ECON 1002 Week 4 Quiz with Answers – MGMT 3503 (30/30)


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ECON 1002 – MGMT 3503 Week 4 Quiz – Microeconomics (30 out of 30 points)

  1. Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will:
  2. All of the following are characteristics of perfectly competitive markets except:
  3. In a firm’s production planning horizon, the “long-run” refers to
  4. 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?
  5. 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:
  6. 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:
  7. A firm’s accounting profit is given by total revenue:
  8. In the long run in perfectly competitive industries:
  9. Whenever a market is not in equilibrium:
  10. Price subsidies generally serve to: