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Q 1/10
Score 0
Firms are leaving a perfectly competitive industry. This suggests that for these firms:
60
average revenue exceeds marginal revenue
marginal revenue exceeds average revenue
average costs equal average revenue
average fixed cost exceeds average revenue
average cost exceeds average revenue
Q 2/10
Score 0
Which of the following statements is true in the UK grocery market?
60
It is monopolistically competitive
It has a low level of concentration
It is perfectly competitive
The four firm concentration ratio is 75.6%
Question template The three firm concentration ratio is 60.4%
10 questions
Q.
Firms are leaving a perfectly competitive industry. This suggests that for these firms:
1
60 sec
3.4.2
Q.
Which of the following statements is true in the UK grocery market?
2
60 sec
3.4.4
Q.
If a firm’s fixed costs increase by 20 per cent, marginal costs will increase by
3
60 sec
3.3.2
Q.
A profit maximising monopolist operates at the output level where
4
60 sec
3.4.5a
Q.
The diagram shows a firm in monopolistic competition in the short run. Which of the following statements is true?
5
60 sec
3.4.3
Q.
In August 2009 the Competition Commission published a Groceries Supply Code of Practice. Large supermarket chains were paying very low prices to some suppliers. Which type of market power does this suggest the large supermarket chains have?
6
60 sec
3.4.6
Q.
General Motors made a loss of $4.3billion in 2009. Under which one of the following conditions are firms such as this likely to keep operating?
7
60 sec
3.3.4
Q.
Assuming Hanna Ltd and Jax Ltd have agreed a pricing strategy that will give each a revenue of £1000, what change in pricing strategy would increase the revenue for Hanna Ltd?
8
60 sec
3.4.4
Q.
The price of cotton, a major cost component in the clothing sold by retailers Next, Primark and Debenhams, is predicted to rise significantly. What will be the effect on these firms, if other factors remain constant?
9
60 sec
3.3.4
Q.
A firm operating under conditions of perfect competition is making supernormal profits. What is likely to happen to this firm in the long run?
