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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 5) Monopoly is a market structure in which: A) one firm makes up the entire market. B) many firms produce differentiated products. C) many firms produce identical products. D) a few firms dominate the market. 6) A market structure in which one firm makes up the entire market is: A) perfect competition. B) an oligopoly. C) monopolistic competition. D) a monopoly. 7) The demand curve...
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36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
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1. Which of the following is NOT a characteristic of a monopolistically competitive market?A. many sellers.B. differentiated products.C. long-run economic profits.D. free entry and exit.2. Which of the following products is likely to be sold in a monopolistically competitive market?A. video games.B. breakfast cereal.E. beer.D. all of the above.3. Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly?A. The monopolist faces a downward-sloping demand curve while the monopolistic competitor faces an elastic demand...
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1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
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1. A cartel is a group of firms that attempts to
a. maximize joint revenue.
b. increase competition.
c. behave independently.
d. maximize joint profit.
2. If a firm's product loses brand loyalty, then the demand curve
will:
a. Become less price elastic.
b. Shift to the right.
c. Become more price elastic.
d. Shift to the left.
3. Assume a monopoly confronts the same costs and demand as a
competitive industry. In this case, the monopolist produces:
a. Less...
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QUESTION 1
Which of the following is not a characteristic of the
monopolistic competition market structure?
Many sellers, each small in size relative to the overall
market.
Few sellers.
Differentiated product.
Easy, low-cost entry and exit.
QUESTION 2
Which of the following is the best example of a
monopolistic competitor?
Wheat farmers.
Restaurants.
Air Canada.
General Motors.
QUESTION 3
In the long run, both monopolistic competition and perfect
competition result in:
a wide variety of brand-name choices for consumers.
an...
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The demand curve for a perfectly competitive firm
options:
is upward sloping.
is perfectly horizontal.
is perfectly vertical.
maybe downward or upward sloping, depending upon the type of
product offered for sale.
In the short run, the best policy for a perfectly competitive
firm is to
Question 17 options:
shut down its operation if the price ever falls below average
total cost.
produce and sell its product as long as price is greater than
average variable cost.
shut down its...
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Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
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Question 1
For a monopolist?
Select one:
a. all of the above are true.
b. existing economic profits can be sustained over time.
c. its demand curve is downward sloping.
d. its marginal revenue is less than price.
Question 2.
For a natural monopoly, which of the following is false?
Select one:
a. It is more efficient to have a single firm produce the
good.
b. One large firm can produce at lower cost than two or more
smaller firms....
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9 A good example of a monopolistic competitive industry is the public utility industry. diamond mining.the restaurant industry. the computer game industry. 10 A monopolistic competitor is like a monopolist in the short run in that when economic profits are equal to zero, price below marginal cost. equal to zero, price equals marginal cost. greater than zero, price exceeds marginal cost. greater than zero, changes in output are due to changes to plants by existing firms and there is n 11 Marginal cost pricing for an information product would...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 5) Monopoly is a market structure in which: A) one firm makes up the entire market. B) many firms produce differentiated products. C) many firms produce identical products. D) a few firms dominate the market. 6) A market structure in which one firm makes up the entire market is: A) perfect competition. B) an oligopoly. C) monopolistic competition. D) a monopoly. 7) The demand curve...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...