08/12/2021, 14:24 2193 Quiz No. 9: Managerial Economics - Nhyriel Mae S.

SELAUSO

2193 Quiz No. 9

Due
Dec 8 at 8:30pm
Points
15
Questions
14
Available
Dec 7 at 2:30pm - Dec 8 at 8:30pm
1 day
Time Limit
60 Minutes

Attempt History
Attempt Time Score
LATEST Attempt 1
26 minutes 14 out of 15

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Correct answers will be available on Dec 8 at 8:30pm.

Score for this quiz:

14 out of 15
Submitted Dec 8 at 2:24pm
This attempt took 26 minutes.

Question 1 1
/ 1 pts

Structure wherein businesses are price-makers.

Monopoly

Question 2 1
/ 1 pts

Products in a market structure where one business' product is identical to

another business'. 

Standardized Product

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Question 3 1
/ 1 pts

A structure wherein no one buyer or seller has control over the prices of
the products in the market 

Perfect Competition

Question 4 2
/ 2 pts

Match the market structure and the nature of products sold. Choose the
best match.  

Perfect Competition   standardized products

Monopoly   no close substitute pro

Monopolistic Competition   similar but differentiate

Oligopoly   standardized or differe

Question 5 1
/ 1 pts

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08/12/2021, 14:24 2193 Quiz No. 9: Managerial Economics - Nhyriel Mae S. SELAUSO

Which of the following structure has differentiated products being sold? 

 
oligopoly

 
monopoly

 
none of the given choices

 
perfect competition

Question 6 1
/ 1 pts

What would happen to revenues if a firm in a perfectly competitive

industry raised price? 

 
increase

 
increase but profit will decrease

 
fall to zero

 
increase along with profit

Question 7 1
/ 1 pts

A sudden decrease in the market demand in a competitive industry leads

to 

 
losses in the short run and average profits in the long run

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08/12/2021, 14:24 2193 Quiz No. 9: Managerial Economics - Nhyriel Mae S. SELAUSO

 
new firms being attracted to the industry

 
above-average profits in the short run

 
demand creating supply

Question 8 1
/ 1 pts

At individual firm level, which of the following types of firms faces a

downward-sloping demand curve? 

 
Both monopoly and perfectly competitive firm

 
Monopoly firm

 
Neither monopoly or perfectly competitive firm

 
Perfectly competitive firm

Question 9 1
/ 1 pts

Which of the following types of firms are guaranteed to make positive

economic profit? 

 
none of the given choices

 
both the perfectly competitive firm or a monopoly firm

 
perfectly competitive firm but not monopoly firm

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08/12/2021, 14:24 2193 Quiz No. 9: Managerial Economics - Nhyriel Mae S. SELAUSO

 
neither a perfectly competitive firm or a monopoly firm

Incorrect
Question 10 0
/ 1 pts

The more sellers compete for your peso, the more competitive prices will
be.

 
True

 
False

Question 11 1
/ 1 pts

Perfect Competition is the ideal model of a market economy

 
True

 
False

Question 12 1
/ 1 pts

Monopolistic competition has differentiated products. 

 
True

 
False

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Question 13 1
/ 1 pts

Agricultural commodities are close to imperfectly competitive industries

 
True

 
False

Question 14 1
/ 1 pts

The level of competition in a market has a major impact on the prices of

products.

 
True

 
False

Quiz Score:
14 out of 15

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