Quiz 7 and 8

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Missouri State University, Springfield *

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ECO-155

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Economics

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Feb 20, 2024

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pdf

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Quiz 7and 8 Thursday, May 11, 2023 1:11 PM Monopolist and perfect competition: Question 1 10 out of 10 points A perfectly competitive firm’s short run supply curve is the Correct Answer: o, marginal cost curve that lies above AVC Question 2 10 out of 10 points Perfectly competitive firms in the long run will Correct Answer: @, make zero profits Question 3 10 out of 10 points The monopolistically competitive firm faces a(n) demand curve where a perfectly competitive firm faces a (n) demand curve Correct Answer: o, elastic; perfectly elastic Question 4 10 out of 10 points In monopolistic competition, the demand curve facing a firm will become more inelastic Correct Answer: @, the greater the degree of product differentiation Question 5 10 out of 10 points For the monopolistically competitive firm, Correct Answer: @ MR< Price Question 6 0 out of 10 points In the long run, firms in monopolistic competition operate on the portion of the LRAC curve where the firm will experience Correct Answer: increasing returns to scale Nuiactinn 7

YUTOLIVIE 7 10 out ot 10U points When comparing the monopolistically competitive firm to the perfectly competitive firm, we can conclude that Correct Answer: o, average cost is higher, respectively Question 8 10 out of 10 points Under perfect competition, all firms Correct Answer: @, make completely identical products Question 9 10 out of 10 points The perfectly competitive firm can not exert any control over price because Correct Answer: the firm’s individual output is so small compared to total industry output Question 10 10 out of 10 points The perfectly competitive firm will maximize profits where Correct Answer: ) MC =MR Monopoly and oligopoly: Question 1 10 out of 10 points In a monopoly, marginal revenue is Correct Answer: «, always below price Question 2 10 out of 10 points A natural monopoly is when a firm Correct Answer: @ has decreasing average costs over the entire range of relevant output Question 3 10 out of 10 points A natural monopolist that is regulated via marginal cost pricing is Carrect Answer: . makino a lnge hnt nradncine an efficient amonnt of antrmt

—— s e o ALIVIRELLJm W AV UMY A U NS ALile WAL WALAWAWALY WALIV WELAV WA W MSVEswew Question 4 10 out of 10 points A natural monopolists would like to produce output until Correct Answer: , marginal revenue equals marginal cost Question 5 0 out of 10 points When economies of scale exist and are important and drive an industry towards monopoly, breaking up the monopoly into many smaller firms will Correct Answer: o, lead to higher prices in the short run Question 6 10 out of 10 points Which of the following is a unique characteristic of the oligopolistic market structure? Correct Answer: o, mutual interdependence among firms Question 7 10 out of 10 points According to the kinked demand curve, an oligopolist faces a(n) demand curve if it raises price Correct Answer: ) elastic Question 8 10 out of 10 points The major difficulty in analyzing oligopolies is Correct & Answer: taking account of how a firm believes its rivals will respond to any changes in output or price that it makes Question 9 10 out of 10 points In oligopoly, there are Correct Answer: o, few firms and barriers to entry Question 10 0 out of 10 points The price leadership model predicts Correct Answer: .. the competitive fringe firms act like perfectly competitive firms

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