Questions On Economics

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These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.
Date Taken: 11/19/2013
Time Spent: 05 min, 55 secs
Question Type: Multiple Choice
# Of Questions: 8
Question 1: The following are proper descriptions about the cost functions, EXCEPT:
Student Answer: a. In economic terms, cost values include explicit monetary cost plus the value of opportunity cost for o other factors used in production that are not reported as explicit cost.
CORRECT---->b. Marginal Cost initially increases and eventually decreases. c. Total cost includes variable cost plus fixed cost. d. Average total cost is minimized when marginal cost equalized average total cost. e. Fixed cost is zero in the long term.
Question 2: The following are the key conditions followed by produces to maximize economic profits.
Student Answer: a. Marginal Cost = Marginal Revenue & Marginal Cost being positive. b. Market Price > Average Cost and Marginal Cost = Market Price
CORRECT------>c. Marginal Cost = Marginal Revenue and Marginal Cost being increasing. d. Marginal Cost = Min. Average total Cost = Market price e. Marginal Cost = Market Price & Marginal Cost > Average Total Cost. Question 3: The following are some of the key characteristics of a perfectly competitive market structure, EXCEPT:
Student Answer: a. Many firms. b. Standard product.
CORRECT------>c. Positive economic profits d. Strong price competition. e. Perfect information. Question 4: Under perfect competition, the following is the ONE condition that is expected to prevail in the long run.
Notice: MC: Marginal Cost ATC: Ave. Total cost AFC: Ave Fixed cost Mkt P: Market price in equilibrium
Student Answer: a. Zero accounting profits and minimum ATC. b. MC = Mkt P but positive economic profits.
CORRECT------> c. MC = min ATC = Mkt P. d. Zero accounting profits but Positive economic profits. e. Negative economic profits but Positive accounting profits.
Question 5: The following are some of the Key characteristics of Monopoly as a market
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