Ünite Sınavı Soruları

The figure above belongs to a firm. What does the pink area indicate?

Which of the following is the name given to the price level that causes the firms to incur losses as much as the fixed costs in the short run and therefore causes the firm to stop production?

In which type of market the firms act as if they were monopolists even if their respective products exhibit slight differences?

What is the name given to this market if there is only one firm to produce a homogeneous good with no close substitutes in a market?

Monopoly is a type of market that has the same profit maximization rule as the competitive market, which is _______ . In a monopoly, however, there is only a single seller of a homogenous product with no close ___________ . This means that no other firm can produce an item that fulfills the needs of the consumers as the monopolist's product does.

All inputs i.e. labor, capital, natural resources are ___________ in the long-run. Therefore, firms are able to change their plant size and production capacities in the long-run, resulting in a larger production site, more workers, more machinery etc.

In a perfectly competitive market firms and consumers are _____________ . This means that all economic agents take the market-determined ________ as given for their economic behavior.

Which is equal to marginal revenue product of labor (MRP_L) ?

Which of the following is not one of the assumptions of perfect competition theory?

1. Price (P)
2. Marginal revenue (MR)
3. Average Revenue (AR)

For a firm in a perfectly competitive market, which of the variables above are equal?

Which of the following is not a characteristic of the Cournot Model?

In the figure, which of the following is the level of output that maximizes the firm's profits?

1. if one firm has own the entire supply of any critical input or raw material
2. if one firm has technological knowledge by patents, know-how, copyrights, etc.
3. If there is an opportunity for huge cost advantages in large scales in any industry.  Which of the above are barriers to entry that create a monopoly?

Which of the following produces the optimal output level for a competitive firm in the short-run?

Which of the following is the name given to the products being the same in terms of size, shape, quality, smell, packaging, etc.?

Which of the following is a market where the price is given and cannot be changed by individual action, there is no barrier to entry and exit, and a homogeneous good is produced?

What does the figure above indicate for a competitive firm?

_____________ occurs when the market is not competitive and resulting total level of output is lower than the competitive level. The term refers to the combined loss from consumer and producer surpluses.

What is the name that the loss of a part of consumer and producer surpluses because the output level is less than the competitive output level and the price is higher than the competitive price in an imperfect competitive market?

The figure shows the revenue and cost curves for the monopoly market. Which of the following is the equilibrium output that maximizes profits for the monopoly firm?