Microeconomics summer revision
• Question 1 3 out of 3 points Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: Selected Answer: spend more hours catching lobster and supply more lobsters. Correct Answer: spend more hours catching lobster and supply more lobsters. • Question 2 3 out of 3 points All of the following are characteristics of perfectly competitive markets except: Selected Answer: all firms produce a differentiated product. Correct Answer: all firms produce a differentiated product. • Question 3 3 out of 3 points In a firm's production planning horizon, the "long-run" refers to Selected Answer: the period during which all of the firm's inputs can be varied. Correct Answer: the period during which all of the firm's inputs can be varied. • Question 4 3 out of 3 points 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? Selected Answer: Firm A will produce the same quantity as Firm B. Correct Answer: Firm A will produce the same quantity as Firm B.
Escuela, estudio y materia
- Institución
- Walden University
- Grado
- ECON 1002 Microeconomics Walden
Información del documento
- Subido en
- 17 de febrero de 2021
- Número de páginas
- 3
- Escrito en
- 2020/2021
- Tipo
- Examen
- Contiene
- Preguntas y respuestas
Temas
-
suppose the market price of lobster suddenly increases substantially we can expect that most lobstermen will selected answer spend more hours catching lobster and supply more lobsters corre