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Economics

  • Question 1

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Exhibit 25-3



Refer to Exhibit 25-3. What output is productively efficient?

     
       
  • Question 2

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Exhibit 25-3



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

     
       
  • Question 3

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A monopolist is a _______________ and a monopolistic competitive firm is

     
       
  • Question 4

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The monopolistic competitive firm will most likely earn a normal profit in the long run because of

     
       
  • Question 5

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Some monopolistic competitive firms may earn positive economic profits in the long run because of

     
       
  • Question 6

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Excess capacity results from a

     
       
  • Question 7

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Which of the following is an assumption of the theory of oligopoly?

     
       
  • Question 8

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Exhibit 25-3



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

     
       
  • Question 9

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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. Average total cost at the profit-maximizing level of output equals

     
       
  • Question 10

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In the prisoner's dilemma, each prisoner would be best off if

     
       
  • Question 11

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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 12

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Which of the following is an example of a monopolistic competitor?

     
       
  • Question 13

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The theory of contestable markets concludes that

     
       
  • Question 14

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The eight-firm concentration ratio for an industry is 0.80. If the top four firms in the industry account for $45 million in sales, what do total sales equal?

     
       
  • Question 15

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Generally, the monopolistic competitor is in long run equilibrium when

     
       
  • Question 16

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

     
       
  • Question 17

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The excess capacity theorem holds for a (n) __________, and states that in the long run the firm produces an output __________.

     
       
  • Question 18

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If a perfectly competitive firm and a monopolistic competitor in long run equilibrium face exactly the same demand and cost curves, then there is high probability that

     
       
  • Question 19

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Which of the following is true?

     
       
  • Question 20

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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.  The marginal cost of the 700th unit produced equals

     
       

 

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