PT Econ

?

1. What are supernormal profits?

  • it's the word for when a wife or girlfriend buys something in the sale
  • supernormal profits are earned when total revenue is greater than the total costs
  • supernormal profits are earned when total cost is greater than the total revenue
1 of 10

Other questions in this quiz

2. How do you calculate marginal cost?

  • divide the difference in total cost by the difference in profit margin
  • divide the difference in total cost by the difference in output between 2 systems
  • divide the difference in total cost by the difference in output between 4 systems
  • divide the difference in total cost by the difference in output between 3 systems

3. What is monopsony?

  • a market situation in which there is only one producer
  • a market situation in which there is only one buyer
  • a market situation in which there is only one seller

4. let's suppose a market has fifty competitors. However, the top three dominate 90% of the market. What market is this?

  • That market is an oligopoly.
  • That market is an monopoly.

5. In perfect competition, an increase in price would...

  • lead to a decline in demand
  • lead to an oligopoly
  • lead to an increase in demand
  • lead to a monopoly
View more questions

Comments

No comments have yet been made

Similar All resources:

See all All resources »See all PT Econ resources »