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1、405Chapter13FirmsinCompetitiveMarketsMULTIPLECHOICE1.Amarketiscompetitiveif(i)firmshavetheflexibilitytopricetheirownproduct.(ii)eachbuyerissmallcomparedtothemarket.(iii)eachsellerissmallcomparedtothemarket.a.(i)(ii)onlyb

2、.(i)(iii)onlyc.(ii)(iii)onlyd.Alloftheabovearecrect.ANSWER:c.(ii)(iii)onlyTYPE:MDIFFICULTY:2SECTION:14.12.Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobeinwhatkindofamarketa.acompetitivemarketb.astrategicmar

3、ketc.athinmarketd.apowermarketANSWER:a.acompetitivemarketTYPE:MDIFFICULTY:1SECTION:14.13.Inacompetitivemarkettheactionsofanysinglebuyersellerwilla.haveanegligibleimpactonthemarketprice.b.havelittleeffectonoverallproducti

4、onbutwillultimatelychangefinalproductprice.c.causeanoticeablechangeinoverallproductionachangeinfinalproductprice.d.adverselyaffecttheprofitabilityofmethanonefirminthemarket.ANSWER:a.haveanegligibleimpactonthemarketprice.

5、TYPE:MDIFFICULTY:2SECTION:14.1Usetheinfmationinthetablebelowtoanswerquestions4through7.QuantityPrice1132133134135136137138139134.Thepricequantityrelationshipinthetableismostlikelythatfacedbyafirminaa.monopoly.b.concentra

6、tedmarket.c.competitivemarket.d.strategicmarket.ANSWER:c.competitivemarket.TYPE:MDIFFICULTY:1SECTION:14.1Chapter14FirmsinCompetitiveMarkets?40712.Whenbuyersinacompetitivemarkettakethesellingpriceasgiventheyaresaidtobea.m

7、arketentrants.b.monopolists.c.freeriders.d.pricetakers.ANSWER:d.pricetakers.TYPE:MDIFFICULTY:1SECTION:14.113.Whenfirmsaresaidtobepricetakersitimpliesthatifafirmraisesitspricea.buyerswillgoelsewhere.b.buyerswillpaythehigh

8、erpriceintheshtrun.c.competitswillalsoraisetheirprices.d.firmsintheindustrywillexercisemarketpower.ANSWER:a.buyerswillgoelsewhere.TYPE:MDIFFICULTY:1SECTION:14.114.Whichofthefollowingstatementsbestreflectsapricetakingfirm

9、a.Ifthefirmweretogemethanthegoingpriceitwouldsellnoneofitsgoods.b.Thefirmhasnoincentivetogelessthanthegoingprice.c.Thefirmcansellasmuchasitwantstosellatthegoingprice.d.Alloftheabovearecrect.ANSWER:d.Alloftheabovearecrect

10、.TYPE:MDIFFICULTY:2SECTION:14.115.Inacompetitivemarketnosingleproducercaninfluencethemarketpricebecausea.manyothersellersareofferingaproductthatisessentiallyidentical.b.consumershavemeinfluenceoverthemarketpricethanprodu

11、cersdo.c.governmentinterventionpreventsfirmsfrominfluencingprice.d.producersagreenottochangetheprice.ANSWER:a.manyothersellersareofferingaproductthatisessentiallyidentical.TYPE:MDIFFICULTY:2SECTION:14.116.Acompetitivefir

12、mmightchoosetosetitspricebelowthemarketpricebecausea.thiswouldresultinhigheraveragerevenue.b.thiswouldresultinhigherprofits.c.thiswouldresultinlowertotalcosts.d.Noneoftheabovearecrect.ANSWER:d.Noneoftheabovearecrect.TYPE

13、:MDIFFICULTY:2SECTION:14.117.Ofthefollowingacteristicsofcompetitivemarketswhicharenecessaryffirmstobepricetakers(i)Therearemanysellers.(ii)Firmscanfreelyenterexitthemarket.(iii)Goodsofferedfsalearelargelythesame.a.(i)(ii

14、)onlyb.(i)(iii)onlyc.(ii)onlyd.Allarenecessary.ANSWER:b.(i)(iii)onlyTYPE:MDIFFICULTY:2SECTION:14.118.Whenafirminacompetitivemarketproduces10unitsofoutputithasamarginalrevenueof$8.00.Whatwouldbethefirm’stotalrevenuewhenit

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