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Market structures
Market structures
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#Market structure
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
When ATC>P>AVC,
firm makes normal profit
firm makes economic profit
firm makes loss but continues to produce
firm makes loss
2
The market demand curve & individual firm's demand don't have same shape in perfect competition
True
False
3
The short-run supply curve of the perfectly competitive firm is the portion of _______________
marginal cost curve that lies below the point of min. AVC
marginal cost curve that lies above the point of min. AVC
ATC curve that lies above the point of min. AVC
marginal revenue curve that lies below the point of min. AVC
4
Short-run shut-down price is when
P=minimum ATC
P=minimum AVC
P>ATC
ATC>P>AVC
5
Shut down price for a perfectly competitive firm in the long run is when
P=min AVC
P<min AVC
P=min ATC
P<min ATC
6
The demand curve facing the perfectly elastic firm is
horizontal
flatter
steeper
vertical
7
In monopolistic competition, there are
no significant barriers to entry
no barriers to entry
no product differentiations
significant barriers to entry
8
P>ATC means
normal profit
negative economic profit
zero economic profit
super normal profit
9
Break-even price is when
P=minimum ATC
ATC>P>AVC
ATC<P<AVC
MR=MC
10
Oligopoly has
large number of small firms
a few small firms
few large firms
larger number of large firms
11
Which of the following in perfect competition is true?
AR=MR
AR=TR
AR=TC
AR=MC
12
In perfectly competitive long-run equilibrium, firms revenues are __________
sufficient to cover all economic costs
sufficient to cover explicit costs
sufficient to cover implicit costs
more than the economic costs
13
In Oligopoly, there is
high barriers to entry
no barriers to entry
easy entry and exit
low barriers to entry
14
Productive and allocative efficiency are achieved only in
Perfect competition and monopoly
Perfect competition and oligopoly
Perfect competition and monopolistic competition
Perfect competition
15
Demand curve in monopolistic competition is _______ than the demand curve in monopoly
steeper
flatter
16
Which of the following diagram(s) indicate(s) loss minimisation?
II and IV
III and IV
III
I and II
17
The percentage of output produced by the largest firm in an industry is
Collusion
Concentration ratio
Oligopoly
Monopoly power
18
There is no perfect resource mobility in perfect competition
False
True
19
"Absolute and comparative advantage" was taught to you by?
Donald Trump
Anbu Packiaraj
Parth Jain
Kalpesh Prajapati
20
"AR = P = MC" is
Total cost pricing
Total revenue pricing
Marginal cost pricing
Average cost pricing
