UNISA 2024 ECS1501-24-Y Assessments Assessment 9
QUIZ
Started on Monday, 23 September 2024, 6:58 PM
State Finished
Completed on Monday, 23 September 2024, 8:05 PM
Time taken 1 hour 7 mins
Marks 11.00/11.00
Grade 100.00 out of 100.00
Question 1 I confirm
Complete
that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2 If a firm in a perfectly competitive industry raises its price above the market price _____.
Complete
Mark 1.00 out of sales will stay the same.
1.00
all other firms in the industry will follow.
sales will rise slightly.
sales will drop to zero.
A firm in a perfectly competitive market is faced with a horisontal demand curve, which implies that
firms can sell any quantity at the given market price. If a firm raises its price above the market price,
sales will drop to zero, because consumers can buy any quantity at the given (lower) market price.
QUIZ
Started on Monday, 23 September 2024, 6:58 PM
State Finished
Completed on Monday, 23 September 2024, 8:05 PM
Time taken 1 hour 7 mins
Marks 11.00/11.00
Grade 100.00 out of 100.00
Question 1 I confirm
Complete
that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2 If a firm in a perfectly competitive industry raises its price above the market price _____.
Complete
Mark 1.00 out of sales will stay the same.
1.00
all other firms in the industry will follow.
sales will rise slightly.
sales will drop to zero.
A firm in a perfectly competitive market is faced with a horisontal demand curve, which implies that
firms can sell any quantity at the given market price. If a firm raises its price above the market price,
sales will drop to zero, because consumers can buy any quantity at the given (lower) market price.
