Profit — Unit test Answers
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In which way do producers try to differentiate themselves in monopolistic competition?
A
priceB
advertisingC
product featuresD
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The highest amount a landlord can charge for rent is an example of
A
an incentive.B
a price floor.C
a price ceiling.D
an elastic service.3
The graph is a marginal cost curve that compares expenses for producing apple pies.According to the graph, the marginal cost begins to increase when the producer makes
A
two pies.B
three pies.C
four pies.D
five pies.4
A monopoly is a market that has
A
few competing businesses.B
many sellers of the same item.C
many sellers of a variety of products.D
a single supplier of a good or service.5
The chart shows the marginal cost and marginal revenue of producing apple pies. What most likely will happen if the pie maker continues to make additional pies?
A
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.B
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.C
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.D
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.6
Why are utilities, such as electricity and water, examples of natural monopolies?
A
The cost of production restricts competition in the market.B
There are limited natural resources to meet demand.C
Consumers only trust known companies to provide these essentials.D
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