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5 Written questions

5 Matching questions

  1. If consumers save 21 cents out of every dollar received, the:
  2. In the long run, a company will stay in business as long as price is:
  3. A market shortage occurs when:
  4. Which of the following do a monopolist and a competitive firm have in common?
  5. It is impossible to:
  1. a Greater than or equal to average total costs.
  2. b The market price is below equilibrium
  3. c Profit-maximization rule.
  4. d MPS is 0.21.
  5. e Avoid fixed costs in the short run.

5 Multiple choice questions

  1. True
  2. Decreases in production were temporary.
  3. The skills and abilities of workers.
  4. Barriers to entry.
  5. Does not change total revenue.

5 True/False questions

  1. A natural monopoly is a firm that:Can produce the entire market supply more efficiently than any number of smaller firms.


  2. As the economy falls from the peak to the trough of the business cycle:Maximizes total profit.


  3. When producing jeans, which of the following is not a variable cost in the short run?Some inputs are fixed.


  4. A HEADLINE article in the text, titled "Music Firms Settle Lawsuit" discusses price fixing by music companies and retailers. Which market structure is most likely to be successful in price fixing?Oligopoly but not perfect competition.


  5. Economists make a distinction between changes in quantity demanded and changes in demand:Government intervention should be used to correct business cycles.