Chapter 16
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Chapter 16

Course Number: ECON 101, Spring 2013

College/University: Chattahoochee Valley...

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Chapter 16 1. A downward-sloping demand curve A) is a feature of all monopolistically competitive firms. B) means that the firm in question will never experience a zero profit. C) causes marginal revenue to exceed price. D) prohibits firms from earning positive economic profits in the long run. Points Earned: 0.0/1.0 Correct Answer(s): A 2. Each firm in a monopolistically competitive firm faces a downward-sloping...

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16 1. Chapter A downward-sloping demand curve A) is a feature of all monopolistically competitive firms. B) means that the firm in question will never experience a zero profit. C) causes marginal revenue to exceed price. D) prohibits firms from earning positive economic profits in the long run. Points Earned: 0.0/1.0 Correct Answer(s): A 2. Each firm in a monopolistically competitive firm faces a downward-sloping demand curve because A) there are many other sellers in the market. B) there are very few other sellers in the market. C) the firm's product is different from those offered by other firms in the market. D) that firm faces the threat of entry into the market by new firms. Points Earned: 0.0/1.0 Correct Answer(s): C 3. For a monopolistically competitive firm, A) marginal revenue and price are the same. B) average revenue and price are the same. C) at the profit-maximizing quantity of output, price equals marginal cost. D) at the profit-maximizing quantity of output, price equals the minimum of average total cost. Points Earned: 0.0/1.0 Correct Answer(s): B 4. For a monopolistically competitive firm, at the profit-maximizing quantity of output, A) price exceeds marginal cost. B) marginal revenue exceeds marginal cost. C) marginal cost exceeds average revenue. D) price equals marginal revenue. Points Earned: 0.0/1.0 Correct Answer(s): A 5. Product differentiation causes the seller of a good to face what type of demand curve? A) downward sloping B) vertical C) horizontal D) Any of the above could be correct since product differentiation does not affect the shape of the demand curve. Points Earned: 0.0/1.0 Correct Answer(s): A 6. A firm in a monopolistically competitive market faces a A) downward-sloping demand curve because the firms product is different from those offered by other firms. B) downward-sloping demand curve because there are only a few firms in the market. C) horizontal demand curve because there are many firms in the market. D) horizontal demand curve because firms can enter the market without restriction. Points Earned: 0.0/1.0 Correct Answer(s): A 7. In the short run, a firm in a monopolistically competitive market operates much like a A) firm in a perfectly competitive market. B) firm in an oligopoly. C) monopolist. D) monopsonist. Points Earned: 0.0/1.0 Correct Answer(s): C 8. Each firm in a monopolistically competitive market A) earns both short-run and long-run profits. B) faces a downward-sloping demand curve. C) cannot earn economic profit in the short run. D) sets price equal to marginal cost. Points Earned: 0.0/1.0 Correct Answer(s): B 9. In a monopolistically competitive industry, firms set price A) equal to marginal cost since each firm is a price taker. B) below marginal cost since each firm is a price taker. C) above marginal cost since each firm is a price setter. D) always a fraction of marginal cost since each firm is a price setter. Points Earned: 0.0/1.0 Correct Answer(s): C 10. A profit-maximizing firm in a monopolistically competitive market differs from a firm in a perfectly competitive market because the firm in the monopolistically competitive market A) is characterized by market-share maximization. B) has no barriers to entry. C) faces a downward-sloping demand curve for its product. D) faces a horizontal demand curve at the market clearing price. Points Earned: 0.0/1.0 Correct Answer(s): C 11. A monopolistically competitive firm chooses A) the quantity of output to produce, but the market determines price. B) the price, but competition in the market determines the quantity. C) price, but output is determined by a cartel production quota. D) the quantity of output to produce and the price at which it will sell its output. Points Earned: 0.0/1.0 Correct Answer(s): D 12. Product differentiation in monopolistically competitive markets ensures that, for profitmaximizing firms, A) marginal revenue will equal average total cost. B) price will exceed marginal cost. C) marginal cost will exceed average revenue. D) average variable cost will be declining. Points Earned: 0.0/1.0 Correct Answer(s): B 13. In a monopolistically competitive industry, a firms demand curve also represent its A) marginal revenue. B) marginal cost. C) average revenue. D) profit. Points Earned: 0.0/1.0 Correct Answer(s): C 14. A firm in a monopolistically competitive market is similar to a monopoly in the sense that (i) they both face downward-sloping demand curves. (ii) they both charge a price that exceeds marginal cost. (iii) free entry and exit determines the long-run equilibrium. A) (i) only B) (ii) only C) (i) and (ii) only D) (i), (ii), and (iii) only Points Earned: 0.0/1.0 Correct Answer(s): C 15. A monopolistically competitive firm's choice of output level is virtually identical to the choice made by A) a perfectly competitive firm. B) a duopolist. C) a monopolist. D) an oligopolist. Points Earned: 0.0/1.0 Correct Answer(s): C 16. To maximize its profit, a monopolistically competitive firm A) takes the price as given and chooses its quantity, just as a competitive firm does. B) takes the price as given and chooses its quantity, just as a colluding oligopolist does. C) chooses its quantity and price, just as a competitive firm does. D) chooses its quantity and price, just as a monopoly does. Points Earned: 0.0/1.0 Correct Answer(s): D 17. Because monopolistically competitive firms produce differentiated products, each firm A) faces a demand curve that is horizontal. B) faces a demand curve that is vertical. C) has no control over product price. D) has some control over product price. Points Earned: 0.0/1.0 Correct Answer(s): D 18. A monopolistically competitive firm chooses its A) price and quantity just as a monopoly does. B) quantity but faces a horizontal demand curve just as a competitive firm does. C) price but can sell any quantity at the market price just as an oligopoly does. D) price and quantity based on the decisions of the other firms in the industry just as an oligopoly does. Points Earned: 0.0/1.0 Correct Answer(s): A 19. When a monopolistically competitive firm raises its price, A) quantity demanded falls to zero. B) quantity demanded declines but not to zero. C) the market supply curve shifts outward. D) quantity demanded remains constant. Points Earned: 0.0/1.0 Correct Answer(s): B 20. A monopolistically competitive firm chooses the quantity to produce where A) price equals marginal cost. B) demand equals marginal cost. C) marginal revenue equals marginal cost. D) Both a and c are correct. Points Earned: 0.0/1.0 Correct Answer(s): C 21. The profit-maximizing rule for a firm in a monopolistically competitive market is to always select the quantity at which A) marginal revenue is equal to marginal cost. B) average total cost is equal to marginal revenue. C) average total cost is equal to price. D) average revenue exceeds average total cost. Points Earned: 0.0/1.0 Correct Answer(s): A 22. A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following? A) average revenue exceeds marginal revenue B) marginal revenue exceeds average revenue C) average revenue is equal to marginal revenue D) revenue is always maximized along with profit Points Earned: 0.0/1.0 Correct Answer(s): A 23. A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following? A) average revenue exceeds marginal revenue B) marginal revenue equals marginal cost C) price exceeds marginal cost D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 24. A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following? A) marginal cost exceeds marginal revenue B) average revenue equals marginal cost C) price exceeds marginal cost D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): C 25. To maximize its profit, a monopolistically competitive firm chooses its level of output by looking for the level of output at which A) price equals marginal cost. B) marginal revenue equals marginal cost. C) average total cost is minimized. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): B 26. A monopolistically competitive firm faces the following demand schedule for its product: Price ($) 10 9 8 7 6 5 4 3 2 1 Quantity 2 4 6 9 11 13 15 17 19 21 The firm has total fixed costs of $20 and a constant marginal cost of $2 per unit. The firm will maximize profit with A) 6 units of output. B) 9 units of output. C) 11 units of output. D) 13 units of output. Points Earned: 0.0/1.0 Correct Answer(s): B 27. A monopolistically competitive firm faces the following demand curve for its product: Price ($) 10 9 8 7 6 5 4 3 2 1 Quantity 2 4 6 8 10 12 14 16 18 20 The firm has total fixed costs of $20 and a constant marginal cost of $5 per unit. The firm will maximize profit with the production of A) 6 units of output. B) 8 units of output. C) 10 units of output. D) 12 units of output. Points Earned: 0.0/1.0 Correct Answer(s): A 28. A monopolistically competitive firm has the following cost structure: Output 1 2 3 4 5 6 7 Total Cost($) 30 32 36 42 50 63 77 The firm faces the following demand curve: Price ($) 20 18 15 12 9 7 4 Quantity 1 2 3 4 5 6 7 To maximize profit (or minimize losses), the firm will produce A) 2 units. B) 3 units. C) 4 units. D) 5 units. Points Earned: 0.0/1.0 Correct Answer(s): B 29. A monopolistically competitive firm is currently producing 10 units of output. At this level of output the firm is charging a price equal to $10, has marginal revenue equal to $6, has marginal cost equal to $6, and has average total cost equal to $12. From this information we can infer that A) the firm is currently maximizing its profit. B) the profits of the firm are negative. C) firms are likely to leave this market in the long run. