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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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What is one of the most important determinants of the success of free-market capitalism?

government regulation of market participants

having a few large firms rather than thousands of small ones

enlightened governments selecting firms that should not be allowed to exit a market

none of the above

free entry and exit in markets

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A price-taking firm in the short run should not produce any level of output unless

marginal revenue equals average total cost.

average revenue equals or exceeds average variable cost.

100%

marginal revenue exceeds marginal cost.

average revenue equals or exceeds average total cost.

it is earning positive profits.

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Which one of the following need not be satisfied to achieve allocative efficiency?

Price equals marginal social cost.

Price equals marginal social benefit.

Marginal social cost equals marginal social benefit.

Only high-quality goods are produced.

The sum of consumer surplus and producer surplus is maximized.

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