Question 1
The four types of market structures we study in economics are perfect competition, monopolies, oligopolies, and corporations.
True
False
Question 2
Marginal costs will start to fall before average costs start to fall.
True
False
Question 3
A perfectly competitive industry is characterized by a few producers, all producers produce a homogeneous product, and there is free mobility of resources.
True
False
Question 4
One of the objectives of the monopolist is to squeeze out smaller competitors from the market.
True
False
Question 5
Unlike the perfect competitor, who is a price taker, the monopolist is facedwith a demand curve such that he/she can charge whatever price he/shewishes.
True
False
Question 6
A monopolist is different from a perfect competitor by the monopolist'sprice being equal to average revenue.
True
False
Question 7
Average fixed costs diminish continuously as output increases.
True
False
Question 8
The monopolist produces a product for which there are no close substitutegoods.
True
False
Question 9
Economies of scale is when the cost of producing a unit increases as itsoutput rate increases.
True
False
Question 10
The long-run average cost curve will be derived by adding up all the shortrun average total cost curves.
True
False
Question 1
The four types of market structures we study in economics are perfect competition, monopolies, oligopolies, and corporations.
True
False
Question 2
Marginal costs will start to fall before average costs start to fall.
True
False
Question 3
A perfectly competitive industry is characterized by a few producers, all producers produce a homogeneous product, and there is free mobility of resources.
True
False
Question 4
One of the objectives of the monopolist is to squeeze out smaller competitors from the market.
True
False
Question 5
Unlike the perfect competitor, who is a price taker, the monopolist is facedwith a demand curve such that he/she can charge whatever price he/shewishes.
True
False
Question 6
A monopolist is different from a perfect competitor by the monopolist'sprice being equal to average revenue.
True
False
Question 7
Average fixed costs diminish continuously as output increases.
True
False
Question 8
The monopolist produces a product for which there are no close substitutegoods.
True
False
Question 9
Economies of scale is when the cost of producing a unit increases as itsoutput rate increases.
True
False
Question 10
The long-run average cost curve will be derived by adding up all the shortrun average total cost curves.
True
False
For unlimited access to Homework Help, a Homework+ subscription is required.