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Chapter14
FirmsinCompetitiveMarkets
MultipleChoice
1. Amarketiscompetitiveif
(i) firmshavetheflexibilitytopricetheirownproduct.
(ii) eachbuyerissmallcomparedtothemarket.
(iii) eachsellerissmallcomparedtothemarket.
a. (i)and(ii)only
b. (i)and(iii)only
c. (ii)and(iii)only
d. Alloftheabovearecorrect.
ANS:C PTS:1 DIF:1 REF:14-1
TOP:Competitivemarkets MSC:Definitional
2. Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobein
a. acompetitivemarket.
b. astrategicmarket.
c. athinmarket.
d. apowermarket.
ANS:A PTS:1 DIF:1 REF:14-1
TOP:Competitivemarkets MSC:Definitional
3. Inacompetitivemarket,theactionsofanysinglebuyerorsellerwill
a. haveanegligibleimpactonthemarketprice.
b. havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.
c. causeanoticeablechangeinoverallproductionandachangeinfinalproductprice.
d. adverselyaffecttheprofitabilityofmorethanonefirminthemarket.
ANS:A PTS:1 DIF:2 REF:14-1
TOP:Competitivemarkets MSC:Interpretive
Table14-1
Quantity
Price
1
13
2
13
3
13
4
13
5
13
6
13
7
13
8
13
9
13
4. RefertoTable14-1.Thepriceandquantityrelationshipinthetableismostlikelythatfacedbyafirmina
a. monopoly.
b. concentratedmarket.
c. competitivemarket.
d. strategicmarket.
ANS:C PTS:1 DIF:1 REF:14-1
TOP:Competitivemarkets MSC:Analytical
5. RefertoTable14-1.Overwhichrangeofoutputisaveragerevenueequaltoprice?
a. 1to5
b. 3to7
c. 5to9
d. Averagerevenueisequaltopriceoverthewholerangeofoutput.
ANS:D PTS:1 DIF:1 REF:14-1
TOP:Averagerevenue MSC:Analytical
6. RefertoTable14-1.Overwhatrangeofoutputismarginalrevenuedeclining?
a. 1to6
b. 3to7
c. 7to9
d. None;marginalrevenueisconstantoverthewholerangeofoutput.
ANS:D PTS:1 DIF:2 REF:14-1
TOP:Marginalrevenue MSC:Analytical
7. RefertoTable14-1.Ifthefirmdoubl
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