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8
Weeks and Assignments Week 13 April 12 – 18, 2015 Review Test Submission: Quiz 5 Week 13
H
Review Test Submission: Quiz 5
Week 13
User Arkady Khazin
Course Spring 2015 ECON 5357 01 Smnr Managerial
Economics
Test Quiz 5 Week 13
Started 4/17/15 2:41 PM
Submitted 4/17/15 3:14 PM
Due Date 4/18/15 8:00 PM
Status Completed
Attempt
Score
22 out of 25 points
Time Elapsed 33 minutes out of 1 hour
Results
Displayed
All Answers, Submitted Answers, Correct
Answers
Question 1
In long-run equilibrium profit maximizing outcome,
monopoly prices (Pm) are set a level where:
Selected
Answer: price exceeds marginal cost.
Answers: price exceeds marginal cost.
industry demand equals industry supply.
price is set at the highest laevel
possible.
price is set where marginal revenue
equals arverage revenue.
Question 2
For a monopoly, in equilibrium (profit maximizing
SHSU Online Courses Library Student Central
2 out of 2 points
2 out of 2 points
Arkady Khazin
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outcome), output will be chosen where:
Selected Answer: MR = MC
Answers: MR = MC
MC AC
MR AC
P AC
Question 3
Suppose that three oligopolistic firms are
currently charging $12 for their product. The
three firms are about the same size. Firm A
decides to raise its price to $18, and announces to
the press that it is doing so because higher prices
are needed to restore economic vitality to the
2 out of 2 points
