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ECON 101 Final Exam A+

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ECON 101 Final Exam A Part 1 of 1 - 99.99999 Points Question 1 of 20 4.45 Points The representative firm in a purely competitive industry: A.Will always earn a profit in the short run B.May earn either an economic profit or a loss in the long run C.Will always earn an economic pro...

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  • June 17, 2020
  • 8
  • 2019/2020
  • Exam (elaborations)
  • Questions & answers

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  • econ 101 final exam a

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  • ECON 101 Final Exam A
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Part 1 of 1 - 99.99999 Points


Question 1 of 20 4.45 Points
The representative firm in a purely competitive industry:

A.Will always earn a profit in the short run

B.May earn either an economic profit or a loss in the long run

C.Will always earn an economic profit in the long run

D.Will earn an economic profit of zero in the long run


Answer Key: D
Feedback: See page 240.

Question 2 of 20 4.45 Points
An example of a monopolistically competitive industry would be:

A.Steel

B.Soybeans

C.Electricity

D.Retail clothing


Answer Key: D
Feedback: See page 275 - 276.

Question 3 of 20 4.45 Points
Firms in an industry will not earn long-run economic profits if:

A.Fixed costs are zero

B.The number of firms in the industry is fixed

, C.There is free entry and exit of firms in the industry

D.Production costs for a given level of output are minimized


Answer Key: C
Feedback: See page 240.

Question 4 of 20 4.45 Points
Marginal product is:

A.the increase in total output attributable to the employment of one more worker.

B.the increase in total revenue attributable to the employment of one more worker.

C.the increase in total cost attributable to the employment of one more worker.

D.total product divided by the number of workers employed.


Answer Key: A
Feedback: See page 201.

Question 5 of 20 4.45 Points
The law of diminishing returns indicates that:

A.as extra units of a variable resource are added to a fixed resource, marginal product
will decline beyond some point.

B.because of economies and diseconomies of scale a competitive firm's long-run
average total cost curve will be U-shaped.

C.the demand for goods produced by purely competitive industries is downsloping.

D.beyond some point the extra utility derived from additional units of a product will
yield the consumer smaller and smaller extra amounts of satisfaction.


Answer Key: A
Feedback: See page 204.

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