Economic: Economics and Correct Answer

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.

Question 8 10 out of