Saved The main difference between perfect competition and monopolistic competit

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The main difference between perfect competition and monopolistic competition is:
Question 1 options:
the profit maximization principle MR=MC
growth through merger
the difference in the firm’s profits in the long run.
the degree of product differentiation.
Question 2 (Mandatory) (2 points)
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Which of the following industries is most likely to represent the monopolistic competition market structure?
Question 2 options:
The Agriculture industry
Utility Companies
Restaurants services
Tobacco products
Question 3 (Mandatory) (2 points)
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If firms are earning economic profit in a monopolistically competitive market, which of the following is most likely to happen in the long run?
Question 3 options:
Some firms will leave the market.
Firms will join together to keep others from entering.
New firms will enter the market, thereby eliminating the economic profit.
Firms will continue to earn economic profit.
Question 4 (Mandatory) (2 points)
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In the Kinked Demand curve model, price tends to settle at the kink because
Question 4 options:
MR=MC rule does not apply
there is no unique MR curve
the demand curve is inelastic throughout the range
none of the above
Question 5 (Mandatory) (2 points)
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A Cartel is defined to be:
Question 5 options:
Any oligopolistic industry with fewer than 4 firms.
A form of oligopoly in which firms agree to sell at different prices like in monopolistic competition.
A form of oligopoly in which firms formally agree to establish a common price, in effect acting like a monopoly.
A form of oligopoly in which firms agree to compete with each other on an equal basis.
Question 6 (Mandatory) (2 points)
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Which of the following is the best example of a product or service that provides a benefit externality?
Question 6 options:
the construction of a private road that allows vehicles if a toll is paid
a public library
a bookstore that is open 24 hours
the construction of a golf course in a private hotel
Question 7 (Mandatory) (2 points)
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An example of a cost externality occurs when a mining company:
Question 7 options:
dumps waste in river upstream from a popular fishing spot
produces coal that is not in demanded in a recession
underpays its employees
overwork its employees
Question 8 (Mandatory) (2 points)
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Which of the following may change the supply curve?
Question 8 options:
Taste of consumers
Income of consumers
Technology
Price of related goods
Question 9 (Mandatory) (2 points)
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X and Y are substitute goods. X is put on sale “buy one get one free”. This will lead to
Question 9 options:
an increase in demand for Y
a decrease in demand for Y
an increase in demand for X and Y
a decrease in demand for X and Y
Question 10 (Mandatory) (2 points)
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Economic surplus is
Question 10 options:
demand price less equilibrium price
supply price above market price
consumer’s surplus plus producer’s surplus
none of the above
Question 11 (Mandatory) (2 points)
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A monopsony is a market with
Question 11 options:
one seller
one employer
one buyer
two to eight sellers
Question 12 (Mandatory) (2 points)
SavedA bilateral monopoly is a condition characterized by
Question 12 options:a perfect competition firm facing a monopsony
a monopolistic firm facing a monopoly
an oligopoly facing a monopsony
a monopsony facing a union
Question 13 (Mandatory) (2 points)
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A price discriminating firm will charge the lowest price when price elasticity of demand is
Question 13 options:
lowest
highest
equal to 1
zero
Question 14 (Mandatory) (2 points)
SavedP = MC holds for
Question 14 options:all firms
monopoly
oligopoly
perfect competition
Question 15 (Mandatory) (2 points)

Oligopolies tend to
Question 15 options:
minimize social loss
maximize employment
maximize social benefit
allocate resources inefficiently
Question 16 (Mandatory) (2 points)

In the short run, a monopolist may
Question 16 options:
attract other firms into the industry
upgrade technology
incur loss
charge the lowest price possible to attract buyers
Question 17 (Mandatory) (2 points)

The best defense of oligopolist in our economy is
Question 17 options:
they are the main source of consumer goods and services
they promote social justice
they invest in research and development
they promote equity in global markets
Question 18 (Mandatory) (2 points)

