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Quiz no 4 ECO402

Question # 00360462
Subject: Economics
Due on: 08/11/2016
Posted On: 08/11/2016 07:19 AM

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Total Marks: 50

Justification: 40 Marks

Correct Mcq’s: 10Marks Quiz No. 4

Instructions:

§ Choose the one alternative that best compiles the statement.

§ Justification

§ Multiple answers will result in “0” marks.

§ Negative Marking

1. The competitive firm’s short run supply curve is the rising portion of the:

  1. MC curve above AVC
  2. MC curve above AC
  3. AC curve above AVC
  4. AVC curve above MC

2. Which of the following markets come closest to perfect market?

  1. Wheat market
  2. Cigarette market
  3. Cold drinks market
  4. Stock market

3. If demand for imported product is elastic:

  1. Government will use subsidies
  2. Government will use price support
  3. Government will use import tariff
  4. Government will not interfere

4. If at the current level of output the firm’s Marginal revenue is less than its marginal cost, then the firm should:

  1. Increase output
  2. Shutdown
  3. Expand its capital stock
  4. Decrease output

5. Pure monopoly may be based on:

  1. Increasing returns to scale
  2. Control over the supply of raw material
  3. Patent or government franchise
  4. All of the above

6. The short run supply curve of the monopolist is:

  1. The rising portion of the MC curve
  2. The rising portion of the Mc curve above AVC
  3. The rising portion of MC curve above AC
  4. None of the above

7. The best level of output for the monopolist is the output at which:

  1. MR equals AC
  2. MR equals MC
  3. MR exceeds MC
  4. MR is less than MC

8. The MR of the monopolist is:

  1. Larger than P
  2. Equal to P
  3. Smaller than p
  4. Any of the above is possible

9. A monopoly firm will shut down its plant in the short run if:

  1. It is making a loss
  2. Marginal revenue is less than marginal cost
  3. Marginal revenue is less than average variable cost at all levels of output
  4. Average revenue is less than average variable cost at all levels of output

10. with respect to a perfectly competitive industry with identical cost conditions, a monopolist:

  1. Produces a larger quantity
  2. Produces a smaller quantity
  3. Charges the same price
  4. Charges a lower price

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Quiz no 4 ECO402

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Posted On: 08/11/2016 07:20 AM
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