P ; MR. Question 6 10 out of 10 points Which of the following characteristics is most important in differentiating between perfect competition and all other types of markets? Answer Selected Answer: whether or not firms are price takers Correct Answer: whether or not firms are price takers Question 7 10 out of 10 points In economic analysis, any amount of profit earned above zero is considered “above normal” because Answer Selected Answer: this would indicate that the firm’s revenue exceeded both its accounting and opportunity cost. Correct Answer: this would indicate that the firm’s revenue exceeded both its accounting and opportunity cost.

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