Started on Sunday, 11 June 2023, 12:32 PM
State Finished
Completed on Sunday, 11 June 2023, 12:51 PM
Time taken 18 mins 32 secs
Marks 36.00/60.00
Grade 60.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Flag question
Question text
Suppose that a competitive firm’s marginal cost of producing output q is given by
MC(q) = 3 + 2q. Assume that the market price of the firm’s product is R9.
What level of output will the firm produce?
a.
1.5
b.
6
c.
3
d.
9
Question 2
Complete
Mark 2.00 out of 2.00
Flag question
Question text
A perfect price-discrimination monopolist will …
,a.
produce where MC=MR.
b.
leave no consumer surplus for his/her customer.
c.
produce the amount that is larger than a non-price discriminator.
d.
All of the options are correct.
Question 3
Complete
Mark 0.00 out of 2.00
Flag question
Question text
A small city has a number of hot dog stands operating throughout the CBD area.
Suppose that each vendor has a marginal cost of R1,50 per hot dog sold and no fixed
cost. Suppose the maximum number of hot dogs that any one vendor can sell is 100 per
day.
If a hot dog is priced at R2, how many hot dogs would each street vendor want to
sell per day?
a.
50
b.
75
c.
0
d.
100
Question 4
, Complete
Mark 2.00 out of 2.00
Flag question
Question text
Cournot equilibrium is stable because each firm is producing the amount that maximizes
its profit, given what its competitors are producing.
Select one:
True
False
Question 5
Complete
Mark 2.00 out of 2.00
Flag question
Question text
A firm should always produce at an output at which long-run average cost is minimized.
Select one:
True
False
Question 6
Complete
Mark 0.00 out of 2.00
Flag question
Question text
Optimal, third-degree price discrimination do not require that marginal revenue for each
group of consumers equals marginal cost.
Select one:
State Finished
Completed on Sunday, 11 June 2023, 12:51 PM
Time taken 18 mins 32 secs
Marks 36.00/60.00
Grade 60.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Flag question
Question text
Suppose that a competitive firm’s marginal cost of producing output q is given by
MC(q) = 3 + 2q. Assume that the market price of the firm’s product is R9.
What level of output will the firm produce?
a.
1.5
b.
6
c.
3
d.
9
Question 2
Complete
Mark 2.00 out of 2.00
Flag question
Question text
A perfect price-discrimination monopolist will …
,a.
produce where MC=MR.
b.
leave no consumer surplus for his/her customer.
c.
produce the amount that is larger than a non-price discriminator.
d.
All of the options are correct.
Question 3
Complete
Mark 0.00 out of 2.00
Flag question
Question text
A small city has a number of hot dog stands operating throughout the CBD area.
Suppose that each vendor has a marginal cost of R1,50 per hot dog sold and no fixed
cost. Suppose the maximum number of hot dogs that any one vendor can sell is 100 per
day.
If a hot dog is priced at R2, how many hot dogs would each street vendor want to
sell per day?
a.
50
b.
75
c.
0
d.
100
Question 4
, Complete
Mark 2.00 out of 2.00
Flag question
Question text
Cournot equilibrium is stable because each firm is producing the amount that maximizes
its profit, given what its competitors are producing.
Select one:
True
False
Question 5
Complete
Mark 2.00 out of 2.00
Flag question
Question text
A firm should always produce at an output at which long-run average cost is minimized.
Select one:
True
False
Question 6
Complete
Mark 0.00 out of 2.00
Flag question
Question text
Optimal, third-degree price discrimination do not require that marginal revenue for each
group of consumers equals marginal cost.
Select one:
