微观经济学62.docx

1、微观经济学62chapter 6 Description本次测验由二十个选择题组成 This assessment is worth 50 points.Note: Correct answers appear in Blue. Incorrect answers and skipped questions appear in Red after Your response. 1. Of the following characteristics, which one applies exclusively to a perfectly competitive firm?(2.50 point

2、s) Your response:e. It has a narrow range of prices it can charge for its output.Feedback : Learning Objective: Profit-maximizing firms in perfectly comLevel of Learning: ComprehensionSource: UniqueType: Word Problem0 points awarded. The correct answer is: a. It always earns a profit.b. It seeks onl

3、y to minimize costs.c. It can sell all it wants to at the market price.d. It will never earn a profit.e. It has a narrow range of prices it can charge for its output.2. The short run is defined as(2.50 points) Your response:d. a period in which at least one factor of production is fixed.(You answere

4、d correctly!) Feedback : Learning Objective: Production in Short RunLevel of Learning: KnowledgeSource: UniqueType: Word Problem2.50 points awarded. The correct answer is: a. one year or less.b. a period in which all factors of production are variable.c. the period of time between quarterly accounti

5、ng reports.d. a period in which at least one factor of production is fixed.e. a period in which at most one factor of production is fixed.3. Conditions that are necessary for a market to be perfectly competitive include:(2.50 points) Your response:e. A and C but not B.(You answered correctly!) Feedb

6、ack : Learning Objective: Profit-maximizing firms in perfectly comLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded. The correct answer is: a. The firms sell a standardized product.b. Market demand for the product is perfectly elastic.c. Firms can easily buy and sel

7、l the productive resources necessary to compete in the market.d. A, B, and C.e. A and C but not B.4. Reference: 6-3If the market price for this good is $6, how many units would this supplier produce?(2.50 points) Your response:d. 300(You answered correctly!) Feedback : Learning Objective: Thinking a

8、bout supplyLevel of Learning: ApplicationSource: UniqueType: Calculation Problem2.50 points awarded. The correct answer is: a. 50b. 150c. 250d. 300e. 350 or more5. One reason that variable factors of production tend to show diminishing returns in the short run is that(2.50 points) Your response:c. t

9、here are too many workers using a fixed amount of productive resources.(You answered correctly!) Feedback : Learning Objective: Production in Short RunLevel of Learning: ApplicationSource: UniqueType: Word Problem2.50 points awarded. The correct answer is: a. costs are too high.b. too much capital e

10、quipment is idle.c. there are too many workers using a fixed amount of productive resources.d. the firm has become too large to effectively manage workers.e. the cost of hiring additional workers increases as firms seek to hire more.6. Suppose a firm is collecting $1,250 in total revenues and the to

11、tal costs of its variable factors of production are $1,000 at its current level of output. In the short run, one can predict that the firm will(2.50 points) Your response:d. continue to operate.(You answered correctly!) Feedback : Learning Objective: Discuss the shutdown pointLevel of Learning: Appl

12、icationSource: UniqueType: Calculation Problem2.50 points awarded. The correct answer is: a. shutdown.b. earn a profit.c. earn a loss.d. continue to operate.e. raise its price.7. A firms output price is $8 and the firm is producing 77 units with a marginal cost of $11. The firm should(2.50 points) Y

13、our response:b. decrease production.(You answered correctly!) Feedback : Learning Objective: Apply price equals marginal cost ruleLevel of Learning: ApplicationSource: UniqueType: Calculation Problem2.50 points awarded. The correct answer is: a. lower its price.b. decrease production.c. increase pro

14、duction.d. raise its price.e. hire more workers.8. Reference: 6-14When the demand is P2 = $15, what is the profit maximizing output?(2.50 points) Your response:c. 60(You answered correctly!) Feedback : Learning Objective: Graphical Approach to Profit-MaxLevel of Learning: ApplicationSource: UniqueTy

15、pe: Calculation Problem2.50 points awarded. The correct answer is: a. 30b. 45c. 60d. 80e. 1009. Suppose a firm is collecting $1345 in total revenues and the total cost of its fixed factors of production rise from $200 to $300. One can speculate that the firm will(2.50 points) Your response:e. earn s

16、maller profits or greater losses.(You answered correctly!) Feedback : Learning Objective: Fixed costs & profit maximizing outputLevel of Learning: ApplicationSource: UniqueType: Calculation Problem2.50 points awarded. The correct answer is: a. expand output.b. raise price.c. earn greater profits or

17、smaller losses.d. contract output.e. earn smaller profits or greater losses.10. Reference: 6-14When the demand is P2 = $15, this firm should _.(2.50 points) Your response:c. keep operating as long as loss is not greater than total cost.Feedback : Learning Objective: Graphical Approach to Profit-MaxL

18、evel of Learning: ApplicationSource: UniqueType: Calculation Problem0 points awarded. The correct answer is: a. continue operate in the short run and think about shutting down in the long run.b. discontinue operation in the short run since there is a loss when operating.c. keep operating as long as

19、loss is not greater than total cost.d. discontinue operation in the short run since average variable cost is greater than price.e. discontinue operation in the short run since average total cost is greater than price.11. Reference: 6-3If the market consists of 50 identical sellers, how much will be

20、supplied at the price of $14?(2.50 points) Your response:d. 17,500(You answered correctly!) Feedback : Learning Objective: Thinking about supplyLevel of Learning: ApplicationSource: UniqueType: Calculation Problem2.50 points awarded. The correct answer is: a. 350b. 1,750c. 35,000d. 17,500e. 175,0001

21、2. Which of the following would cause supply to shift to the left?(2.50 points) Your response:c. The price of the good falls.Feedback : Learning Objective: Discuss the determinants of supplyLevel of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded. The correct answer is: a. Wage

22、s rise.b. Demand for the good falls.c. The price of the good falls.d. Expectations about future demand improve.e. The number of firms in the industry rises.13. Congestion of the work space and fixed factors of production at the firm(2.50 points) Your response:c. demonstrate the law of diminishing ma

23、rginal returns.(You answered correctly!) Feedback : Learning Objective: Law of diminishing marginal returnsLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded. The correct answer is: a. explain high employee turnover.b. cause increased workspace violence.c. demonstrat

24、e the law of diminishing marginal returns.d. explain decreased employee morale.e. result in increased self-employment.14. This graph shows the cost functions of Moes mushroom gathering business, which is perfectly competitive.Reference: 6-13Moes supply curve is(2.50 points) Your response:e. curve A

25、above curve C.(You answered correctly!) Feedback : Learning Objective: Marginal Cost as Supply CurveLevel of Learning: ApplicationSource: UniqueType: Graphical Problem2.50 points awarded. The correct answer is: a. not shown on this graph.b. curve C to the right of curve A.c. curve B to the right of

26、curve A.d. curve A above curve B.e. curve A above curve C.15. * Pizzas sell for $10 a pie.Reference: 6-10When the pizza shop employs 3 workers per day, it will experience _ in total cost.(2.50 points) Your response:e. $950(You answered correctly!) Feedback : Learning Objective: Calculate TR, TC, and

27、 profitsLevel of Learning: ApplicationSource: UniqueType: Calculation Problem2.50 points awarded. The correct answer is: a. $100b. $450c. $500d. $850e. $95016. Part of the upward sloping portion of the marginal cost curve is the firms(2.50 points) Your response:c. supply curve.(You answered correctl

28、y!) Feedback : Learning Objective: Marginal costs and the supply curveLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded. The correct answer is: a. production function.b. total cost curve.c. supply curve.d. diminishing marginal returns curve.e. profit curve.17. Firms

29、 maximize profit when(2.50 points) Your response:d. marginal costs equal price.(You answered correctly!) Feedback : Learning Objective: Apply price equals marginal cost ruleLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded. The correct answer is: a. average costs ar

30、e minimized.b. total costs are minimized.c. average costs equal price.d. marginal costs equal price.e. All of the above are necessary for profit maximization.18. What might cause a supply function to shift to the left?(2.50 points) Your response:b. An expectation that the products own price will fall in the future.Feedback : Learning Objective: Discuss the determinants of supplyLevel of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded. The correct answer