::: vuaskari.com ::: eco401 mcqs help needed

Question No: 2    ( Marks: 1 )    - Please choose one

 Economics is different from other social sciences because it is primarily concerned with the study of ________, it is similar to other social sciences because they are all concerned with the study of ________.

 

 

       ► Limited resources, market behavior.

       ► Scarcity, human behavior.

       ► Social behavior, limited resources.

       ► Biological behavior, scarcity.

 

The textbook for your class was not produced in a perfectly competitive industry because:

       ► There are so few firms in the industry that market shares are not small, and firm's decisions have an impact on market price.

       ► Upper-division microeconomics texts are not all alike.

       ► It is not costless to enter or exit the textbook industry.

       ► All of the given options.

 

For the monopolist shown below, the profit maximizing level of output is:

 

       ► Q1.

       ► Q2.

       ► Q3.

       ► Q4.

Question No: 12    ( Marks: 1 )    - Please choose one

If a monopolist sets his output such that marginal revenue, marginal cost and average total cost are equal, economic profit must be:

 

       ► Negative.

       ► Positive.

       ► Zero.

       ► Indeterminate from the given information.

 

   

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