final assessment

QUESTION 1

  1. Total fixed cost curve shows that fixed costs vis-à-vis production levelsdon’t change.


4 points

QUESTION 2

  1. The monopolist produces a product for which there are no close substitutegoods.


4 points

QUESTION 3

  1. A monopolistic competitor produces a differentiated product having numerous close substitutes.


4 points

QUESTION 4

  1. One of the objectives of the monopolist is to squeeze out smaller competitors from the market.


4 points

QUESTION 5

  1. In general, the product price is higher in an oligopolistic market than thatof monopolistic competition.


4 points

QUESTION 6

  1. A perfectly competitive industry is characterized by a few producers, all producers produce a homogeneous product, and there is free mobilityof resources.


4 points

QUESTION 7

  1. Unlike the perfect competitor, who is a price taker, the monopolist is facedwith a demand curve such that he/she can charge whatever price he/shewishes.


4 points

QUESTION 8

  1. Marginal costs will start to fall before average costs start to fall.


4 points

QUESTION 9

  1. A firm’s economic profit is usually higher than its accounting profit.


4 points

QUESTION 10

  1. Economies of scale is when the cost of producing a unit increases as itsoutput rate increases.


4 points

QUESTION 11

  1. Economic profit involves total revenue minus the total costs, with total costmeasured as the opportunity costs of production.


4 points

QUESTION 12

  1. The long-run average cost curve will be derived by adding up all the shortrun average total cost curves.


4 points

QUESTION 13

  1. To affect sales, a monopolistic competitor can lower price or differentiatethe product.


4 points

QUESTION 14

  1. Average fixed costs diminish continuously as output increases.


4 points

QUESTION 15

  1. A firm may become a monopoly if it controls the entire supply of a basicinput required to manufacture a product, has exclusive rights to make a product or use a particular process, and/or is awarded a market franchiseby a government agency.


4 points

QUESTION 16

  1. The short run is a period of time when all factor inputs are fixed.


4 points

QUESTION 17

  1. A perfect competitor can reap an economic profit in the short run but notin the long run.


4 points

QUESTION 18

  1. The demand which a monopolist is faced with is also the market demandfor the product.


4 points

QUESTION 19

  1. At least in theory, the more competition there is in the market, the greateralso is the efficiency in the economy.


4 points

QUESTION 20

  1. A firm in a perfectly competitive industry may incur a short-term loss and yet continue producing in order to minimize losses.


4 points

QUESTION 21

  1. The four types of market structures we study in economics are perfectcompetition, monopolies, oligopolies, and corporations.


4 points

QUESTION 22

  1. A monopolist is different from a perfect competitor by the monopolist’sprice being equal to average revenue.


4 points

QUESTION 23

  1. Since there is free mobility of resources, the perfect competitor can freelymove in and our of a given perfectly competitive market.


4 points

QUESTION 24

  1. Economic profit involves explicit costs, while accounting profits involveimplicit costs.


4 points

QUESTION 25

  1. The average total cost curve on a graph will be found below the averagevariable cost curve.


4 points

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