ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30 OUT OF 30)

ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30 OUT OF 30) ECON 1002 – MGMT 3503 Week 4 Quiz – Microeconomics Summer 2019 (30 out of 30 points) Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: All of the following are characteristics of perfectly competitive markets except: In a firm’s production planning horizon, the “long-run” refers to Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following statements is true? Suppose a barber shop that has fixed cost equal to $900/month and total costs equal to $4,000/month. This shop will continue to operate in the short run as long its total revenue is greater than: Assume a firm’s average total cost equals $80 and average variable cost equals $70 at the current level of production. If the marginal cost of producing the next unit equals $75, then: A firm’s accounting profit is given by total revenue: In the long-run in perfectly competitive industries: Whenever a market is not in equilibrium: Price subsidies generally serve to: