TMA2/ECO231 – Micro Economic Theory I

TMA Quiz Questions
Matric Number:  SCORE=10.00
ECO231 – Micro Economic Theory I
Mr. Adedeji Abiodun Liadi ( )
1 When input A is the only variable input for an imperfect competitor in the product market, the firm’s demand for input A is given by its
2 The slope of the demand curve for an input such as labour will be
3 Over time, an increase in wages in one labour market, relative to others, will
4 In long-run equilibrium, the pure monopolist (as opposed to the perfectly competitive firm) can make pure profits because of
5 If the demand curves for a monopolist’s commodity are identical in two separate markets, then, by practicing third degree price discrimination, the monopolist
6 To maximize utility subject to budget constraint, the ratio of marginal utility to price should be
7 Which of the following utilizes an ordinal scale of measurement
8 Which of the following is not a mathematical technique frequently used in microeconomics
9 To maximize satisfaction subject to a budget constraint, the consumer should choose the commodity basket that is located where
10 A franchise is a right
11 The demand curve facing the monopolist
12 Monopolistic competition there will be
13 A long run monopolistic competition will result per unit costs of production that are
14 At equilibrium, the slope of the indifference curve is
15 In comparision with perfectly competitive market group of suppliers operating in the same market a cartel acting as a monopoly will choose a
16 When the industry is in long-run equilibrium, the monopolistic competitor will produce at the lowest point on its LAC curve
17 In monopolistic competition, we have
18 Which form of monopoly regulation is most advantageous for the consumer
19 In the case of price leadership by the dominant firm, all the firms in the purely oligopolistic industry will produce their best level of output
20 If the price in a perfectly competitive firm is N5, determine its profit function if TC = Q3- 8Q2 + 15Q+ 10

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