Intro To Industry And Market Concentration - Economies; Costs

8 Questions | Total Attempts: 127

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Intro To Industry And Market Concentration - Economies; Costs

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Questions and Answers
  • 1. 
    An economy where decisions are made by the price mechanism is:
    • A. 

      Laissez-Faire

    • B. 

      Command

    • C. 

      Modified market

    • D. 

      Traditional

  • 2. 
    An economy where decisions are made by the government is:
    • A. 

      Laissez-Faire

    • B. 

      Command

    • C. 

      Modified market

    • D. 

      Traditional

  • 3. 
    An economy where decisions are made by a mix of the price mechanism and the government is:
    • A. 

      Laissez-Faire

    • B. 

      Command

    • C. 

      Modified market

    • D. 

      Traditional

  • 4. 
    An economy where based on subsistence is:
    • A. 

      Laissez-Faire

    • B. 

      Command

    • C. 

      Modified market

    • D. 

      Traditional

  • 5. 
    Costs that do not change, irrespective of production quantities are:
    • A. 

      Variable costs

    • B. 

      Fixed costs

    • C. 

      Marginal costs

    • D. 

      Average costs

  • 6. 
    Costs that change, depending on  production quantities are:
    • A. 

      Variable costs

    • B. 

      Fixed costs

    • C. 

      Marginal costs

    • D. 

      Average costs

  • 7. 
    The total costs (fixed plus variable) divided by the number of units produced is:
    • A. 

      Variable costs

    • B. 

      Fixed costs

    • C. 

      Marginal costs

    • D. 

      Average costs

  • 8. 
    The extra cost per additional unit produced:
    • A. 

      Variable costs

    • B. 

      Fixed costs

    • C. 

      Marginal costs

    • D. 

      Average costs

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