ECON3357-Intermediate Microeconomics Dr. Aditi Ehattacharnu Assignment 6 based o

Question

ECON3357-Intermediate Microeconomics Dr. Aditi Ehattacharnu Assignment 6 based on Chapter 8: Profit Maximization and Competitive Supply l) In a competitive markthg acti es of any sik buyer orsckr wil A) discourags ay by compctilons. B) inluece the profts ofother fms in the market C) herve a nesipbk "pact on mmet price D) none of the above is correct 2) Which of klowing s an eample of a hemgeneous product? A) Gasolne B) Copper C) Perseeal computem Di Winter parkas 2) both A and B 3) Which of blowing s a kcy assumpton of a perfocty competitive marko A) Firms can influenoe market price B) Commodtics have few selers C lt s difcuk e new selers to enter the mrket D) Each seler hrs a very smull share of the mrket D) mone of the above ) Firms oden use patent riges as a A) barriero B) barrier to entry. C) way to achieve perfect competision D) noee of the above 5) which ofthr ílowing costs m'y provide barrim to entry iamurker? A) lHigh escarch and doeopmend espendsues B) Lcense focs C) Sunk costs associated wth specialned faclities D) al of the above B) price tames quantsy maxs total cost C) price times qundity mis average cost D) price times quantty us mergiral cost D expenditu on prodaction ofoupuu 7) Magtul tevene. Faphically, A) the skope of a line from the origin to a point on the total revenxe curve. 3) the skope of a ine from the ongin to the end of the otal TeveT CVe C) the skope of the total reveaxe curve at a given pont D, the verteal mercept of alre tager tothe Ltalrevene eine at a ghen poet E)the hruvetal rtereept ofalne tagit to ttal revenue curve at a en poet A) average revense eqak average cost B) average Vquuik average variae cot Ch total costs are minid D) marginal reve equas marginal cost E marginal REVe eceods merginal cost by the grealest amount 9) When the TR and TC curves have the same slope, A) they are the fathes fom each other B) they are closest so each oeer C) they intersect each other. D) prox& negative. 10) If curreIE oupu bss than the pro maximizing oupus, which mast be true? A) Total revenue ib less than total cost B) Average revenue less than average cost

Explanation / Answer

19(again): C $35

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