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ECON 102 Final Exam Quizzes HW Lecture and Transcript.

ECON 102 Final Exam Quizzes HW Lecture and Transcript. PLDZ-71
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Which two industry structures are characterized by easy entry and exit? A) Perfect competition and monopolistic competition B) Oligopoly and monopoly. C) Oligopoly and monopolistic competition D) Perfect competition and monopoly E) Oligopoly and perfect competition Feedback: Assumptions made about the different industry structures Table for Individual Question Feedback 2. In monopolistic competition, A) there is only one firm. B) firms are large relative to the total market. C) firms are small relative to the total market. D) firms produce identical products. Feedback: Assumptions made about the different industry structures Table for Individual Question Feedback 1.0/1.0 C 3. Unlike a monopolist’s product, a monopolistically competitive firm’s product A) has many close substitutes B) has no close substitutes C) is homogeneous D) is unique Feedback: Firms in monopolistic competition produce differentiated products which are close substitutes for each other, Table for Individual Question Feedback 4. Which of the following industries is most similar to monopolistic competition? A) The pizza industry in State College B) The soft drink industry C) The wheat industry D) The steel industry Feedback: The pizza industry in State College has many firms that produce differentiated products. It is also easy to enter and exit the industry. Table for Individual Question Feedback 1.0/1.0 A 5. In a monopolistically competitive industry, in long run equilibrium A) firms produce at minimum average total cost and make zero economic profit. B) firms produce at greater than minimum average total cost and make positive economic profit. C) firms produce at greater than minimum average total cost and make zero economic profit. D) firms produce at minimum average total cost and make positive economic profit. Feedback: In long run equilibrium, firms make zero economic profit because of free entry and exit. However they do not produce at minimum average total cost. Table for Individual Question Feedback 1.0/1.0 C 6. For a monopolistically competitive firm, A) price is less than marginal revenue. B) price is equal to marginal revenue. C) price can be greater than or less than marginal revenue. D) price is greater than marginal revenue. Feedback: Since a monopolistically competitive firm faces a downward sloping demand curve, price is greater than marginal revenue. Table for Individual Question Feedback 1.0/1.0 D 7. A monopolistically competitive firm A) must lower price to sell more output. B) can change output, but cannot change price. C) can sell as much output as it wants at the market price. D) sells a fixed amount of output, regardless of price. Feedback: A monopolistically competitive firm faces a downward sloping demand curve, so it must lower price to sell more output. Table for Individual Question Feedback 1.0/1.0 A 8. Monopolistically competitive firms in long run equilibrium produce at _________ than the optimal scale. A) less than B) more than C) sometimes more and sometimes less than D) exactly Feedback: A monopolistically competitive firm in long run equilibrium will produce a quantity less than the quantity that minimizes ATC Table for Individual Question Feedback 1.0/1.0 A 9. Refer to the figure above. If this firm is monopolistically competitive, in order to maximize profit, it should charge a price of A) $10 B) $20 C) $23 D) $18 Feedback: The firm should produce where MR = MC, and charge as much as the demand curve will allow at that quantity. Table for Individual Question Feedback 1.0/1.0 C 10. Informative advertising A) is designed to change a consumer’s preferences and is usually associated with experience goods. B) is designed to change a consumer’s preferences and is usually associated with search goods. C) is designed to describe a product’s characteristics and is usually associated with search goods. D) is designed to describe a product’s characteristics and is usually associated with experience goods. Feedback: Informative advertising is designed to describe a product’s characteristics and is usually associated with search goods. Table for Individual Question Feedback 1.0/1.0 C Submitted by ROBERTSON, KRISTI (KLR5625) on 4/10/2016 4:19:47 PM Points Awarded 8.00 Points Missed 2.00 Percentage 80.0% 1. Which two industry structures are characterized by easy entry and exit? A) Perfect competition and monopoly B) Oligopoly and monopoly. C) Perfect competition and monopolistic competition D) Oligopoly and monopolistic competition E) Oligopoly and perfect competition Feedback: Assumptions made about the different industry structures Table for Individual Question Feedback 1.0/1.0 C 2. Monopolistic competition differs from perfect competition because A) there are barriers to entry in monopolistic competition B) firms can differentiate their products in perfect competition C) firms can differentiate their products in monopolistic competition D) there are no barriers to entry in monopolistic competition Feedback: Assumptions made about the different industry structures Table for Individual Question Feedback 1.0/1.0 C 3. Which of the following industries is most similar to monopolistic competition? A) The steel industry B) The wheat industry C) The soft drink industry D) The pizza industry in 

CLICK ON THE PRODUCT INFORMATION URL FOR MORE ON THE CONTENT Which two industry structures are characterized by easy entry and exit? A) Perfect competition and monopolistic competition B) Oligopoly and monopoly. C) Oligopoly and monopolistic c
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