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MT445 Unit 4 Review

MT445 Unit 4 Review
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Unit 4: Economies and Diseconomies of Scale & Perfect Competition

Unit 4 Review / Quiz Answers

1. Which of the following is not necessarily a characteristic of perfect competition? (Points: 1)

2. In the short run, a perfectly competitive ball bearing manufacturer will continue to produce at a loss if (Points: 1)

3. The golden rule of profit maximization states that any firm maximizes profit by producing where (Points: 1)

4. Which of the characteristics of perfect competition assures that economic profit will be zero in the long run? (Points: 1)

5. A constant-cost industry is distinguished by the fact that (Points: 1)

6. Commodity products are (Points: 1)

7. In a perfectly competitive industry we are likely to find (Points: 1)

8. Perfectly competitive firms are price takers because (Points: 1)

9. In perfect competition, if one firm raises its price, (Points: 1)

10. Suppose, at its present rate of output, a perfectly competitive firm's marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should (Points: 1)



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