Microeconomics - Answers to the Questions Provided

Running Head: MICROECONOMICS
Microeconomics
Answers to the Questions Provided

MICROECONOMICS Page 1 of 4
All the questions provided in the zip folder have been answered. There were some questions
missing and have been highlighted in the table below. Some were not clear in the picture.
Question Number Option Answers
2. D total profits
3. A they are often regulated
natural monopolies
4. Question not clear
5. D Price taker
6. A it is an industry in which
there is a single seller
7. C when the slope of the total
revenue curve exceeds the
slope of the total cost curve
8. A shut down temporarily
9. A there will be a decrease in the
total fixed costs and an
increase in profits
10. Question not clear
11. B large economies of scale
13. A $45
14. Question not clear
15. D when the market price falls
below $45
16. B Q1
17. C decrease the production of
output
18. Question not clear
19. Question not clear
20. C maximise their profits by
acting in ways to minimize
damage from competition
21. B OGAD