Q14. Which of the following is closest to a perfectly competitive market?a. computer

Q14. Which of the following is closest to a perfectly competitive market?

   a. computer


   b. athletic shoes

   c. wheat

   d. handmade guitars

Q16. The profit maximizing level of production

   a. is not measurable for a perfectly competitive firm.

   b. is where the difference between marginal revenue and marginal cost is maximized.

   c. ignores the relation of total revenues and total costs.

   d. is the quantity at which marginal revenue equals marginal cost.

Q23. For the monopolistic competitor, which is INCORRECT?

   a. The profit maximizing rate of output is where the marginal cost curve intersects the marginal revenue curve.

   b. The marginal revenue curve is downward sloping and lies below the demand curve.

   c. Because the firm has some control over price, its demand curve slopes downward.

   d. If the firm in a monopolistically competitive industry were making economic losses, firms would enter the industry.

Q24. Profitable price discrimination involves

   a. charging a higher price to new customers and a low price to old ones.

   b. charging a higher price to wealthier customers.

   c. charging a higher price for goods that cost more to produce.

   d. charging a higher price to customers with a relatively low elasticity of demand.

Q28. Signaling occurs as part of

   a. noncooperative behavior.

   b. advertising.

   c. price leadership.

   d. opportunistic behavior.

Q36. External costs can be defined as

   a. the cost of providing all public goods and services.

   b. the sum of all private production costs.

   c. the cost of running the federal government.

   d. the cost associated with private production, but partially borne by society.

Q37. What would happen in a free market system when production of a good generates negative externalities?

   a. There would be a shortage of the good.

   b. The equilibrium quantity of the good would be more than the efficient amount.

   c. The equilibrium quantity of the good would be less than the efficient amount.

   d. There would be a surplus of the good.

Q38. Which of the following is an incidence of market failure?

   a. Firms change their production plans in response to a tax.

   b. The price of a good exceeds the opportunity cost of producing it.

   c. The firm producing the good is earning zero economic profit.

   d. Consumers change their buying habits in response to a tax.

Q39. Which one of the following is TRUE?

   a. Private goods are subject to the principle of rival consumption.

   b. Public goods are those that generate positive externalities.

   c. Public goods are a subset of private goods.

   d. Private goods are produced for a local market; public goods are produced for a national market.

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10