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 30. If "too much choice" is a problem for consumers, it would occur in which market structure(s)? A) perfect competition B) monopoly C) monopolistic competition D) perfect competition and monopolistic competition Points Earned: 0.0/1.0 Correct Answer(s): C 31. In the short run, a firm operating in a monopolistically competitive market can earn A) positive economic profits. B) economic losses. C) zero economic profits. D) All of the above are possible. Points Earned: 0.0/1.0 Correct Answer(s): D 32. In the short run, a firm operating in a monopolistically competitive market A) produces an output level where marginal revenue equals average total cost. B) maximizes revenues as well as profits. C) can earn zero economic profits. D) sets price equal to marginal cost. Points Earned: 0.0/1.0 Correct Answer(s): C 33. In the short run, a firm operating in a monopolistically competitive market A) produces an output level where marginal revenue equals average total cost. B) sets price equal to demand where marginal revenue equals marginal cost. C) must earn zero economic profits. D) maximizes revenues as well as profits. Points Earned: 0.0/1.0 Correct Answer(s): B 34. When a profit-maximizing firm in a monopolistically competitive market charges a price higher than marginal cost, A) the firm must be earning a positive economic profit. B) the firm may be incurring economic losses C) there is a deadweight loss to society, but it is exactly offset by the benefit of excess capacity. D) new firms will enter the market in the long run. Points Earned: 0.0/1.0 Correct Answer(s): B 35. Which of the following conditions is characteristic of a monopolistically competitive firm in short-run equilibrium? A) P = AR B) MR = MC C) P > MC D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 36. Which of the following conditions is characteristic of a monopolistically competitive firm in short-run equilibrium? A) P > AR B) MR > MC C) P > MC D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): C 37. Which of the following conditions is characteristic of a monopolistically competitive firm in short-run equilibrium? A) P > ATC B) P = ATC C) P < ATC D) Any of the above could be correct. Points Earned: 0.0/1.0 Correct Answer(s): D 38. Which of the following conditions is characteristic of a monopolistically competitive firm in both the short-run and the long run? A) P > MC B) MC = ATC C) P < MR D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): A 39. For a profit-maximizing monopolistically competitive firm, price exceeds marginal cost in A) the short run but not in the long run. B) the long run but not in the short run. C) both the short run and the long run. D) neither the short run nor the long run. Points Earned: 0.0/1.0 Correct Answer(s): C 40. For a profit-maximizing monopolistically competitive firm, marginal revenue equals marginal cost in A) the short run but not in the long run. B) the long run but not in the short run. C) both the short run and the long run. D) neither the short run nor the long run. Points Earned: 0.0/1.0 Correct Answer(s): C 41. A firm operating in a monopolistically competitive market can earn economic profits in A) the short run but not in the long run. B) the long run but not in the short run. C) both the short run and the long run. D) neither the short run nor the long run. Points Earned: 0.0/1.0 Correct Answer(s): A 42. When a market is monopolistically competitive, the typical firm in the market is likely to experience a A) positive profit in the short run and in the long run. B) positive or negative profit in the short run and a zero profit in the long run. C) zero profit in the short run and a positive or negative profit in the long run. D) zero profit in the short run and in the long run. Points Earned: 0.0/1.0 Correct Answer(s): B 43. When a market is monopolistically competitive, the typical firm in the market can earn A) losses in the short run and profits in the long run. B) profits in the short run and the long run. C) losses in the short run and zero profit in the long run. D) zero profit in the short run and losses in the long run. Points Earned: 0.0/1.0 Correct Answer(s): C 44. An important difference between the situation faced by a profit-maximizing monopolistically competitive firm in the short run and the situation faced by that same firm in the long run is that in the short run, A) price may exceed marginal revenue, but in the long run, price equals marginal revenue. B) price may exceed marginal cost, but in the long run, price equals marginal cost. C) price may exceed average total cost, but in the long run, price equals average total cost. D) there are many firms in the market, but in the long run, there are only a few firms in the market. Points Earned: 0.0/1.0 Correct Answer(s): C 45. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. The firms profit-maximizing level of output is A) 8 units. B) 12 units. C) 16 units. D) 24 units. Points Earned: 0.0/1.0 Correct Answer(s): B 46. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. In order to maximize profit, the firm will charge a price of A) $8. B) $12. C) $16. D) $18. Points Earned: 0.0/1.0 Correct Answer(s): D 47. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. Suppose that average total cost is $18 when Q=12. What is the profitmaximizing price and resulting profit? A) P=$12, profit=$0 B) P=$18, profit=$72 C) P=$18, profit=$24 D) P=$18, profit=$0 Points Earned: 0.0/1.0 Correct Answer(s): D 48. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. If the average total cost is $15 at the profit-maximizing quantity, then the firms maximum profit is A) $18. B) $24. C) $36. D) $45. Points Earned: 0.0/1.0 Correct Answer(s): C 49. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. If the average variable cost is $12 at the profit-maximizing quantity, and if the firms fixed costs amount to $30, then the firms maximum profit is A) $-30. B) $22. C) $36. D) $42. Points Earned: 0.0/1.0 Correct Answer(s): D 50. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. If the average variable cost is $13 at the profit-maximizing quantity, and if the firms profit is $20 at that quantity, then its fixed costs amount to A) $12. B) $22. C) $40. D) $60. Points Earned: 0.0/1.0 Correct Answer(s): C 51. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. Suppose ATC = $18 when Q = 12. Then the A) firm is in a long-run equilibrium when it produces 12 units of output. B) firm is in a long-run equilibrium when it produces 16 units of output. C) best the firm can do is sustain a loss of $24. D) best the firm can do is earn a profit of $48. Points Earned: 0.0/1.0 Correct Answer(s): A 52. Figure 16-1. The figure is drawn for a monopolistically competitive firm. Refer to Figure 16-1. Suppose you were to add the ATC curve to the diagram to show the firm in a situation of long-run equilibrium. You would draw the ATC curve A) with its minimum at the point (Q = 12, P = $18). B) with its minimum at the point (Q = 12, P = $12). C) tangent to the demand curve at the point (Q = 12, P = $18). D) tangent to the demand curve at the point (Q = 16, P = $16). Points Earned: 0.0/1.0 Correct Answer(s): C 53. Figure 16-2 This figure depicts a situation in a monopolistically competitive market. Refer to Figure 16-2. What price will the monopolistically competitive firm charge in this market? A) $60 B) $70 C) $75 D) $80 Points Earned: 0.0/1.0 Correct Answer(s): D 54. Figure 16-2 This figure depicts a situation in a monopolistically competitive market. Refer to Figure 16-2. What is the profit-maximizing price, quantity, and resulting profit? A) P=$60, Q=20 units, profit=$200 B) P=$80, Q=20 units, profit=$200 C) P=$75, Q=25 units, profit=$100 D) P=$60, Q=40 units, profit=$0 Points Earned: 0.0/1.0 Correct Answer(s): B 55. Figure 16-2 This figure depicts a situation in a monopolistically competitive market. Refer to Figure 16-2. How much consumer surplus will be derived from the purchase of this product at the monopolistically competitive price? A) $200 B) $312.50 C) $400 D) $800 Points Earned: 0.0/1.0 Correct Answer(s): A 56. Figure 16-2 This figure depicts a situation in a monopolistically competitive market. Refer to Figure 16-2. How much profit will the monopolistically competitive firm earn in this situation? A) a $10 profit B) a $200 profit C) a $400 profit D) No profit, since monopolistically competitive firms never earn economic profit. Points Earned: 0.0/1.0 Correct Answer(s): B 57. Figure 16-2 This figure depicts a situation in a monopolistically competitive market. Refer to Figure 16-2. How much output will the monopolistically competitive firm produce in this situation? A) 20 units B) 25 units C) 40 units D) 80 units Points Earned: 0.0/1.0 Correct Answer(s): A 58. Figure 16-3 Refer to Figure 16-3. The firm in this figure is monopolistically competitive. It illustrates A) the shut-down case. B) a long-run economic profit. C) a short-run economic profit. D) a short-run loss. Points Earned: 0.0/1.0 Correct Answer(s): C 59. Figure 16-3 Refer to Figure 16-3. At the profit-maximizing, or loss-minimizing, output level, the firm in this figure has total costs of approximately A) $2,000. B) $3,000. C) $4,000. D) $5,000. Points Earned: 0.0/1.0 Correct Answer(s): D 60. Figure 16-3 Refer to Figure 16-3. Assume the firm in the figure is currently producing 8 units of output and charging $400. The firm A) will increase its profits if it raises its price and reduces its production level. B) will increase its profits if it lowers its price and expands its production level. C) is maximizing profits. D) will increase its profits if it raises its prices and expands its production level. Points Earned: 0.0/1.0 Correct Answer(s): D 61. Figure 16-3 Refer to Figure 16-3. The maximum total short-run economic profit for the monopolistically competitive firm in this figure is A) $1,000. B) $2,000. C) $3,000. D) $5,000. Points Earned: 0.0/1.0 Correct Answer(s): A 62. Figure 16-4 Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will encourage the entry of other firms into a monopolistically competitive industry? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): C 63. Figure 16-4 Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will encourage the exit of some firms from a monopolistically competitive industry? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): B 64. Figure 16-4 Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will not encourage either the entry or exit of firms in a monopolistically competitive industry? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): A 65. Figure 16-4 Refer to Figure 16-4. Panel a shows a profit-maximizing monopolistically competitive firm that is A) earning zero economic profit. B) likely to exit the market in the long run. C) producing its efficient scale of output. D) not maximizing its profit. Points Earned: 0.0/1.0 Correct Answer(s): A 66. Figure 16-4 Refer to Figure 16-4. Which of the panels depicts a firm in a monopolistically competitive market earning positive economic profits? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): C 67. Figure 16-4 Refer to Figure 16-4. Panel b is consistent with a firm in a monopolistically competitive market that is A) not in long-run equilibrium. B) in long-run equilibrium. C) producing its efficient scale of output. D) earning a positive economic profit. Points Earned: 0.0/1.0 Correct Answer(s): A 68. Figure 16-4 Refer to Figure 16-4. Which of the panels shown could illustrate the short-run situation for a monopolistically competitive firm? A) panel a B) panel b C) panel c D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 69. Figure 16-5 Refer to Figure 16-5. Which of the graphs shown would be consistent with a firm in a monopolistically competitive market that is earning a positive profit? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): C 70. Figure 16-5 Refer to Figure 16-5. Which of the graphs shown would be consistent with a firm in a monopolistically competitive market that is doing its best but still losing money? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): B 71. Figure 16-5 Refer to Figure 16-5. Which of the graphs depicts a monopolistically competitive firm in longrun equilibrium? A) panel a B) panel b C) panel c D) None of the above is correct. Points Earned: 0.0/1.0 Correct Answer(s): D 72. Figure 16-6 Refer to Figure 16-6. Which of the graphs depicts the situation for a profit-maximizing firm in a monopolistically competitive market? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): A 73. Figure 16-6 Refer to Figure 16-6. Suppose a firm is operating in the situation depicted in panel a. Which of the following statements is correct? A) The firm is earning positive short-run profits. B) The firm is earning negative short-run profits. C) The firm is earning zero short-run profits. D) We cannot determine profits because we do not know the firms average total costs. Points Earned: 0.0/1.0 Correct Answer(s): D 74. Figure 16-6 Refer to Figure 16-6. If a firm in a monopolistically competitive market was producing the level of output depicted as Qd in panel (d), it would A) not be maximizing its profit. B) be minimizing its losses. C) be losing market share to other firms in the market. D) be operating at excess capacity. Points Earned: 0.0/1.0 Correct Answer(s): A 75. Figure 16-6 Refer to Figure 16-6. The firm depicted in panel b faces a horizontal demand curve. If panel b depicts a profit-maximizing firm, A) it could be operating in either a perfectly competitive market or in a monopolistically competitive market. B) it would not have excess capacity in its production as long as it is earning zero economic profit. C) it is able to choose the price at which it sells its product. D) the firm can always raise its profit by increasing production since consumers will buy as much as the firm can produce. Points Earned: 0.0/1.0 Correct Answer(s): B 76. In which of the following markets is economic profit driven to zero in the long run? A) oligopoly B) monopoly C) monopolistic competition D) cartels Points Earned: 0.0/1.0 Correct Answer(s): C 77. Which of the following conditions is characteristic of a monopolistically competitive firm in long-run equilibrium? A) P > demand and P = MR B) ATC > demand and MR = MC C) P > MC and demand = ATC D) P < ATC and demand > MR Points Earned: 0.0/1.0 Correct Answer(s): C 78. Which of the following conditions is characteristic of a monopolistically competitive firm in long-run equilibrium? A) P > MR and P = MC B) ATC = demand and MR = MC C) P < MC and demand = ATC D) P > ATC and demand > MR Points Earned: 0.0/1.0 Correct Answer(s): B 79. A monopolistically competitive firm A) charges a price that is equal to marginal cost. B) experiences a zero profit in the long run. C) produces at the efficient scale in the long run. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): B 80. In a monopolistically competitive market, A) entry by new firms is impeded by barriers to entry; thus, the number of firms in the market is never ideal. B) entry by new firms is impeded by barriers to entry, but the number of firms in the market is nevertheless always ideal. C) free entry ensures that the number of firms in the market is ideal. D) there may be too few or too many firms in the market, despite free entry. Points Earned: 0.0/1.0 Correct Answer(s): D 81. In which of the following market structures does free entry and exit play an important role in the long-run equilibrium outcome? (i) perfect competition (ii) monopolistic competition (iii) monopoly A) (i) only B) (i) and (ii) only C) (ii) and (iii) only D) (i), (ii), and (iii) Points Earned: 0.0/1.0 Correct Answer(s): B 82. If firms in a monopolistically competitive market are earning positive profits, then A) firms will likely be subject to regulation. B) barriers to entry will be strengthened. C) some firms will exit the market. D) new firms will enter the market. Points Earned: 0.0/1.0 Correct Answer(s): D 83. If firms in a monopolistically competitive market are earning economic profits, which of the following scenarios would best describe the change existing firms would face as the market adjusts to the long-run equilibrium? A) an increase in demand for each firm B) a decrease in demand for each firm C) a downward shift in the marginal cost curve for each firm D) an upward shift in the marginal cost curve for each firm Points Earned: 0.0/1.0 Correct Answer(s): B 84. If firms in a monopolistically competitive market are incurring economic losses, which of the following scenarios would best describe the change existing firms (who are able to stay in the market) would face as the market adjusts to the long-run equilibrium? A) a downward shift in the marginal cost curve for each firm B) an upward shift in the marginal cost curve for each firm C) a decrease in demand for each firm D) an increase in demand for each firm Points Earned: 0.0/1.0 Correct Answer(s): D 85. In monopolistically competitive markets, positive economic profits A) suggest that some existing firms will exit the market. B) suggest that new firms will enter the market. C) are sustained through government-imposed barriers to entry. D) are never possible. Points Earned: 0.0/1.0 Correct Answer(s): B 86. In monopolistically competitive markets, economic losses A) suggest that some existing firms will exit the market. B) suggest that new firms will enter the market. C) are minimized through government-imposed barriers to entry. D) are never possible. Points Earned: 0.0/1.0 Correct Answer(s): A 87. As new firms enter a monopolistically competitive market, profits of existing firms A) rise, and product diversity in the market increases. B) rise, and product diversity in the market decreases. C) decline, and product diversity in the market increases. D) decline, and product diversity in the market decreases. Points Earned: 0.0/1.0 Correct Answer(s): C 88. As firms exit a monopolistically competitive market, profits of remaining firms A) decline, and product diversity in the market decreases. B) decline, and product diversity in the market increases. C) rise, and product diversity in the market decreases. D) rise, and product diversity in the market increases. Points Earned: 0.0/1.0 Correct Answer(s): C 89. The free entry and exit of firms in a monopolistically competitive market guarantees that A) both economic profits and economic losses can persist in the long run. B) both economic profits and economic losses disappear in the long run. C) economic profits, but not economic losses, can persist in the long run. D) economic losses, but not economic profits, can persist in the long run. Points Earned: 0.0/1.0 Correct Answer(s): B 90. In monopolistically competitive markets, free entry and exit suggests that A) the market structure will eventually be characterized by perfect competition in the long run. B) all firms earn zero economic profits in the long run. C) some firms will be able to earn economic profits in the long run. D) some firms will be forced to incur economic losses in the long run. Points Earned: 0.0/1.0 Correct Answer(s): B 91. When a profit-maximizing firm in a monopolistically competitive market is producing the long-run equilibrium quantity, A) its average revenue will equal its marginal cost. B) its marginal revenue will exceed its marginal cost. C) it will be earning positive economic profits. D) its demand curve will be tangent to its average-total-cost curve. Points Earned: 0.0/1.0 Correct Answer(s): D 92. When a firm's demand curve is tangent to its average total cost curve, the A) firm's economic profit is zero. B) firm must be earning economic profits. C) firm must be incurring economic losses. D) firm must be operating at its efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): A 93. When a firm's demand curve is tangent to its average total cost curve, the A) firm's economic profit is zero. B) firm may be earning economic profits. C) firm must be operating at its efficient scale. D) Both a and c are correct. Points Earned: 0.0/1.0 Correct Answer(s): A 94. When a profit-maximizing firm in a monopolistically competitive market is in long-run equilibrium, A) the demand curve will be perfectly elastic. B) price exceeds marginal cost. C) marginal cost must be falling. D) marginal revenue exceeds marginal cost. Points Earned: 0.0/1.0 Correct Answer(s): B 95. A profit-maximizing firm operating in a monopolistically competitive market that is in a long-run equilibrium has A) minimized average total cost. B) chosen to produce where demand is unitary elastic. C) produced the efficient scale of output. D) chosen a quantity of output where average revenue equals average total cost. Points Earned: 0.0/1.0 Correct Answer(s): D 96. In a long-run equilibrium, a firm in a monopolistically competitive market operates A) where marginal revenue is zero. B) where marginal revenue is negative. C) on the rising portion of its average total cost curve. D) on the declining portion of its average total cost curve. Points Earned: 0.0/1.0 Correct Answer(s): D 97. When a new firm enters a monopolistically competitive market, the individual demand curves faced by all existing firms in that market will A) shift to the left. B) shift to the right. C) shift in a direction that is unpredictable without further information. D) remain unchanged. It is the supply curve that will shift. Points Earned: 0.0/1.0 Correct Answer(s): A 98. When a firm exits a monopolistically competitive market, the individual demand curves faced by all remaining firms in that market will A) shift in a direction that is unpredictable without further information. B) shift to the right. C) shift to the left. D) remain unchanged. It is the supply curve that will shift. Points Earned: 0.0/1.0 Correct Answer(s): B 99. Long-run profit earned by a monopolistically competitive firm is driven to the competitive level due to a(n) A) change in the technology that the firm utilizes. B) shift of its demand curve. C) shift of its supply curve. D) increase in the firms average cost of production. Points Earned: 0.0/1.0 Correct Answer(s): B 100. Because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its A) average revenue. B) average total cost. C) marginal cost. D) profit per unit. Points Earned: 0.0/1.0 Correct Answer(s): C 101. New firms will likely enter a monopolistically competitive market when price exceeds A) marginal revenue. B) average revenue. C) marginal cost. D) average total cost. Points Earned: 0.0/1.0 Correct Answer(s): D 102. Which two curves are tangent to each other in a monopolistically competitive market with zero economic profit? A) demand and average variable cost B) demand and average total cost C) marginal revenue and average variable cost D) marginal revenue and average total cost Points Earned: 0.0/1.0 Correct Answer(s): B 103. In a monopolistically competitive market, A) strategic interactions among the firms are very important. B) the threat of entry by new firms is not an important consideration. C) the attainment of a Nash equilibrium is an important objective. D) firms may enter even though they will earn zero economic profit in the long run. Points Earned: 0.0/1.0 Correct Answer(s): D 104. Among the following situations, which one is least likely to apply to a monopolistically competitive firm? A) profit is positive in the short run B) total cost exceeds total revenue in the short run C) profit is positive in the long run D) total revenue equals total cost in the long run Points Earned: 0.0/1.0 Correct Answer(s): C 105. Suppose that monopolistically competitive firms in a certain market are earning positive profits. In the transition from this initial situation to a long-run equilibrium, A) the number of firms in the market decreases. B) each existing firm experiences a decrease in demand for its product. C) each existing firm experiences a rightward shift of its marginal revenue curve. D) each existing firm experiences an upward shift in its average total cost curve. Points Earned: 0.0/1.0 Correct Answer(s): B 106. Suppose that monopolistically competitive firms in a certain market are experiencing losses. In the transition from this initial situation to a long-run equilibrium, A) the number of firms in the market decreases. B) each existing firm experiences a decrease in demand for its product. C) each firm experiences an upward shift of its marginal cost and average total cost curves. D) each existing firms average total cost falls to bring economic profit back to zero. Points Earned: 0.0/1.0 Correct Answer(s): A 107. When a monopolistically competitive firm is in long-run equilibrium, A) marginal revenue is equal to marginal cost. B) price is equal to average total cost. C) demand is equal to average total cost. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 108. When a monopolistically competitive firm is in long-run equilibrium, A) price is equal to average total cost. B) price is equal to marginal cost. C) price is equal to marginal revenue. D) the firm operates at its efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): A 109. Which of these types of firms can earn a positive economic profit in the long run? A) monopolies, but not competitive firms or monopolistically competitive firms B) monopolies and monopolistically competitive firms, but not competitive firms C) monopolies, monopolistically competitive firms, and monopolies D) No firms earn positive economic profit in the long run. Entry will reduce all firms economic profit to zero in the long run. Points Earned: 0.0/1.0 Correct Answer(s): A 110. "In a long-run equilibrium, price is equal to average total cost." This statement applies to A) competitive markets, but not to monopolistically competitive markets or monopolies. B) competitive and monopolistically competitive markets, but not to monopolies. C) competitive markets, monopolistically competitive markets, and monopolies. D) None of the above is correct. Points 0.0/1.0 Correct Earned: Answer(s): B 111. Entry and exit drive each firm in a monopolistically competitive market to a point of tangency between its A) marginal revenue curve and its total cost curve. B) marginal revenue curve and its average total cost curve. C) demand curve and its total cost curve. D) demand curve and its average total cost curve. Points Earned: 0.0/1.0 Correct Answer(s): D 112. Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output. This level of output, Q1, A) exceeds the level of output at which marginal revenue equals marginal cost. B) exceeds the level of output at which marginal cost equals average total cost. C) falls short of the level of output at which price equals marginal cost. D) exceeds the firms efficient scale of output. Points Earned: 0.0/1.0 Correct Answer(s): C 113. Suppose for some firm that average total cost is minimized at Q1 units of output. For a monopolistically competitive firm in long-run equilibrium, Q1 A) is also the level of output at which marginal cost equals average total cost. B) exceeds the level of output at which there is a point of tangency between the demand curve and the average total cost curve. C) exceeds the level of output at which marginal revenue equals marginal cost. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 114. In a long-run equilibrium, A) only a perfectly competitive firm operates at its efficient scale. B) only a monopolistically competitive firm operates at its efficient scale. C) neither a competitive firm nor a monopolistically competitive firm charges a markup over marginal cost. D) both a perfectly competitive firm and a monopolistically competitive firm operate at their efficient scale of production. Points Earned: 0.0/1.0 Correct Answer(s): A 115. A monopolistically competitive firm faces the following demand curve for its product: Price ($) 10 9 8 7 6 5 4 3 2 1 Quantity 2 4 6 8 10 12 14 16 18 20 The firm has total fixed costs of $40 and a constant marginal cost of $2 per unit. We can conclude that A) firms will exit this market. B) firms will enter this market. C) this market is in long-run equilibrium. D) this firm is operating at its efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): C 116. A firm has the following cost structure: Output 1 2 3 4 5 6 7 Total Cost($) 30 32 36 42 50 63 77 If this firm is in a typical perfectly competitive market, in the long run it will likely produce A) 4 or fewer units of output. B) 5 units of output. C) more than 5 units of output. D) None of the above are necessarily correct because there is not enough information to tell. Points Earned: 0.0/1.0 Correct Answer(s): B 117. A firm has the following cost structure: Output 1 2 3 4 5 6 7 Total Cost($) 30 32 36 42 50 63 77 If this firm is in a typical monopolistically competitive market, in the long run it will likely produce A) 4 or fewer units of output. B) 5 units of output. C) more than 5 units of output. D) None of the above are necessarily correct because there is not enough information to tell. Points Earned: 0.0/1.0 Correct Answer(s): A 118. A monopolistically competitive firm is currently earning a positive economic profit. If other firms enter the market, we would expect that the added competition will cause this firm to adjust its output such that it A) will operate closer to its efficient scale. B) will operate further from its efficient scale. C) will no longer be at its efficient scale. D) might move either closer to or further from its efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): B 119. In the long run, A) monopolistically competitive firms earn a higher profit than perfectly competitive firms because monopolistically competitive firms have some monopoly power. B) monopolistically competitive firms produce a higher output than perfectly competitive firms because competition drives the perfectly competitive firm's output down. C) both monopolistically competitive and perfectly competitive firms produce where P = MC. D) both monopolistically competitive and perfectly competitive firms produce where P = ATC. Points Earned: 0.0/1.0 Correct Answer(s): D 120. Cecilia's Caf operates in a monopolistically competitive market. Cecilia's is currently producing where its average total cost is minimized. In the long run we would expect Cecilias output to A) decrease and average total cost to increase. B) decrease and average total cost to decrease. C) remain unchanged as Cecilia's is doing the best it can. D) increase and average total costs to decrease. Points Earned: 0.0/1.0 Correct Answer(s): A 121. Which of the following statements regarding monopolistic competition is not correct? A) In the long-run equilibrium, price equals average total cost. B) In the long-run equilibrium, firms earn zero economic profit. C) In the long-run equilibrium, firms charge a price above marginal cost. D) In the long-run equilibrium, firms produce a quantity in excess of their efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): D 122. Consider a monopolistically competitive firm in a market in long-run equilibrium. This firm is likely earning A) a positive economic profit since it is charging a price above marginal cost. B) no economic profit since it is charging a price equal to its marginal cost. C) a positive economic profit since it is charging a price above its average total cost. D) no economic profit since it is charging a price equal to it average total cost. Points Earned: 0.0/1.0 Correct Answer(s): D 123. Figure 16-7 The lines in the figures below illustrate the potential effect of entry and exit in a monopolistically competitive market on either the demand curve or the marginal cost curve of existing firms. Refer to Figure 16-7. Panel (d) illustrates the change that would occur if existing firms faced A) long-run economic losses. B) a decrease in the diversity of products offered in the market. C) new entrants in the market. D) firms exiting the market. Points Earned: 0.0/1.0 Correct Answer(s): C 124. Figure 16-7 The lines in the figures below illustrate the potential effect of entry and exit in a monopolistically competitive market on either the demand curve or the marginal cost curve of existing firms. Refer to Figure 16-7. Which of the diagrams illustrates the impact of some existing firms leaving the market? A) panel a B) panel b C) panel c D) panel d Points Earned: 0.0/1.0 Correct Answer(s): C 125. Table 16-3 This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. Quantity Price Marginal Cost Average Total Cost 0 $10 -- -1 $9 $3 $14 2 $8 $6 $10 3 $7 $9 $9 4 $6 $12 $10 5 $5 $15 $12 6 $4 $18 $14 7 $3 $21 $17 8 $2 $24 $21 9 $1 $27 $25 10 $0 $30 $29 Refer to Table 16-3. What price will this firm charge to maximize profit? A) $6 B) $7 C) $8 D) $9 Points Earned: 0.0/1.0 Correct Answer(s): C 126. Table 16-3 This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. Quantity Price Marginal Cost Average Total Cost 0 $10 -- -1 $9 $3 $14 2 $8 $6 $10 3 $7 $9 $9 4 $6 $12 $10 5 $5 $15 $12 6 $4 $18 $14 7 $3 $21 $17 8 $2 $24 $21 9 $1 $27 $25 10 $0 $30 $29 Refer to Table 16-3. Which of the following is likely to happen in the long run in this market? A) The market is currently in a long-run equilibrium. B) The market price is likely to fall. C) Firms are likely to enter the market since firms are earning a positive economic profit. D) Firms are likely to leave the market since firms are earning a negative economic profit. Points Earned: 0.0/1.0 Correct Answer(s): D 127. Table 16-3 This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. Quantity Price Marginal Cost Average Total Cost 0 $10 -- -1 $9 $3 $14 2 $8 $6 $10 3 $7 $9 $9 4 $6 $12 $10 5 $5 $15 $12 6 $4 $18 $14 7 $3 $21 $17 8 $2 $24 $21 9 $1 $27 $25 10 $0 $30 $29 Refer to Table 16-3. How much profit will this firm earn when it chooses its output to maximize profit? A) a $4 loss B) a $2 loss C) a $6 profit D) a $16 profit Points Earned: 0.0/1.0 Correct Answer(s): A 128. Table 16-4 This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. Quantity Price Marginal Cost Average Total Cost 0 $20 -- -1 $16 $2 $21 2 $12 $4 $12 3 $8 $6 $9.67 4 $4 $8 $9 5 $0 $10 $9 Refer to Table 16-4. What price should this firm charge to maximize profit? A) $4 B) $8 C) $12 D) $16 Points Earned: 0.0/1.0 Correct Answer(s): C 129. Table 16-4 This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. Quantity Price Marginal Cost Average Total Cost 0 $20 -- -1 $16 $2 $21 2 $12 $4 $12 3 $8 $6 $9.67 4 $4 $8 $9 5 $0 $10 $9 Refer to Table 16-4. How much profit will this firm earn at the monopolistically competitive price? A) $0 B) $5 C) $12 D) $16 Points Earned: 0.0/1.0 Correct Answer(s): A 130. Table 16-4 This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. Quantity Price Marginal Cost Average Total Cost 0 $20 -- -1 $16 $2 $21 2 $12 $4 $12 3 $8 $6 $9.67 4 $4 $8 $9 5 $0 $10 $9 Refer to Table 16-4. Which of the following statements regarding this monopolistically competitive firm is correct? A) New firms will enter this market in the long run since firm profits are greater than zero. B) Firms will leave this market in the long run since firm profits are less than zero. C) This firm is currently in long-run equilibrium. D) This firm is currently in long-run equilibrium, and the firm is producing its efficient scale of output. Points Earned: 0.0/1.0 Correct Answer(s): C 131. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 7 $66 8 $78 6 $20 7 $15 8 $10 Refer to Table 16-5. What is the profit-maximizing output for Tracis Hairstyling? A) 3 haircuts B) 4 haircuts C) 5 haircuts D) 6 haircuts Points Earned: 0.0/1.0 Correct Answer(s): B 132. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 6 $20 7 $66 7 $15 8 $78 8 $10 Refer to Table 16-5. When maximizing profit, what price does Tracis charge for a haircut? A) $20 B) $25 C) $30 D) $35 Points Earned: 0.0/1.0 Correct Answer(s): C 133. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 6 $20 7 $66 7 $15 8 $78 8 $10 Refer to Table 16-5. At the profit-maximizing quantity, what is Tracis total profit? A) $30 B) $59 C) $77 D) $84 Points Earned: 0.0/1.0 Correct Answer(s): D 134. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 6 $20 7 $66 7 $15 8 $78 8 $10 Refer to Table 16-5. Given the cost and revenue data, Tracis is A) not in a long-run equilibrium. More businesses will enter the hair salon market in the longrun. B) not in a short-run equilibrium. C) not in a long-run equilibrium. Some businesses currently in the hair salon market will exit the market in the long-run. D) in a long-run equilibrium. Points Earned: 0.0/1.0 Correct Answer(s): A 135. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 6 $20 7 $66 7 $15 8 $78 8 $10 Refer to Table 16-5. If the government required Tracis to produce at the efficient scale of output, how many haircuts would Tracis sell? A) either 3 or 4 B) either 4 or 5 C) either 5 or 6 D) either 6 or 7 Points Earned: 0.0/1.0 Correct Answer(s): B 136. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 6 $20 7 $66 7 $15 8 $78 8 $10 Refer to Table 16-5. If the government forced Tracis to produce at the efficient scale of output, what is the maximum profit Tracis could earn? A) $77 B) $80 C) $84 D) $96 Points Earned: 0.0/1.0 Correct Answer(s): C 137. Table 16-5 Tracis Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for hair cuts at Tracis Hairstyling. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $10 -- 0 $50 -1 $15 1 $45 2 $21 2 $40 3 $28 3 $35 4 $36 4 $30 5 $45 5 $25 6 $55 6 $20 7 $66 7 $15 8 $78 8 $10 Refer to Table 16-5. Suppose the government forced Tracis to produce at the efficient scale of output. Who would be better off as a result of this policy? Who would be worse off as a result of this policy? A) Tracis would be better off; consumers would be worse off. B) Consumers would be better off; Tracis would be worse off. C) No one would be better off; consumers would be worse off. D) No one would be better off; no one would be worse off. Points Earned: 0.0/1.0 Correct Answer(s): D 138. In which of the following market structures can firms earn economic profits in the long run? A) perfect competition B) monopolistic competition C) monopoly D) Both b and c are correct. Points Earned: 0.0/1.0 Correct Answer(s): C 139. Consider monopoly, monopolistic competition, and perfect competition. In which of these three market structures does a profit-maximizing firm charge a price that exceeds marginal cost? A) monopoly only B) monopoly and monopolistic competition only C) monopoly, monopolistic competition, and perfect competition D) The answer cannot be determined without knowing whether the market is in the long run or short run. Points Earned: 0.0/1.0 Correct Answer(s): B 140. Consider monopoly, monopolistic competition, and perfect competition. In which of these three market structures does a profit-maximizing firm experience zero economic profit? A) perfect competition only B) perfect competition and monopolistic competition only C) perfect competition, monopolistic competition, and monopoly D) The answer cannot be determined without knowing whether the market is in the long run or short run. Points Earned: 0.0/1.0 Correct Answer(s): D 141. Firm A is a perfectly competitive firm. Firm B is a monopolistically competitive firm. Both firms are currently maximizing their respective profits. Which of the following statements is correct? A) Both Firm A and Firm B would be eager to make an additional sale. B) Firm A would be eager to make an additional sale, but Firm B would not care whether it made an additional sale or not. C) Firm B would be eager to make an additional sale, but Firm A would not care whether it made an additional sale or not. D) Neither Firm A nor Firm B would care whether it made an additional sale or not. Points Earned: 0.0/1.0 Correct Answer(s): C 142. Under which of the following market structures would consumers likely pay the highest price for a product? A) perfect competition B) monopolistic competition C) oligopoly D) monopoly Points Earned: 0.0/1.0 Correct Answer(s): D 143. Under which of the following market structures would the highest output of a particular good be produced? A) perfect competition B) monopolistic competition C) oligopoly D) monopoly Points Earned: 0.0/1.0 Correct Answer(s): A 144. Under which of the following market structures would consumers likely receive the most product variety? A) perfect competition B) monopolistic competition C) oligopoly D) monopoly Points Earned: 0.0/1.0 Correct Answer(s): B 145. In the long run, a monopolistically competitive firm produces a quantity that is A) equal to the efficient scale. B) less than the efficient scale. C) greater than the efficient scale. D) consistent with diseconomies of scale. Points Earned: 0.0/1.0 Correct Answer(s): B 146. A monopolistically competitive firm has the following cost structure: Output 1 2 3 4 5 6 7 Total Cost($) 30 32 36 42 50 63 77 The firm faces the following demand curve: Price ($) 20 18 15 12 9 7 4 Quantity 1 2 3 4 5 6 7 If the government forces this firm to produce at its efficient scale, it will A) produce 3 units and make $9. B) produce 4 units and make $6. C) produce 5 units and lose $5. D) produce 7 units and lose $49. Points Earned: 0.0/1.0 Correct Answer(s): C 147. In the long run, a firm in a perfectly competitive market operates A) at its efficient scale, and a monopolistically competitive firm operates at efficient scale. B) at its efficient scale, and a monopolistically competitive firm operates with excess capacity. C) with excess capacity, and a monopolistically competitive firm operates with excess capacity. D) with excess capacity, and a monopolistically competitive firm operates at its efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): B 148. Which of the following statements is correct? A) In the long run, both perfectly competitive firms and monopolistically competitive firms operate with excess capacity. B) A firm operates with excess capacity when, in the long run, its level of output is below the efficient scale. C) For any firm, efficient scale is the level of output at which the average-total-cost curve is tangent to the demand curve. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): B 149. A monopolistically competitive firm A) has the usual deadweight loss of monopoly pricing. B) experiences a zero profit in a long-run equilibrium. C) is said to have excess capacity. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 150. In comparison to perfect competition, monopolistic competition is characterized by A) efficient scale. B) pricing at marginal cost. C) excess capacity. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): C 151. In a monopolistically competitive market, social welfare would be enhanced if A) price equaled marginal cost. B) government regulation eliminated the product-variety externality. C) the government raised taxes to subsidize firms that price below average total cost. D) there were fewer firms, making the industry closer to an oligopoly. Points Earned: 0.0/1.0 Correct Answer(s): A 152. Since a firm in a monopolistically competitive market faces a A) downward-sloping demand curve, it will always operate with excess capacity. B) downward-sloping demand curve, it will always operate at its efficient scale. C) perfectly elastic demand curve, it will always operate with excess capacity. D) perfectly inelastic demand curve, it will always operate at efficient scale. Points Earned: 0.0/1.0 Correct Answer(s): A 153. When a firm operates with excess capacity, A) additional production would lower the average total cost. B) additional production would increase the average total cost. C) it must be a perfectly competitive firm. D) it must be a monopolistically competitive firm. Points Earned: 0.0/1.0 Correct Answer(s): A 154. In the long run, a profit-maximizing firm in a monopolistically competitive market operates at A) efficient scale. B) a level of output at which average total cost is rising. C) a level of output at which average total cost is falling. D) the level of output at which total revenue is maximized. Points Earned: 0.0/1.0 Correct Answer(s): C 155. Hotels in New York City frequently experience an average vacancy rate of about 20 percent (i.e., on an average night, 80 percent of the hotel rooms are full). This kind of excess capacity is indicative of what kind of market? A) monopoly B) perfect competition C) monopolistic competition D) oligopoly Points Earned: 0.0/1.0 Correct Answer(s): C 156. Excess capacity is A) an example of the inefficiencies of monopolistically competitive markets. B) a short-run problem but not a long-run problem. C) a characteristic of rising average total cost curves. D) Both a and b are correct. Points Earned: 0.0/1.0 Correct Answer(s): A 157. In a long-run equilibrium, A) excess capacity applies to monopolistically competitive firms but not to competitive firms. B) zero economic profit applies to competitive firms but not to monopolistically competitive firms. C) markup over marginal cost applies to both monopolistically competitive and competitive firms. D) product variety externalities apply to both perfectly competitive firms and monopolistically competitive firms. Points Earned: 0.0/1.0 Correct Answer(s): A 158. Monopolistically competitive firms have excess capacity. To maximize profits, firms will A) increase their output to lower their average total cost of production and eliminate the excess capacity. B) produce where price equals marginal cost to eliminate the excess capacity. C) produce where average revenue equals marginal cost to eliminate the excess capacity. D) maintain the excess capacity. Points Earned: 0.0/1.0 Correct Answer(s): D 159. Which of the following best describes the idea of excess capacity in monopolistic competition? A) Firms produce more output than is socially desirable. B) The output produced by a typical firm is less than what would occur at the minimum point on its ATC curve. C) Due to product differentiation, firms choose output levels where price equals average total cost. D) Firms keep some surplus output on hand in case there is a shift in the demand for their product. Points Earned: 0.0/1.0 Correct Answer(s): B 160. Both monopolistic competition and oligopoly are market structures A) that fail to achieve the total surplus achieved by perfect competition. B) that feature only a few firms in each market. C) to which the concept of Nash equilibrium is frequently applied by economists. D) in which firms earn zero economic profit in the long run. Points Earned: 0.0/1.0 Correct Answer(s): A 161. A monopolistically competitive market could be considered inefficient because A) marginal revenue exceeds average revenue. B) price exceeds marginal cost. C) the efficient scale of production is only achieved in the long run, not in the short run. D) markup pricing does not occur in any other market structure. Points Earned: 0.0/1.0 Correct Answer(s): B 162. The deadweight loss that is associated with a monopolistically competitive market is a result of A) price falling short of marginal cost in order to increase market share. B) price exceeding marginal cost. C) the firm operating in a regulated industry. D) excessive advertising costs. Points Earned: 0.0/1.0 Correct Answer(s): B 163. Monopolistically competitive markets may be socially inefficient because A) most firms produce inferior products. B) government programs cannot effectively regulate price. C) firms earn zero economic profit. D) the market may have too much or too little entry by new firms. Points Earned: 0.0/1.0 Correct Answer(s): D 164. In which of the following market structures do firms produce the welfare-maximizing level of output? A) perfect competition B) monopolistic competition C) monopoly D) Both a and b are correct. Points Earned: 0.0/1.0 Correct Answer(s): A 165. The traditional view of monopolistic competition holds that this type of industrial structure is inefficient because A) there are too few firms to reach an efficient level of production. B) firms do not operate at the output that minimizes average costs. C) more advertising is needed to inform customers about product differences. D) consumers do not have enough choice among the product varieties available. Points Earned: 0.0/1.0 Correct Answer(s): B 166. Monopolistic competition is considered by some to be inefficient because A) price exceeds marginal cost. B) output is excessive. C) long-run profits are positive. D) barriers to entry limit the number of firms in the market. Points Earned: 0.0/1.0 Correct Answer(s): A 167. Monopolistic competition is an inefficient market structure because A) price exceeds marginal cost. B) it has a deadweight loss, just as monopoly does. C) at the equilibrium, some consumers will value the good at more than the marginal cost of production. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 168. Monopolistic competition is an inefficient market structure because A) marginal revenue equals marginal cost. B) it has a deadweight loss, just as monopoly does. C) long-run profits are zero due to free entry. D) All of the above are correct. Points Earned: 0.0/1.0 Correct Answer(s): B 169. Monopolistic competition is an A) efficient market structure because long-run profits are zero. B) efficient market structure because each firm produces at its efficient scale. C) inefficient market structure because there is deadweight loss. D) Both a and b are correct. Points Earned: 0.0/1.0 Correct Answer(s): C 170. Monopolistic competition is an A) inefficient market structure because there is deadweight loss. B) inefficient market structure because price exceeds marginal cost. C) efficient market structure because free entry drives long-run profits to zero. D) Both a and b are correct. Points Earned: 0.0/1.0 Correct Answer(s): D 171. A monopolistically competitive market A) usually has too many firms, reducing the economic profit of each firm to zero. B) usually has too few firms, reducing the product variety for consumers. C) may have too many or too few firms, and the government can intervene to achieve the optimal number of firms. D) may have too many or too few firms, but the government can do little to rectify the situation. Points Earned: 0.0/1.0 Correct Answer(s): D 172. Senator Hubris wants to pass a law that would require all monopolistically competitive firms to operate at their efficient scale. If this law were to pass and be enforced, we would expect that monopolistically competitive firms would A) see their profits increase. B) break even. C) lose money. D) not really be affected by the law. Points Earned: 0.0/1.0 Correct Answer(s): C 173. Regulation of a firm in a monopolistically competitive market A) usually implies a very small administrative burden. B) will lower the firm's costs. C) is commonly used to enhance market efficiency. D) is unlikely to improve market efficiency. Points Earned: 0.0/1.0 Correct Answer(s): D 174. The administrative burden of regulating price in a monopolistically competitive market is A) small due to economies of scale. B) large because price is usually below marginal cost. C) large because of the large number of firms that produce differentiated products. D) small because firms produce with excess capacity. Points Earned: 0.0/1.0 Correct Answer(s): C 175. If regulators required firms in monopolistically competitive markets to set price equal to marginal cost, A) firms would most likely experience economic losses. B) firms would also operate at their efficient scale. C) new firms would likely to enter the market. D) the most efficient firms would not likely to be affected. Points Earned: 0.0/1.0 Correct Answer(s): A 176. If regulators required firms in monopolistically competitive markets to set price equal to marginal cost, A) firms would respond by lowering their costs. B) firms would require a subsidy to stay in business C) new firms that enter the market would operate at efficient scale. D) the most efficient firms would not be affected. Points Earned: 0.0/1.0 Correct Answer(s): B 177. Which of the following represents the best government policy to reduce the deadweight loss associated with a monopolistically competitive market? A) The government should regulate firms in a manner similar to natural monopolies. B) The government should encourage more firms to enter the industry because without government intervention, there are likely to be too few firms. C) The government should encourage some firms to exit the industry because without government intervention, there are likely to be too many firms. D) There is no government policy that can reduce deadweight loss without creating other problems. Points Earned: 0.0/1.0 Correct Answer(s): D 178. Which of the following markets impose deadweight losses on society? (i) perfect competition (ii) monopolistic competition (iii) monopoly A) (i) and (ii) only B) (ii) and (iii) only C) (i) and (iii) only D) (i) only Points Earned: 0.0/1.0 Correct Answer(s): B 179. Monopolistic competition is characterized by i) efficient scale ii) markup pricing over marginal cost iii) deadweight loss iv) excess capacity A) i) and ii) only B) ii) and iv) only C) i), ii), and iii) only D) ii), iii), and iv) only Points Earned: 0.0/1.0 Correct Answer(s): D 180. The product-variety externality is associated with the A) producer surplus that accrues to incumbent firms in a monopolistically competitive industry. B) loss of consumer surplus from exposure to additional advertising. C) consumer surplus that is generated from the introduction of a new product. D) opportunity cost of firms exiting a monopolistically competitive industry. Points Earned: 0.0/1.0 Correct Answer(s): C 181. With respect to monopolistic competition, A) both the business-stealing externality and the product-variety externality are positive externalities. B) the business-stealing externality is a positive externality, while the product-variety externality is a negative externality. C) the business-stealing externality is a negative externality, while the product-variety externality is a positive externality. D) both the business-stealing externality and the product-variety externality are negative externalities. Points Earned: 0.0/1.0 Correct Answer(s): C 182. The fact that monopolistically competitive firms charge a price that exceeds marginal cost is responsible for the A) business-stealing externality that is observed in monopolistically competitive markets. B) product-variety externality that is observed in monopolistically competitive markets. C) inefficiencies of the long-term losses earned by monopolistically competitive firms. D) persistence of positive profits into the long run for monopolistically competitive firms. Points Earned: 0.0/1.0 Correct Answer(s): A 183. When consumers are exposed to additional choices that result from the introduction of a new product, A) their satisfaction is likely to be lowered as a result of their having to make additional choices. B) a product-variety externality is said to occur. C) an advertising externality is said to occur. D) consumers are likely to experience negative consumption externalities. Points Earned: 0.0/1.0 Correct Answer(s): B 184. A business-stealing externality is A) an externality that is likely to be punished under antitrust laws. B) the negative externality that occurs when one firm attempts to duplicate exactly the product of a different firm. C) an externality that is considered to be an explicit cost of business in monopolistically competitive markets. D) the negative externality associated with entry of new firms in a monopolistically competitive market. Points Earned: 0.0/1.0 Correct Answer(s): D 185. When existing firms lose customers and profits due to entry of a new competitor, a A) predatory-pricing externality occurs. B) consumption externality occurs. C) business-stealing externality occurs. D) product-variety externality occurs. Points Earned: 0.0/1.0 Correct Answer(s): C 186. When the loss from a business-stealing externality exceeds the gain from a product-variety externality, A) firms are more likely to operate at efficient scale. B) there are likely to be too many firms in a monopolistically competitive market. C) market efficiency is likely to be enhanced by the entry of new firms. D) all firms are earning economic losses. Points Earned: 0.0/1.0 Correct Answer(s): B 187. The entry of new firms into a monopolistically competitive market is accompanied by A) both positive and negative externalities. B) only positive externalities. C) only negative externalities. D) only private profit opportunities (no externalities). Points Earned: 0.0/1.0 Correct Answer(s): A 188. The product-variety externality arises in monopolistically competitive markets because A) firms produce with excess capacity. B) firms try to differentiate their products. C) firms would like to produce homogeneous products, but the large number of firms prohibits it. D) entry and exit is not restricted. Points Earned: 0.0/1.0 Correct Answer(s): B 189. In a monopolistically competitive market, A) the entry of new firms creates externalities. B) the absence of restrictions on entry by new firms ensures that there will be no deadweight loss. C) there are always too many firms in the market relative to the socially-optimal number of firms. D) firms cannot earn positive economic profits in the short run. Points Earned: 0.0/1.0 Correct Answer(s): A 190. Entry by new firms into a monopolistically competitive market A) creates additional consumer surplus. B) imposes a positive externality on existing firms. C) leads to the same externalities that are observed when new firms enter a perfectly competitive market. D) increases the demand for existing firms products. Points Earned: 0.0/1.0 Correct Answer(s): A 191. Scenario 16-1 Vacation Inns of America (VIA) has recently announced intentions to build a new hotel/resort complex in Myrtle Beach, South Carolina. Assume that the hotel/resort market in Myrtle Beach is characterized by monopolistic competition. Refer to Scenario 16-1. As a result of the new VIA hotel/resort, tourists who stay in Myrtle Beach are likely to experience a A) product-variety externality, which harms consumers. B) product-variety externality, which benefits consumers. C) business-stealing externality, which harms consumers. D) business-stealing externality, which benefits consumers. Points Earned: 0.0/1.0 Correct Answer(s): B 192. Scenario 16-1 Vacation Inns of America (VIA) has recently announced intentions to build a new hotel/resort complex in Myrtle Beach, South Carolina. Assume that the hotel/resort market in Myrtle Beach is characterized by monopolistic competition. Refer to Scenario 16-1. As a result of the new VIA hotel/resort, existing hotels, motels, and lodging facilities in Myrtle Beach are likely to experience a A) product-variety externality, which harms producers. B) product-variety externality, which benefits producers. C) business-stealing externality, which harms producers. D) business-stealing externality, which benefits producers. Points Earned: 0.0/1.0 Correct Answer(s): C 193. Scenario 16-2 McDonalds restaurants has recently announced intentions to open a new restaurant in Smalltown, Indiana. Assume that the fast-food restaurant market in Smalltown is characterized by monopolistic competition. Refer to Scenario 16-2. As a result of the new McDonalds, residents of Smalltown are likely to benefit from A) a product-variety externality. B) a business-stealing externality. C) the fact that McDonalds will increase its production to achieve the efficient scale. D) Both b and c are correct. Points Earned: 0.0/1.0 Correct Answer(s): A 194. Scenario 16-2 McDonalds restaurants has recently announced intentions to open a new restaurant in Smalltown, Indiana. Assume that the fast-food restaurant market in Smalltown is characterized by monopolistic competition. Refer to Scenario 16-2. As a result of the new McDonalds, existing fast food restaurants in Smalltown are likely to A) suffer from a product-variety externality. B) suffer from a business-stealing externality. C) increase their production to achieve the efficient scale. D) Both b and c are correct. Points Earned: 0.0/1.0 Correct Answer(s): B

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University of Texas - CHE - 333T
 OWL website:owl.english.purdue.eduPurdue University Writing LabChE Style is a variation of APAIn parenthetical citations, list the pagenumber only. Write “(7),” not “(p. 7).”Some professors request headings andsubh
Chattahoochee Valley Community College - ECON - 101
Chapter 171. In the language of game theory, a situation in which each person mustconsider how others might respond to his or her own actions is called aC) strategic situation.2. In general, game theory is the study ofA) how people behave in strategi
Chattahoochee Valley Community College - ECON - 101
Chapter 181. In 2008, the total income of all U.S. residents was aboutA) $12 billion.B) $14 billion.C) $12 trillion.D) $14 trillion.Points Earned: 0.0/1.0Correct Answer(s): D2. Capital, labor, and landA) have derived demands.B) are factors of pr
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 180.00Percentage 0%1. Effective minimum-wage laws will most likelyA) increase demand for labor.B) create a surplus of labor.C) increase incomes for all unskilled workers.D
Chattahoochee Valley Community College - ECON - 101
1. The average income in a rich country, such as the United States or Japan, is more thanA) 3 times, but less than 5 times, the average income in a poor country, such as Indonesia orNigeria.B) 5 times, but less than 10 times, the average income in a po
Chattahoochee Valley Community College - ECON - 101
1. Most financial decisions involve two related elements:A) advice and consent.B) investment and taxes.C) time and risk.D) saving and consumption.Points Earned: 0.0/1.0Correct Answer(s): C2. The field of finance primarily studiesA) how society man
Chattahoochee Valley Community College - ECON - 101
1. For a certain firm, the 100th unit of output that the firm produces has a marginal revenue of$10 and a marginal cost of $11. It follows that theA) production of the 100th unit of output increases the firm's profit by $1.B) production of the 100th un
Chattahoochee Valley Community College - ECON - 101
For economists, the word &quot;utility&quot; means:A. versatility and flexibility.B. rationality.C. pleasure and satisfaction.D. purposefulness.Points Earned: 0/1Correct Answer: CYour Response:2. In economics, the pleasure, happiness, or satisfaction receiv
Chattahoochee Valley Community College - ECON - 101
1. The two general types of economic systems that exist today are:A. market systems and capitalism.B. socialism and central planning.C. market systems and command systems.D. laissez faire systems and pure command systems.Points Earned: 0/1Correct An
Chattahoochee Valley Community College - ECON - 101
1. A market:A. reflects upsloping demand and downsloping supply curves.B. entails the exchange of goods, but not services.C. is an institution that brings together buyers and sellers.D. always requires face-to-face contact between buyer and seller.Po
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 04 The U.S. Economy: Private and Public SectorsYour response has been submitted successfully.-Points Awarded 0Points Missed 227Percentage 0%1. The personal distribution of income refers to the:A. division of income between pers
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 06 An Introduction to MacroeconomicsYour response has been submitted successfully.-Points Awarded 1Points Missed 103Percentage 1%1. Macroeconomics is mostly focused on:A. the individual markets within an economy.B. only the la
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 07 Measuring Domestic Output and National IncomeYour response has been submitted successfully.-Points Awarded 0Points Missed 193Percentage 0%1. The National Income and Product Accounts (NIPA) help economists and policymakers to:
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 08 Economic GrowthYour response has been submitted successfully.-Points Awarded 0Points Missed 156Percentage 0%1. Economic growth is best defined as an increase in:A. either real GDP or real GDP per capita.B. nominal GDP.C. t
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 09 Business Cycles, Unemployment, and InflationYour response has been submitted successfully.-Points Awarded 0Points Missed 146Percentage 0%1. Recurring upswings and downswings in an economy's real GDP over time are called:A. r
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 10 Basic Macroeconomic RelationshipsYour response has been submitted successfully.-Points Awarded 0Points Missed 204Percentage 0%1. The most important determinant of consumer spending is:A. the level of household borrowing.B.
