Homework answers / question archive / Score for this attempt: 100 out of 100   Question 1 Which of the following statements is true?     Question 2 Wikipedia is an example of a project that follows the pattern of unstructured collaboration

Score for this attempt: 100 out of 100   Question 1 Which of the following statements is true?     Question 2 Wikipedia is an example of a project that follows the pattern of unstructured collaboration

Economics

Share With

---

Score for this attempt: 100 out of 100

 

Question 1

Which of the following statements is true?

 

 

Question 2

Wikipedia is an example of a project that follows the pattern of unstructured collaboration.

 

 

Question 3

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

 

  

Question 4

The cigarette industry is a good example of the oligopoly market structure.

 

 

Question 5

If two firms that form a cartel agreement are in a prisoner's dilemma game, then

 

  

Question 6

In a monopolistic competitive industry,

  

 

Question 7

Which of the following industries is the best real-world example of monopolistic competition?

 

 

Question 8

The excess capacity theorem states that a monopolistic competitor

 

 

Question 9

Refer to Exhibit 25-3. Total cost of this profit maximizing monopolistic competitor is represented by the area

 

 

Question 10

The profit-maximizing perfectly competitive firm charges a price equal to __________ while the profit-maximizing monopolistic competitive firm charges a price __________. 

 

 

Question 11

If a perfectly competitive firm and a monopolistic competitive firm face the same demand and cost curves, then

 

 

Question 12

Which of the following assumptions applies to both perfect competition and monopolistic competition?

  

 

Question 13

Why can't an economist say for certain that a monopolistic competitive firm will always earn zero economic profits in the long run?

 

 

Question 14

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

 

  

Question 15

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

 

 

Question 16

Refer to Exhibit 25-9. The number of sellers in a perfectly competitive market is ___________ [blank (A)], the number of sellers in a monopolistic competitive market is ____________ [blank (B)], and the number of sellers in an oligopoly is _________ [blank (C)].

 

  

Question 17

Suppose an industry is made up of 16 firms. Three firms each sell 12 percent of the industry's total output; another three firms each sell 8 percent; another five firms each sell 5 percent; and the last five firms each sell 3 percent. What is the eight-firm concentration ratio in this industry? 

 

 

Question 18

Concentration ratios are used to determine

 

 

Question 19

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 

 

 

Question 20

Which of the following statements is false?