Principles of Microeconomics ECON2302_600_202320
Learning Modules
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Module D Assignments
Review Test Submission: Chapter #14 Quiz
Review Test Submission: Chapter #14 Quiz
User
Damon Edward Garza
Course
Principles of Microeconomics
Test
Chapter #14 Quiz
Started
4/17/23 3:55 PM
Submitted
4/17/23 4:05 PM
Due Date
4/17/23 11:59 PM
Status
Completed
Attempt Score
20 out of 20 points
Time Elapsed
10 minutes out of 15 minutes
Instructions
Select the option that answers the question or best describes the statement.
Results
Displayed
Submitted Answers, Correct Answers, Feedback, Incorrectly Answered
Questions
Question 1
2 out of 2 points
For any competitive market, the supply curve is closely related to the
Selected Answer:
a. �rms’ costs of production in that market.
Correct Answer:
a. firms’ costs of production in that market.
Question 2
2 out of 2 points
Figure 14-1
← OK
Refer to Figure 14-1. If the market price is P1, in the short run, the perfectly
competitive �rm will earn
Selected Answer:
b. positive economic pro�ts.
Correct Answer:
b. positive economic profits.
Question 3
Table 14-1
Quantity
0
1
2
3
4
2 out of 2 points
Total Revenue
$0
$7
$14
$21
$28
Refer to Table 14-1. For a �rm operating in a competitive market, the price is
Selected Answer:
c. $7.
Correct Answer:
c. $7.
Question 4
2 out of 2 points
When a pro�t-maximizing competitive �rm �nds itself minimizing losses
because it is unable to earn a positive pro�t, this task is accomplished by
producing the quantity at which price is equal to
Selected Answer:
a. marginal cost.
Correct Answer:
a. marginal cost.
2 out of 2 points
Question 5
A key characteristic of a competitive market is that
Selected Answer:
d. producers sell nearly identical products.
Correct Answer:
d. producers sell nearly identical products.
Question 6
2 out of 2 points
The analysis of competitive �rms sheds light on the decisions that lie behind
the
Selected Answer:
d. supply curve.
Correct Answer:
d. supply curve.
Question 7
2 out of 2 points
Figure 14-1
Refer to Figure 14-1. Which of the four prices corresponds to a perfectly
competitive �rm earning negative economic pro�ts in the short run and
shutting down?
Selected Answer:
d. P4
Correct Answer:
d. P4
Question 8
2 out of 2 points
At the pro�t-maximizing level of output,
Selected Answer:
c. marginal revenue equals marginal cost.
Correct Answer:
c. marginal revenue equals marginal cost.
Question 9
2 out of 2 points
When �rms in a competitive market have di�erent costs, it is likely that
Selected
Answer:
c.
some �rms will earn positive economic pro�ts in the long
run.
Correct Answer:
c.
some firms will earn positive economic profits in the long run.
Question 10
2 out of 2 points
When total revenue is less than variable costs, a �rm in a competitive market
will
Selected Answer:
d. shut down.
Correct Answer:
d. shut down.
Friday, May 5, 2023 5:03:42 PM CDT