Microeconomics – 2nd Half

When a natural monopoly exists in a given industry, the per-unit costs of production will be

When a monopolist increases sales by one unit,

The US laws dealing with original works of authorship allow the US Copyright Office to enforce protection for all but one of the following. Which one is it?

For a pure monopoly to exist,

When J.K. Rowling exerts copyright ownership of her literary works, she creates a monopoly by restricting

A firm that holds a monopoly position in the market place is

A ______ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve.

The total revenue curve for a monopolist will

The largest cattle rancher in a given region will be unable to have a ______ if sufficient numbers of smaller cattle ranchers provide sources of competition.

Government ______ regulations specify that inventors will maintain exclusive legal rights to their respective inventions for .

In the competitive market for figure skate blades, manufacturers offer an array of products that are

Through the process of exit, monopolistically competitive firms remaining in the market

The perceived demand curve for a group of competing oligopoly firms will appear kinked as a result of their commitment to

Perfect competition displays ______ because the social benefits of additional production, as measured by the price that people are willing to pay, are in balance with the ______ to society of that production.

Which of the following would be classified as a differentiated product produced by a monopolistic competitor?

As the name monopolistic competition implies, a firm’s decisions in this setting will in certain ways resemble _____ and in other ways resemble ______.

If a monopoly or a monopolistic competitor raises their prices, then

When exit occurs in a monopolistically competitive industry the

Why are the underlying economic meanings of the perceived demand curves for a monopolist and monopolistic competitor different?

The demand curve as perceived by a perfectly competitive firm is ______.

If a government chooses a system of marketable permits as its environmental managing tool, the reduction in pollution will

Which of the following is used to describe the full spectrum of animal and plant genetic material?

To be effective, U.S. command-and-control environmental regulation required

If you are highly asthmatic, then having high levels of industrial air pollutants waft over your house every day

If an externality of pollution exists for all manufacturers in a given industry, then all related social costs

Those firms in the oil refining industry that can reduce pollution _____ will do so _____.

Which of the following has become the least willing to sacrifice their environmental quality for some additional economic output?

______ include both the private costs incurred by firms and also costs incurred by third parties outside the production process.

Market-oriented environmental tools _____ for firms to take the social costs of pollution into account and _____ in reacting to these incentives.

Which of the following will need to strike some balance between economic output and environmental quality as a prominent climate change priority?

In order for a good to be classified as ______ , when one person uses the good, others are also able to use it.

Some studies done by economists have found that the original inventor receives ______ from innovations, while other businesses and new product users receive the rest of the benefit.

Government has a variety of policies that allow inventors to ______, such as the granting patents and ______.

If I’MSmartCo’s research and development project succeeds, then

Which of the following would be classified as a positive externality?

Many economists would view market competition as supporting the invention of new technology because it

If a firm's efforts to be technologically innovative will create a positive externality, then that firm will likely

A complementary approach to supporting R&D that does not involve the government’s close scrutiny of particular R&D projects is to give firms

Ideally, a patent should cover a long enough period of time for the inventor to ______, but that period should not be so long that it allows the inventor to ______.

When technology is advancing so quickly, even a patent from, say, two years ago may be ______, because ______.

Martha has decided to purchase a new home constructed by Crown Builders. In addition to Crown Builder's good reputation in the industry, which of the following likely influenced Martha's decision to purchase a new home?

What do service contracts, occupational licenses and cosigners all share in common?

In the U.S., individuals often pay a small portion of their earnings into a state _________________ pooled fund that will compensate them if they are injured on the job.

The problem of _________________ arises when an antique dealer knows more about the quality of an item than the potential buyer, and as a result the buyer with less knowledge must worry about ending up at a ________________.

Another person or firm who legally pledges to repay some or all of the money loaned if the original borrower fails to do so is called a __________________________ .

Jeremy is an 18 year old college student with no prior credit history, who still lives at home. He will have a part-time job while he is attending college and has applied for a car loan. In these circumstances, the bank's loan officer will most likely approve the loan if Jeremy can

When people have insurance against a certain event, the notion that those people are less likely to guard against that event occurring is called a _____________________

A buyer confronted with _______________will often believe that the price being charged reveals something about the ____________ of the product.

A ________________________ is a form of incentive to purchase a product on a 30 day trial basis.

In the labor market, a stipulation that the first three months of employment is a trial period is

Pork-barrel spending can be thought of as another case where democracy is challenged by _____ and _____.

In presidential elections over the last few decades, about _____ of voting-age citizens actually turned out to cast their votes.

In some instances where voters have more than two choices in a democratic election, the principle that the _____ will decide the outcome may no longer make logical sense.

_____ are more likely to arise from a group that is easily identifiable, rather than from a group where some of those who suffered may not even recognize that ________.

When _____ occurs, the result will be determined by the order in which choices are presented and voted on, not by _____, because every choice is both preferred to some alternative and also not preferred to another alternative.

Political institutions play a role in allocating the _____, and economists have played an active role along with other social scientists in analyzing _____.

The political systems in most Latin American nations differ from the political system in the United States because most Latin American nations

In the U.S. political arena, _____ may tend to emphasize the virtues of markets and the limitations of government, while _____ may tend to emphasize the shortcomings of markets and the need for government programs.

Economists readily admit that in settings that involve a monopoly or negative externalities, a potential role exists for

_____ is a particular type of spending that mainly benefits a single political district.

Assume that one day's labor in Argentina can produce either 20 units of cloth or 2 units of wine, while in Chile one day's labor can produce either 24 units of cloth or 12 units of wine. If Argentina transfers 2 units of labor from wine to cloth and Chile transfers 1 unit of labor from cloth to wine, the increase in combined output by those two workers will be:

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. If the terms of trade are established as 1 apple for 2 oranges, then:

When one nation can produce a product at lower cost relative to another nation, it is said to have a(n) in producing that product.

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. Which of the following statements is true?

The underlying reason why trade benefits both sides of a trading arrangement is rooted in the concept of _____.

The idea behind comparative advantage reflects the possibility that one party:

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. The opportunity cost of producing 1 orange for Alpha and Beta, respectively, are:

Trade allows each country to take advantage of _____ in the other country.

When nations increase production in their area of _____ and trade with each other, both sides can benefit.

Intra-industry trade between similar trading partners allows the gains from ______ that arise when firms and workers specialize in the production of a certain product.