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Question 1 0

Economics

  • Question 1

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Exhibit 25-8

 


Quantity

Total Revenue


Total Cost

2

$140

$100

3

$180

$110

4

$200

$130

5

$200

$160

6

$180

$200

     



Refer to Exhibit 25-8. The marginal cost of the last unit produced at the profit-maximizing output level equals

     
       
  • Question 2

0 out of 0.5 points

   
 

Exhibit 25-7
 

 

Quantity Sold

 

Price

(units)

Total Cost

$10

100

$600

9

200

1,100

8

300

1,400

7

400

1,800

6

500

2,400

5

600

3,200

4

700

4,200

     



Refer to Exhibit 25-7. A monopolistic competitive firm that seeks to maximize profits will sell __________ units and charge a price of __________ .

     
       
  • Question 3

0 out of 0.5 points

   
 

Exhibit 25-3



Refer to Exhibit 25-3. Which of the following points represents the profit-maximizing quantity and price of a monopolistic competitor?

     

B

     
  • Question 4

0.5 out of 0.5 points

   
 

Which if the following is an example of an oligopoly market in which the firms produce a homogeneous product?

     
       
  • Question 5

0.5 out of 0.5 points

   
 

A significant difference between perfect competition and monopolistic competition is that

     
       
  • Question 6

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How does contestable markets theory challenge orthodox market structure theory?

     
       
  • Question 7

0.5 out of 0.5 points

   
 

A monopolistic competitive firm differentiates its product (from similar products) in the minds of the buying public. As a result, the firm

     
       
  • Question 8

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The assumption that precludes economic profits in monopolistic competition in the long run is that

     
       
  • Question 9

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In the real-world, which of these industries is most clearly an oligopoly?

     
       
  • Question 10

0.5 out of 0.5 points

   
 

Exhibit 25-7
 

 

Quantity Sold

 

Price

(units)

Total Cost

$10

100

$600

9

200

1,100

8

300

1,400

7

400

1,800

6

500

2,400

5

600

3,200

4

700

4,200

     



Refer to Exhibit 25-7. A monopolistic competitive firm earns a total profit of __________ when it produces the profit maximizing level of output.

     
       
  • Question 11

0.5 out of 0.5 points

   
 

If a perfectly competitive firm and a monopolistic competitor in long run equilibrium face the same demand and cost curves, then the competitive firm will produce a

     
       
  • Question 12

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A monopolist is a _______________ and a monopolistic competitive firm is

     
       
  • Question 13

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In long run equilibrium, a monopolistic competitive firm's price will

     
       
  • Question 14

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Which of the following is not a condition of a contestable market?

     
       
  • Question 15

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Exhibit 25-9

 

Market Structure


Number of Sellers


Type of Product


Barriers to Entry

Perfect competition

(A)

(D)

(H)

Monopolistic Competition

(B)

(E)

(I)

Oligopoly

(C)

(F)

(J)

Monopoly

one

(G)

(K)

       



Refer to Exhibit 25-9. Fill in blanks (A), (B), and (C), respectively.

     
       
  • Question 16

0 out of 0.5 points

   
 

Unlike a perfectly competitive firm, a monopolistic competitor operates in the long run at a point at which

     
       
  • Question 17

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Exhibit 25-9

 

Market Structure


Number of Sellers


Type of Product


Barriers to Entry

Perfect competition

(A)

(D)

(H)

Monopolistic Competition

(B)

(E)

(I)

Oligopoly

(C)

(F)

(J)

Monopoly

one

(G)

(K)

       



Refer to Exhibit 25-9. Fill in blanks (H), (I), (J), and (K), respectively.

     
       
  • Question 18

0.5 out of 0.5 points

   
 

If the firms of an industry form a cartel, their goal is to

     
       
  • Question 19

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Exhibit 25-6
 



Refer to Exhibit 25-6. The monopolistic competitor in the exhibit is

 

     
   
     
  • Question 20

0.5 out of 0.5 points

   
 

If the four-firm concentration ratio is 0.45, and the top four firms account for $10 million in sales, it follows that total industry sales equal

     
       

 

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