Micro Unit 4 - Assignment Essays

Micro Unit 4

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Posted on

March 14th, 2023

question

The intersection of a firms MR and MC cost determines the level of output at which

answer

profit is maximized

question

An oligopoly is a market in which

answer

there are only a few sellers, each offering a product similar or identical

question

Angelo is a monopolist meatball distributor. Assuming that he is maximizing his profit, which of the following is true?

answer

Meatball prices will exceed MC

question

A fundamental source of monopoly market power arises from

answer

Barriers to entry

question

A natural monopoly occurs when

answer

there are economies of scale over the relevant range of output

question

Patent and copyright laws are major sources of

answer

government-created monopolies

question

Additional firms do not try to compete with a natural monopoly because

answer

They know they cannot achieve the same low costs that the monopolist enjoys

question

When a monopolist increases the amount of output that it produces and sells, the price of its output?

answer

decreases

question

If a monopolist sells 100 units and $8 per unit and has an ATC of $6 per unit , what is the monopolists profit?

answer

$200

question

In which of the following markets is economic profit driven to zero in the long run?

answer

Monopolistic Competition

question

A firm in monopolistically competitive firm is similar to a monopolist in the sense that it

answer

faces a downward sloping demand curve

question

the quantity in markets characterized by oligopoly is

answer

higher than in monopoly and lower than in perfect competition

question

the price in an oligopoly

answer

lower than in monopoly and higher than in perfect competition

question

cartels are difficult to maintain

answer

There is always tension between cooperation and self interest

question

a situation in which firms choose their best strategy given the strategies chosen by the other firms is called

answer

Nash Equilibrium

question

As the number of firms in an oligopoly increases

answer

The total output produced gets closer to the efficient quantity

question

In a game, a dominant strategy is

answer

the best strategy for a player to follow, regardless of the strategies followed by other players

1 of 17

question

The intersection of a firms MR and MC cost determines the level of output at which

answer

profit is maximized

question

An oligopoly is a market in which

answer

there are only a few sellers, each offering a product similar or identical

question

Angelo is a monopolist meatball distributor. Assuming that he is maximizing his profit, which of the following is true?

answer

Meatball prices will exceed MC

question

A fundamental source of monopoly market power arises from

answer

Barriers to entry

question

A natural monopoly occurs when

answer

there are economies of scale over the relevant range of output

question

Patent and copyright laws are major sources of

answer

government-created monopolies

question

Additional firms do not try to compete with a natural monopoly because

answer

They know they cannot achieve the same low costs that the monopolist enjoys

question

When a monopolist increases the amount of output that it produces and sells, the price of its output?

answer

decreases

question

If a monopolist sells 100 units and $8 per unit and has an ATC of $6 per unit , what is the monopolists profit?

answer

$200

question

In which of the following markets is economic profit driven to zero in the long run?

answer

Monopolistic Competition

question

A firm in monopolistically competitive firm is similar to a monopolist in the sense that it

answer

faces a downward sloping demand curve

question

the quantity in markets characterized by oligopoly is

answer

higher than in monopoly and lower than in perfect competition

question

the price in an oligopoly

answer

lower than in monopoly and higher than in perfect competition

question

cartels are difficult to maintain

answer

There is always tension between cooperation and self interest

question

a situation in which firms choose their best strategy given the strategies chosen by the other firms is called

answer

Nash Equilibrium

question

As the number of firms in an oligopoly increases

answer

The total output produced gets closer to the efficient quantity

question

In a game, a dominant strategy is

answer

the best strategy for a player to follow, regardless of the strategies followed by other players

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