Imperfect Competition – Quiz - Premiered Tutorials

Imperfect Competition – Quiz

1. (TCO A) There is an increase in the cost of labor for producing bicycles.

2. (TCO A) Ceteris paribus, Brand A Plain potato chips and Brand B Plain potato chips are substitutes in consumption. The price of Brand A Plain potato chips increases.

3. (TCO A) The number of new home sellers in a given market decreases.

4. (TCO A) A market is in equilibrium with equilibrium quantity MEQ and equilibrium price MEP.

5. The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group:

6. (TCO B) For a given labor supply, would the potential unemployment impact of an increase in the minimum wage be greater in the case of elastic or inelastic demand for labor? Explain why, using hypothetical numbers to illustrate your case. (Points : 10)

7. TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

8. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

9. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

10. (TCO C) A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months – not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $4,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning. (Points : 10)

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