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AIS Exam Ch 1 Questions & Answers 2024/2025

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AIS Exam Ch 1 Questions & Answers 2024/2025 Which of the following markets is most likely to be perfectly competitive? - ANSWERSThe market for mushrooms Which of the following markets is most likely to be perfectly competitive? - ANSWERSThe market for rock salt What are the likely reason...

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  • August 10, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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AIS Exam Ch 1 Questions & Answers
2024/2025

Which of the following markets is most likely to be perfectly competitive? - ANSWERSThe market for
mushrooms



Which of the following markets is most likely to be perfectly competitive? - ANSWERSThe market for rock
salt



What are the likely reason(s) that the market for electricity is not perfectly competitive? Please select all
that apply. - ANSWERSIt is difficult to enter or exit the industry as a supplier




There are few sellers in the market



What are the likely reason(s) that the market for dress shirts is not perfectly competitive? Please select
all that apply. - ANSWERSDress shirts are not a standardized (homogeneous) product.



Pete's Electronics is a small company that produces 8 gigabyte flash drives in a perfectly competitive
market. The market price for 8 gigabyte flash drives is $15 each.



(draw line from 10 to 60 straight at $15) - ANSWERSQuantity



(8GB flash drives)




TR MR AR

(dollars)

, $$$

10 150 15 15

20 300 15 15

30 450 15 15

40 600 15 15

50 750 15 15

60 900 15 15



Soylent Green is a perfectly competitive firm that produces soybeans. What is Soylent Green's marginal
revenue for an extra bushel of soybeans sold? - ANSWERS$50 for an extra bushel of soybeans sold



Fill in the marginal revenue (MR) and average revenue (AR) columns

(draw line from 5 to 30 @$4) - ANSWERSQuanity MR AR

(dollars) (dollars)

544

10 4 4

15 4 4

20 4 4

25 4 4

30 4 4



At the market price of $4.00 per apple pie, how many apple pies should Baker Street make? -
ANSWERS25



If the market price for apple pies were to rise to $6.00 per apple pie, how many apple pies should Baker
Street make? - ANSWERS30



The market price of children's mittens is $6.00 per pair. How many pairs of children's mittens should
Smitten produce per week to maximize its profits? - ANSWERS35

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