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ECON 1002 – MGMT 3503 Week 4 Quiz – Microeconomics (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 barbershop that has fixed costs 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:
