Question 13.13. If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will increase. become less elastic. not be affected. decrease. Question 14.14. In an oligopolistic market there are many buyers. few buyers. few sellers. many sellers. Question 15.15. A low concentration ratio means that there is a low probability of entering the industry. there is a low probability of success in the industry. each firm accounts for a small market share of the industry. each firm accounts for a large market share of the industry. Question 16.16. A major reason that firms form a cartel is to reduce the elasticity of demand for the product. enlarge the market share for each producer. minimize the costs of production. maximize joint profits. Question 17.17. Which of the following is a land resource? A farmer An oil-drilling rig A machine for detecting earthquakes Natural gas
Question 13.13. If
increase.
become less elastic.
not be affected.
decrease.
Question 14.14. In an oligopolistic market there are
many buyers.
few buyers.
few sellers.
many sellers.
Question 15.15. A low concentration ratio means that
there is a low probability of entering the industry.
there is a low probability of success in the industry.
each firm accounts for a small market share of the industry.
each firm accounts for a large market share of the industry.
Question 16.16. A major reason that firms form a cartel is to
reduce the elasticity of demand for the product.
enlarge the market share for each producer.
minimize the costs of production.
maximize joint profits.
Question 17.17. Which of the following is a land resource?
A farmer
An oil-drilling rig
A machine for detecting earthquakes
Natural gas
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