Answering only first four parts as per HomeworkLib policy
1) false
In US , antitrust laws exist that regulates the conduct and organization of business corporations, to promote fair competition for the benefit of consumers.
2) false
In peefper competition, free market forces of Demand & supply leads to market equilibrium, no government intervention.
3) true
A monopolist being a single producer has full control on market price & output
4) true
A patent provides protection rights to inventor
End of Chapter Quiz Answer True (T) or False (F): 1. Competition is protected by law...
QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many sellers, each small in size relative to the overall market. Few sellers. All sellers produce identical products. Easy, low-cost entry and exit. QUESTION 2 The industry that most closely approximates the conditions of the oligopoly model is: Restaurant. Retail clothing. Airlines in the U.S. The local cable company. QUESTION 3 In which of the following market structures must the price and output decisions of...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
7, PRICES IN A MARKET ECONOMY End of Chapter Quiz Answer True (T) or False (F): 1. The goals of all economic groups in a society are usually the same. 2. A shortage means there is too little of a product to meet the demand. 3. A surplus means that suppliers cannot keep up with the demand for a product. 4, when a market is in equilibrium, there is neither a shortage nor a surplus. 5. A surplus may exist...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
1) Monopolistic Competition Discussion Please describe a product that you will only buy the name brand of (not the generic version). Explain why you only buy the name brand. Does the name brand cost more than the generic version? Why is it worth the extra money? 2) Monopoly Discussion Question Please describe the personal experience you have had with price discrimination. Remember that in order to be considered price discrimination it has to be the exact same product sold at...
18. FINANCIAL INSTITUTIONS End of Chapter Quiz Answer True (T) or False (F): 1. Financial institutions are businesses that store money for customers and lend money to customers. 2. In order to earn the most profit. most financial institutions loan out all the money that their customers deposit. and processing checks is called interest. ness and pay their owners a profit. 3. The fees financial institutions charge customers for storing money 4. Financial institutions use the money they earn to...
6. Dumping is defined as selling a good abroad at prices below its cost of production or below the price charged in the home market. selling a good abroad at prices above the costs of the firms in the foreign countries. exporting goods that are sources of pollution. exporting goods that are of inferior quality. Question 7 Free trade policies may lead to some labor sectors experiencing some short-term job loss. a decrease in world output. price increases in world...
Which is true of free trade blocs like the EU? Multiple Choice Individual markets for goods shrink. Consumers in each country have less choice as competition effects come into play. Companies can capitalize on economies of scale in production. First-mover advantages are prevalent. The cost of production generally rises because of import tariffs. Based on the information provided in the video, which philosophy best describes Donald Trump's perspective on trade between nations? Multiple Choice U.S. trade policy under Trump is pro free trade. Under Trump, the United States...
End of Chalpl Answer True (T) or False (F): 1. A business owned by one person is called a corporation 3. Investment capital is the money needed to start a business. 4. When loaning money, the lender usually requires the borrower to -2. Inventory means the supply of products a store sells. have somethi ing of value to guarantee that the loan will be repaid. loans usually do not require collateral. ness 5. Unlike 6. In a general partnership, all...