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Economics

  • Question 1

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The market shares (in percentage terms) for the 12 firms that comprise an industry are 15, 12, 11, 10, 8, 7, 7, 6, 6, 6, 6, and 6. The Herfindahl index is __________ and the four-firm concentration ratio is __________.

     
       
  • Question 2

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If average total costs for a natural monopoly are declining where they intersect demand, and government regulators set the price equal to marginal cost, then the firm will

     
       
  • Question 3

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The Herfindahl index measures the

     
       
  • Question 4

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The stated purpose of antitrust law is to

     
       
  • Question 5

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If government regulators want a natural monopolist to earn only zero economic profits, then they will set a price

     
       
  • Question 6

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The antitrust legislation that empowers the Federal Trade Commission to deal with false and deceptive acts or practices (such as false and deceptive advertising) is

     
       
  • Question 7

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If the four-firm concentration ratio in an industry is 80 percent, and the top four firms hold equal market shares, the Herfindahl index for the industry is

     
       
  • Question 8

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If company A and B combine under single ownership of control, this would be a __________ merger.

     
       
  • Question 9

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A local government prevents any firm from competing with a natural monopoly firm. Those people who believe this is a wise policy action would likely say

     
       
  • Question 10

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The Herfindahl index measures the

     
       
  • Question 11

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"Exclusive dealing" refers to

     
       
  • Question 12

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In 1966, the Supreme Court ruled against the merger of Von's Grocery Co. and Shopping Bag Food Stores, stating that the merger between the companies violated the

     
       
  • Question 13

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The act which empowered the Federal Trade Commission to deal with false and deceptive acts or practices was the

     
       
  • Question 14

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If there are six firms in an industry and the market shares of the firms are 33 percent, 31 percent, 14 percent, 12 percent,  6 percent and 4 percent, the Herfindahl index is

     
       
  • Question 15

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The Herfindahl index is obtained by

     
       
  • Question 16

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The problem with a monopoly is that a monopoly

     
       
  • Question 17

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"Exclusive dealing" is

     
       
  • Question 18

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Exhibit 26-5



Refer to Exhibit 26-5. If the natural monopoly firm were to maximize profits it would produce __________ quantity of output and charge a price of __________ per unit.

     
       
  • Question 19

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Exhibit 26-40
 



Refer to Exhibit 26-4. What is the productive-efficient level of output?

 

     
       
  • Question 20

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Exhibit 26-2


Firms

Market Shares

Year 1

Year 2

Year 3

Year 4

Year 5

A

35%

50%

30%

25%

20%

E

25%

25%

25%

25%

20%

C

17.5%

15%

20%

20%

20%

D

12.5%

5%

15%

20%

20%

E

10%

5%

10%

10%

20%

Total

100%

100%

100%

100%

100%

           



Refer to Exhibit 26-2. The four-firm concentration ratio in Year 2 was

     
       

 

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