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### 22 Cards in this Set

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 for which market model are ther a very large number of frims a. monopolistic competition b. oligopoly c. pure monopoly d. pure competition in which market model is the individual seller of a product a price taker a. pure competition b. pure monopoly c. monopolistic competition d. oligopoly which industry comes closest to being purely competitive a. wheat b. shoes c. electricity d. automobile in a purely competitive industry a. each existing firm will engage in various forms of nonprice competition b. new firms are free to enter and existing frims are able to leave the industry very easily c. individual firms have a price policy d. each firm produces a differentiated(nonstanderized) product the demand schedule or curve confronted by the individual purely competitive firm is a. perfectly inelastic b. inelastic but not perfectly inelastic c. perfectly elastic d. elastic but not perfectly elastic total revenue for producing 10 units of output is \$6. total revenue for producing 11 units of output is \$8. given this information, the a. average revenue for producing 11 units is \$2 b. average revenue for producing 11 units is \$8 c. marginal revenue for producing the 11th unit is \$2 d. marginal revenue for producing the 11th unit is \$8 in pure competition, product price is a. greater than marginal revenue b. equal to marginal revenue c. equal to total revenue d. greater than total revenue The Zebra, Inc., is selling in a purely competitive market, Its output is 250 units, which sell for \$2each, At this level of outputm marginal cose is \$2 and average variable cost is \$2.25. The firm should a. produce zero units of output b. decrease output to 200 units c. continue to produce 250 units d. increase output ot maximize profits if the firm is producing at ouput level 0n, the rectangular area fecb is a. total variable cost b. total fixed costs c. total revenue d. total economic profit at the profit-maximizing output, average fixed cost is a. ab b. ac c. na d. nb at the profit-maxomizing output, the total veriable costs are equal to the area a. 0fbn b. 0ecn c. 0gan d. gfba the demand curve for this firm is equal to a. MR, and the supply curve is the portion of the MC curve where output is greater than level n b. MR, and the supply curve is the portion of the MC curve where output is greater than level k c. MR, and the supply curve is the portion of the MC curve where output is greater than level h d. MR, and the supply curve is the portion of the ATC curve where output is greater than level k if the market price for the firm's product is \$140, the competitive firm will produce a. 5 units at an economic loss of \$150 b. 6 units and break even c. 7 units and break even d. 8 units at an economic profit of \$74 if the market price for the firm's product is \$290 the competitive firm will produce a. 7 units at an economic profit of \$238 b. 8 units at an economic profit of \$592 c. 9 units at an economic profit of \$1071 d. 10 units at an economic profit of \$1700 If the product price is \$179, the per-unit economic profit at the profit-maximizing output is a. \$15 b. \$23 c. \$33 d. 39 The total fixed costs are a. \$100 b. \$200 c. \$300 d. \$400 The equilibrium price will be a. \$140 b. \$180 C. \$230 d. \$290 An economy is producing the goods most wanted by society when, for each and every good,its a. price and average cost are equal b. price and marginal cost are equal c. marginal revenue and mareginal cost are equal d. price and marginal revenue are equal The idea of the "invisible hand" operating in the competitive market system means that a. there is a unity of private and social interests that promotes efficiency b. the industries in this system are described as decreasing-cost industries c. there is an overallocation of resources to the production of goods and services d. productive efficiency is more important than allocative efficiency which would be defining characteristics of pure monopoly a. the firm does no advertising and it sells a standardized product b. no close substitutes for the product exist and there is one seller c. the firm can easily enter into or exit from the industry and profits are guaranteed. d. the firm holds a patent and is technologically progressive a barrier to entry that significantly contributes to the establishment of a monopoly would be a. economies of scale b. price-taking behavior c. technological progress d. X-inefficiency the demand curve for pure monopolist is a. perfectly price elastic. b. perfectly price inelastic c. downsloping d. upsloping