Exam (elaborations)

Economics Questions with Answers

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Question 1
pts
A monopolist could conceivably experience an economic loss, exemplified by the price
below average total cost at the quantity where MR=MC.
Correct!

True

False

Question 2
pts
Demand functions for monopolistically competitive firms tend to be quite flat, owing to
the presence of substitutes.
Correct!

True

False

Question 3
pts
In the long run, perfectly competitive firms do not earn profit of any type, economic,
normal or accounting profits.

True

Correct!

False

The earn a normal rate of profit, that which is just sufficient to keep them on that line of business
and covers implicit costs.

This study source was downloaded by 100000843359137 from CourseHero.com on 04-29-2022 06:46:30 GMT -05:00

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, The earn a normal rate of profit, that which is just sufficient to keep them on that line of
business and covers implicit costs.

Question 4
pts
Dead weight loss is comparatively small in monopolistic market structures.
Correct!

True

False

Question 5
pts
In the long run, monopolistic competitors earn only a normal profit, exemplified by
tangency of the demand function and the average total cost curve.
Correct!

True

False

Question 6
pts
Product differentiation and advertising are key characteristics of monopolistically
competitive industries.
Correct!

True

False

This study source was downloaded by 100000843359137 from CourseHero.com on 04-29-2022 06:46:30 GMT -05:00

https://www.coursehero.com/file/84003630/Econ-Quiz-9docx/

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Uploaded on: April 29, 2022
Number of pages: 8
Written in: 2021/2022
Type: Exam (elaborations)
Contains: Questions & answers

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economics quiz and answers with choices

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Economics Questions with Answers

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