During recessionary periods, the sale of ground beef goes up. This indicates that
Question 18 options:
people have more time to make their own hamburgers during recessionary times
people have more time to be outdoor and cook hamburgers during recessionary times
ground beef is an inferior good
ground beef is a normal good
Question 19 (Mandatory) (2 points)

In both monopolistic competition and oligopoly market structures
Question 19 options:
firms may enter and exit the industry easily
consumers perceive differences among the products of various competitors
economic profits may be earned in the short run and long run
producers collude tacitly
Question 20 (Mandatory) (2 points)

In the short run, a monopolistically competitive firm
Question 20 options:
always earns profit
earns profit higher than an oligopolistic firm
earns profit higher than a perfectly competitive firm
may or may not earn profit
Question 21 (Mandatory) (2 points)

If the price elasticity of demand is 1.56, a 50% sale on a product will
Question 21 options:
decrease total revenue
increase total revenue
keep total revenue constant
increase total revenue by 50%
Question 22 (Mandatory) (2 points)

When estimated, exponents of the Cobb-Douglas production function indicates
Question 22 options:
maximum profits that can be earned
minimum cost that can lead to efficient production
input elasticites
different price elasticities in different markets
Question 23 (Mandatory) (2 points)

The cross-price elasticities of X and Y are -.67. X was put on sale for two weeks, and it is no longer on sale. This will indicate
Question 23 options:
demand for Y will not change
demand for X will go up
demand for X and Y will go up
demand for Y will go down
Question 24 (Mandatory) (2 points)

Which of the following is not an example of monopsony?
Question 24 options:
National Football League
National Basketball Association
A Public School District
College professors
Question 25 (Mandatory) (2 points)

Labor unions are able to secure higher than market wage for their members by
Question 25 options:
negotiation only
restricting supply and negotiation
resorting to strike for an indefinite period
law suits
Question 26 (Mandatory) (2 points)

Panel consensus is an example of
Question 26 options:
time series forecasting
quantitative forecasting
qualitative forecasting
global forecasting
Question 27 (Mandatory) (2 points)

A monopolistically competitive firm maintains its market share through
Question 27 options:
artificial product differentiation
relying on brand loyalty
non-price competition
all of the above
Question 28 (Mandatory) (2 points)

When two or more explanatory variables are highly correlated, the condition is known as
Question 28 options:
serial correlation
multiple correlation
spurious correlation
multicollinearity
Question 29 (Mandatory) (2 points)

When a multiple regression equation is estimated, the F-test indicates
Question 29 options:
how many variables were statistically significant
how many variables were not statistically significant
if the estimated equation was statistically significant
if the intercept was statistically significant
Question 30 (Mandatory) (2 points)

Suppose a demand equation was estimated using the Regression technique. The explanatory variables included in the equation were price of own good, price of substitute good, income of consumers and expected future price. What test will be used to test if each of the explanatory variables were statistically significant?
Question 30 options:
the F-test
the correlation test
the t-test
the multicollinearity test
Question 31 (Mandatory) (2 points)

A 50% reduction of price of X led to a 75% decrease in demand of Y. This indicates
Question 31 options:
X and Y are complementary goods
X is a normal good, Y is an inferior good
X and Y are independent goods
X and Y are substitute goods
Question 32 (Mandatory) (2 points)

Compared to competition, a monopolist
Question 32 options:
produces more and charges a higher price
produces less and charges a lower price
produces less and charges a higher price
may produce more and may charge a higher price
Question 33 (Mandatory) (2 points)
Most public utilities in our economy enjoy a good degree of monopoly because of
Question 33 options:government regulation
decreasing returns to scale
increasing returns to scale
constant returns to scale
Question 34 (Mandatory) (2 points)
The long run ATC is flatter in shape because
Question 34 options:all inputs are fixed
there is a greater degree of substitution between inputs
input elasticity is limited
the long run is undefined
Question 35 (Mandatory) (2 points)
SavedWhich function of management is most concerned with risk minimization?
Question 35 options:cost minimization
human resource management
complying with government regulations
entrepreneurial

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