Download ECON 203 Week 5 & 6 Merged For Quiz With Explained Answers. Download To Score A and more Quizzes Economics in PDF only on Docsity!
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1 / 1 point a) be^ socially^ responsible. b) be^ environmentally^ responsible. c) be^ perceived^ more^ favorably. d) differentiate^ their^ product. Questio n 2
point a) natural^ gas Monopolistic competitors in the food industry will often include a recyclable symbol on packaging used for their product as a means to Which of the following would be classified as a differentiated product produced by a monopolistic competitor?
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b) Channel^ No.^5 c) tap^ water d) electricity Questio n 3
point Perfect competition and monopoly stand at of the spectrum of competition.
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d) stays^ the^ same Questio n 5
point a) is^ steep. disregards competitors. b) The perceived demand for a monopolistic competitor
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c) is^ flat. d) takes^ competitors^ into^ account. Questio n 6
point a) stays^ the^ same b) will^ expand c) will^ decline^ in^ the^ short^ run d) will^ decline Chapter 10 costs ion 7 1 / 1 point A monopolistically competitive firm may earn abnormally high profits in the If a monopoly or a monopolistic competitor raises their prices, the quantity demanded .
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n 8 point a) determine^ what^ price^ to^ charge^ for^ the^ product b) determine^ total^ revenue,^ total^ cost,^ and^ profit c) determine average costs, total^ revenue,^ and^ profit d) select^ the^ profit^ maximizing^ quantity^ to^ produce Chapter 10 the social benefits ion 9 0 / 1 point A monopolistically competitive industry does not display in either the short-run, when firms are making , nor in the long-run, when firms are earning . a) productive^ and^ allocative^ efficiency;^ profits^ and^ losses;^ negative^ profits The first step to be undertaken by a profit-maximizing monopolistic competitor wanting to decide what price to charge is to
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b) allocative^ efficiency;^ profits^ and^ losses;^ negative^ profits c) productive^ and^ allocative^ efficiency;^ profits^ and^ losses;^ zero^ profits d) productive^ efficiency;^ profits^ and^ losses;^ zero^ profits Questio n 10
point a) they will both improve their industrial position. If each of two competing monopolists undertakes equal advertising efforts to attract consumers away from the other, the total result is
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d) engage in free market activities Questio n 12
point If one firm operating in an oligopoly raises its price and other firms do not do so, a) the^ egos^ of^ all^ the^ top^ executives^ will^ eventually^ lead^ to^ cooperation^ at that higher price. b) the^ sales^ of^ the^ firm^ that^ increased^ its^ price^ will^ decline^ sharply.
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c) the firm^ with^ the increased price^ will^ have^ its^ higher^ profits sustained through cooperation. d) the^ sales^ of^ the^ firm^ with^ the^ higher^ price^ will^ decline^ slightly. Chapter 10 Problems maximize profits ion 13 1 / 1 point Pri c e Quant it y
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$10 0 $ 0 $9 200 $1, 0 0 $8 400 $1, 0 0 $7 600 $2,
The following table shows the demand curve and cost information for a firm that is a monopoly.
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b) 600 units c) 400 units d) 800 units Chapter 10 Problems_ firm's profits ion 14 1 / 1 point Quantit y Price ($) Total Reven ue ($) Margin al Reven u e ($) Total Cost ($) Margina l Cost ($) Avera ge Cost($ ) 0 25 0 25 30 — — A monopolistic competitor has the following information about cost and demand.
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- 2 24 48 23 35 2.5 17.
- 4 23 92 21 45 5 11.
- 6 22 132 19 60 7.5
- 8 21 168 17 77 8.5 9.
- 10 20 200 15 100 11.5
- 12 19 228 13 126 13 10.
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a) cost-plus^ regulation. b) regulatory^ capture. c) profit regulation.
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d) price^ cap^ regulations. Questio n 16
point a) regulated^ practices b) legal^ practices c) competitive^ practices d) restrictive^ practices Questio n 17
point Practices that reduce competition without actual documented agreements between firms to raise price are commonly referred to as.
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d) price^ cap^ regulation. Chapter 11 antitrust law ion 18 0 / 1 point The main challenge for antitrust regulators is a) to promote the concept of a market-oriented economy. b) to^ determine^ when^ a merger^ may^ hinder^ competition. c) to^ facilitate^ privatization^ of^ government^ assets. d) to^ figure^ out^ how^ to^ best^ benefit^ consumers. Questio n 19
point a) would not be considered particularly low. If the largest four firms in an industry control less than half the market, their competitive concentration ratio
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b) would^ not be^ considered^ particularly^ high c) would be considered to be especially high. would be considered to be especially low. d) Questio n 20
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