Home Library Explore SAT

Home Library Explore SAT

Econ 201 Exam 3 Prep #2 Flashcards | StudBud

Explore/Econ 201 Exam 3 Prep #2

Econ 201 Exam 3 Prep #2

10 terms·StudBud Administration·114 plays

#econ

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What is the result of firms entering or exiting a Monopolistic Competitive industry?
All of the above
An economic profit is positive
The economic profit is zero
An economic loss is found
2
What type of industry has the most inelastic demand curve?
All of the above
Monopolistic Competition
Prefect Competition
Monopoly
3
When do firms exit a Monopolistic Competitive industry?
When an economic loss is found
When an economic profit is zero
When an economic profit is positive
All of the above
4
The demand curve for a perfect competitor is:
Price
Perfectly Elastic
Marginal Revenue
All of the above
5
The supply curve is derived from a firm's __________?
Average Cost Curve
Sales
Marginal Cost curve
Industry Partners
6
What is something a monopoly does not need to worry about?
Where consumers will purchase their product or service.
Patent protection
Competition within the market
Disruptive innovation
7
When price is equal to ___________ we break-even.
Average Cost
Average Variable Cost
Marginal Cost
Marginal Revenue
8
When do firms enter a Monopolistic Competitive industry?
When an economic profit is positive
When an economic loss is found
When an economic profit is zero
All of the above
9
What type of industry has a kinked demand curve?
Monopolistic Competition
Oligopoly
Monopoly
Prefect Competition
10
When price is less than ___________ we shut down.
Average Fixed Cost
Marginal Revenue
Average Variable Cost
Marginal Cost