econ 5.5.5 - Assignment Essays %

question

For a one-price monopolist, the marginal revenue curve is always:

answer

less than the average revenue curve

question

Which of the following is a barrier to entry

answer

All of the above

question

When a monopolist produces where marginal revenue equals marginal cost, it chooses not to produce some items that the consumer values more than the marginal cost of production. This is called:

answer

All of these

question

Anti-trust legislation (anti trust)

answer

Aims to control firms that restrain trade in ways that hurt consumers

question

If a fruit juice company merged with a large apple farming company, it would be:

answer

a vertical merger

question

A monopolist who spends money to lobby senators for favorable trade restrictions is:

answer

engaging in rent seeking

question

A monopolistic competitor produces:

answer

where marginal revenue equals marginal cost.

question

For a firm to successfully engage in price discrimination, it must

answer

Did not get; not in screenshots

question

According to kinked demand curve model of oligopolies, the firm believes:

answer

their rivals will match their price cuts, but not their price increases.

question

Which of the following is not a characteristic of perfect competition?

answer

Positive economic profits

question

For a perfectly competitive industry in the long run, which of the following is false?

answer

Average fixed cost equals price.

question

Which of the following industries create allocative inefficiency?

answer

Monopolistic competition, oligopoly, and monopoly

question

Which of the following is not a standard oligopoly model?

answer

Average-cost pricing

question

Which of the following is not a characteristic of monopolistic competition?

answer

Homogenous products

question

Current anti-trust legislation limits:

answer

both vertical and horizontal mergers

question

For a price taker, the marginal revenue is:

answer

the price.

question

The concentration ratio of an oligopoly is typically:

answer

greater than 50%

question

Which of the following is not a reason that cartels are difficult to create and maintain?

answer

None of these.

question

For a perfectly competitive industry or firm, which of the following is always correct?

answer

None of these.

question

Which of the following is true?

answer

Some consumers prefer price discrimination to one-price pricing

question

Which of the following is not true about oligopoly industries?

answer

Each firm acts independent of other firms.

question

In the short run, a perfectly competitive firm will shut down if price is less than:

answer

average variable cost.

question

Which of the following statements about the dominant firm model is incorrect?

answer

It is a cost-plus model.

question

If the market demand curve for a good in a perfectly competitive market is inelastic, we can conclude

answer

the demand curve faced by an individual firm is completely elastic.

question

Oligopolies often create:

answer

welfare loss.

question

Which of the following industries choose the quantity where marginal revenue equals marginal cost to maximize profits?

answer

Monopolistic competition, oligopoly, perfect competition, and monopoly

question

A natural monopoly:

answer

has decreasing average total cost over its whole range of production

question

Strategic behavior means:

answer

acting based on the actual and predicted responses of one's rivals.

question

Product differentiation by a particular firm:

answer

decreases the elasticity of the demand faced by that firm

question

In the long run, a monopolistic competitor:

answer

All of these

1 of 30

question

For a one-price monopolist, the marginal revenue curve is always:

answer

less than the average revenue curve

question

Which of the following is a barrier to entry

answer

All of the above

question

When a monopolist produces where marginal revenue equals marginal cost, it chooses not to produce some items that the consumer values more than the marginal cost of production. This is called:

answer

All of these

question

Anti-trust legislation (anti trust)

answer

Aims to control firms that restrain trade in ways that hurt consumers

question

If a fruit juice company merged with a large apple farming company, it would be:

answer

a vertical merger

question

A monopolist who spends money to lobby senators for favorable trade restrictions is:

answer

engaging in rent seeking

question

A monopolistic competitor produces:

answer

where marginal revenue equals marginal cost.

question

For a firm to successfully engage in price discrimination, it must

answer

Did not get; not in screenshots

question

According to kinked demand curve model of oligopolies, the firm believes:

answer

their rivals will match their price cuts, but not their price increases.

question

Which of the following is not a characteristic of perfect competition?

answer

Positive economic profits

question

For a perfectly competitive industry in the long run, which of the following is false?

answer

Average fixed cost equals price.

question

Which of the following industries create allocative inefficiency?

answer

Monopolistic competition, oligopoly, and monopoly

question

Which of the following is not a standard oligopoly model?

answer

Average-cost pricing

question

Which of the following is not a characteristic of monopolistic competition?

answer

Homogenous products

question

Current anti-trust legislation limits:

answer

both vertical and horizontal mergers

question

For a price taker, the marginal revenue is:

answer

the price.

question

The concentration ratio of an oligopoly is typically:

answer

greater than 50%

question

Which of the following is not a reason that cartels are difficult to create and maintain?

answer

None of these.

question

For a perfectly competitive industry or firm, which of the following is always correct?

answer

None of these.

question

Which of the following is true?

answer

Some consumers prefer price discrimination to one-price pricing

question

Which of the following is not true about oligopoly industries?

answer

Each firm acts independent of other firms.

question

In the short run, a perfectly competitive firm will shut down if price is less than:

answer

average variable cost.

question

Which of the following statements about the dominant firm model is incorrect?

answer

It is a cost-plus model.

question

If the market demand curve for a good in a perfectly competitive market is inelastic, we can conclude

answer

the demand curve faced by an individual firm is completely elastic.

question

Oligopolies often create:

answer

welfare loss.

question

Which of the following industries choose the quantity where marginal revenue equals marginal cost to maximize profits?

answer

Monopolistic competition, oligopoly, perfect competition, and monopoly

question

A natural monopoly:

answer

has decreasing average total cost over its whole range of production

question

Strategic behavior means:

answer

acting based on the actual and predicted responses of one's rivals.

question

Product differentiation by a particular firm:

answer

decreases the elasticity of the demand faced by that firm

question

In the long run, a monopolistic competitor:

answer

All of these

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