Econ 201 quiz 5 Study guides, Class notes & Summaries

ECON 201 WEEK 5 Quiz Questions with Correct Answers Question 1 of 20 Average variable cost is: • A. the firm's variable cost per unit multiplied by the quantity. • B. total variable cost divided by quantity. • C. the difference between average total cost and total variable cost. • D. the difference between total cost and total variable cost. Question 2 of 20 Which of the following is (are) correct? • A. Firms are organizations that produce goods and ...

American Military University ECON 201 ECON201 WEEK 5 Quiz

American Military University ECON 201 ECON201 WEEK 5 Quiz

American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT Question 1 Monopolistic competition is an industry characterized by a: • A. small number of firms producing identical products, with barriers to entry for firms. • B. small number of firms producing similar products, with relatively easy entry for firms. • C. large number of firms producing similar products, with relatively easy entry for firms. • D. large number of firms producing identical products, with...

Question 1 of 20 Average variable cost is: • A. the firm's variable cost per unit multiplied by the quantity. • B. total variable cost divided by quantity. • C. the difference between average total cost and total variable cost. • D. the difference between total cost and total variable cost. Question 2 of 20 Which of the following is (are) correct? • A. Firms are organizations that produce goods and services. • B. Firms seek to maximize pr...

ECON 201 QUIZ 5 - Questions and Answers

ECON 201 Week 6 Quiz Question 2 of 17 An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: • A. a duopoly. • B. a monopoly. • C. an oligopoly. • D. perfect competition. Question 3 of 17 Which of the following is true in a perfectly competitive market? • A. One unit of a good or service cann...

ECON 201 QUIZ 5 - Questions, Answers and Explanation|ECON 201 QUIZ 5 - Questions, Answers and Explanation