微观经济学6.2.docVIP

chapter 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. Of the following characteristics, which one applies exclusively to a perfectly competitive firm? (2.50 points) 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 Problem 0 points awarded. The correct answer is: It always earns a profit. It seeks only to minimize costs. It can sell all it wants to at the market price. It will never earn a profit. It has a narrow range of prices it can charge for its output. 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 answered correctly!) Feedback : Learning Objective: Production in Short RunLevel of Learning: KnowledgeSource: UniqueType: Word Problem 2.50 points awarded. The correct answer is: one year or less. a period in which all factors of production are variable. the period of time between quarterly accounting reports. a period in which at least one factor of production is fixed. a period in which at most one factor of production is fixed. 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!) Feedback : Learning Objective: Profit-maximizing firms in perfectly comLevel of Learning: ComprehensionSource: UniqueType: Word Problem 2.50 points awarded. The correct answer is: The firms sell a standardized product. Market demand for the product is perfectly elastic. Firms can easily buy and sell the productive resources necessary to compete in the market. A, B, and C. A and C but not B. Reference: 6-3 If the market price for this good is $6, how many units would this supplier produce