c.a.p
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Report Thread starter 3 years ago
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QUESTION 1
1. Which of the following market structures is most likely to see no advertising?

A.Monopolistic competition
B.Monopsony
C.Perfect competition
D.Monopoly
E.Oligopoly

QUESTION 2
2. Under which of the following market structures does Network Rail operate?

A.Oligopoly
B.Monopoly
C.Monopsony
D.Perfect competition
E.Monopolistic competition

QUESTION 3
3. Which of the following characteristics is a feature of a perfectly competitive market?

A.There are no barriers to entry
B.Firms produce a highly differentiated product
C.Consumers do not have perfect information of the market
D.Firms are price setters
E.The marginal revenue curve is downward-sloping

QUESTION 4
4. A perfectly competitive firm is producing 1,000 units of output per week at a TFC of £1,000, a TVC of £1,200 and an MC of £1.00. If the market price is £1.50, what should the firm do?

A.Cease production altogether
B.Increase output
C.Decrease output
D.Raise its price
E.Maintain output at its present level

QUESTION 5
5. Which one of the following would not be a barrier to firms entering an industry?

A.Patents on key processes
B.Substantial economies of scale
C.Large initial capital costs
D.An upward-sloping long-run average cost curve
E.The threat of takeover by the existing firm(s)
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c.a.p
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Everyone’s answers are useful, however there is only 1 answer for each question. Please help!
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Speckle
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Seems you just want the answers so...

1C, 2B, 3A, 4B, 5D

I'd really recommend you understand why though, so ask if there's one you can't see why.
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