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 11 The Aggregate Expenditures ModelYour response has been submitted successfully.-Points Awarded 0Points Missed 260Percentage 0%1. John Maynard Keynes created the aggregate expenditures model based primarily on whathistorical e
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 12 Aggregate Demand and Aggregate SupplyYour response has been submitted successfully.-Points Awarded 0Points Missed 178Percentage 0%1. The aggregate demand curve:A. is upsloping because a higher price level is necessary to mak
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 13 Fiscal Policy, Deficits, and DebtYour response has been submitted successfully.-Points Awarded 0Points Missed 219Percentage 0%1. The group of three economists appointed by the President to provide fiscal policyrecommendation
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 14 Money and BankingYour response has been submitted successfully.-Points Awarded 0Points Missed 125Percentage 0%1. To say money is socially defined means that:A. money has been defined in a Constitutional amendment.B. whateve
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 15 Money Creation-1. The goldsmith's ability to create money was based on the fact that:A. withdrawals of gold tended to exceed deposits of gold in any given time period.B. consumers and merchants preferred to use gold for transac
Chattahoochee Valley Community College - ECON - 101
Testbank 01 - Chapter 16 Interest Rates and Monetary Policy-1. The transactions demand for money is most closely related to money functioning as a:A. unit of account.B. medium of exchange.C. store of value.D. measure of value.Points Earned: 0/1Corr
Chattahoochee Valley Community College - ECON - 101
Chapter 17 Financial Economics-1. What are the two most important factors influencing investor preferences?A. The desire for high rates of return and the thrill of uncertainty.B. The desire for high rates of return and dislike of risk and uncertainty.
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 1.00Points Missed 69.00Percentage 1.4%1. In China, which of the following would be a resource in the production of rice?A) laborB) capital equipmentC) fertile landD) all of the aboveFeedba
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 80.00Percentage 0%1. A simplified representation that is used to study that real situation is called:A) a model.B) a production possibilities frontier.C) an assumption.D)
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 1.00Points Missed 88.00Percentage 1.1%1. The Kansas market for corn is considered a competitive market. This means there are_ buyers and _ sellers of corn in Kansas.A) many; fewB) few; many
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 81.00Percentage 0%1. A binding price ceiling is designed to:A) keep prices low.B) increase the quality of the good.C) prevent shortages.D) none of the above.Feedback:Lev
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 90.00Percentage 0%1. The only producer of chocolate bunnies in the world, Choco's Bunny Company, recentlyexpanded its production capacity from 1,000 bunnies per day to 2,000
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 80.00Percentage 0%1. In many parts of the United States when Wal-Mart opens a new store, some smaller retailersgo out of business. One of the reasons for this development cou
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 82.00Percentage 0%1. Jacquelyn is a student at a major state university. Which of the following is not an exampleof an explicit cost of her attending college?A) tuitionB) t
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 1.00Points Missed 87.00Percentage 1.1%1. In the short run:A) all inputs are fixed.B) all inputs are variable.C) some inputs are fixed and some inputs are variable.D) all costs are variable.
Chattahoochee Valley Community College - ECON - 101
1. If a Florida strawberry wholesaler is in a perfectly competitive market, that wholesaler willhave a _ share of the market, and consumers will consider her strawberries to be _.Therefore, _ advertising will take place in this market.A) large; standar
Chattahoochee Valley Community College - ECON - 101
1. G. Reecy's Hamburger Joint is a fast-food restaurant that specializes in hamburgers. It usesinputs and factors of production in the production process. Which of the following is a factor ofproduction?A) the raw meat used for the hamburgersB) the ha
Chattahoochee Valley Community College - ECON - 101
1. Market structures are categorized by the following two criteria:A) the number of firms and the size of the firms.B) whether or not products are differentiated and the extent of advertising.C) the number of firms and whether products are differentiat
Chattahoochee Valley Community College - ECON - 101
1. In an oligopoly:A) there are a few sellers.B) there are some barriers to entry.C) firms recognize their interdependence.D) all of the above are true.Feedback:Level: MPage: 364Topic: Prevalence of oligopolyPoints Earned: 0.0/1.0Correct Answer(
Chattahoochee Valley Community College - ECON - 101
1. Which of the following industries is most likely to be monopolistically competitive?A) automobilesB) fresh bagel shopsC) cornD) an electric utilityFeedback:Level: EPage: 389Topic: The meaning of monopolistic competitionPoints Earned: 0.0/1.0C
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 85.00Percentage 0%1. Goods and services purchased from abroad are _, while goods and services soldabroad are _.A) exports; importsB) imports; exportsC) exports; quotasD)
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 76.00Percentage 0%1. A market economy, without any government regulation, will produce:A) too little pollution.B) too much pollution.C) the social optimally quantity of pol
Chattahoochee Valley Community College - ECON - 101
Maximum number of choices allowed is cfw_0.Points Awarded 0.00Points Missed 78.00Percentage 0%1. Which of the following is an example of a nonexcludable good?A) police protectionB) national defenseC) coast-guard servicesD) all of the aboveFeedbac
ASU - GCU - 351
Population Study Guide Exam 3Chapters 9, 10If you do not have the 9th edition, your page numbers will be different. See me (email me) to borrow my bookor ask a classmate if you can check page numbers.Chapter 9 Population &amp; the Environment1. p. 261. W
Strayer - BUSINESS - 6501
Week Three Homework Assignment - Linear RegressionThe personnel director for a local manufacturing firm has received complaints from theemployees in a certain shop regarding what they perceive to be inequities in the annualsalary for employees who have
UNSW - MGMT - 3721
DistributiveSecret WeaponDraft 20 Mar 2013Planning Points WorksheetConcession Plan: Number of steps will vary accordingto circumstances.SELLERTarget PriceResistance PointOpening OfferWhat will SELLER give away to reach an agreementMarketDescri
Acton School of Business - ECONOMICS - egj
Exchange rates and the economy In this lecture we will model the operationof our IS-LM model in an open economywith fixed or floating exchange rates. An open economy has two meanings here: Goods market: trades goods and services Financial market: al
LSU - BIOL - 1001
Quote of the DayScience can only ascertain whatis, but not what should be, andoutside of its domain valuejudgments of all kinds remainnecessary.- Albert Einstein.Next ClassPre-Read Chapter 11Pages 184-206What is Life?What characteristics do you
LSU - BIOL - 1001
BIOL 1001 learning Objectives (Draft II)1) Describe the basic model of DNA Structure, including the directionality of thebackbones.2) Use the basic process of DNA replication to solve replication problems.3) Describe the differences between karyokines
LSU - BIOL - 1001
BIOL 1001 learning Objectives (Draft II)1) Describe the basic model of DNA Structure, including the directionality of thebackbones.2) Use the basic process of DNA replication to solve replication problems.3) Describe the differences between karyokines
LSU - BIOL - 1001
BIOL 1001 learning Objectives (Draft)1) Describe the basic model of DNA Structure, including the directionality ofthe backbones.2) Use the basic process of DNA replication to solve replication problems.3) Describe the differences between karyokinesis
LSU - BIOL - 1001
Quote of the DayThe abdomen, the chest, and thebrain will forever be shut from theintrusion of the wise and humanesurgeon.- Sir John Eric Ericksen, British surgeon,appointed Surgeon- Extraordinary toQueen Victoria 1873Next ClassPre-read Sections
LSU - BIOL - 1001
Quote of the DayScience is what you know.Philosophy is what you don'tknow.- Bertrand Russell (1872-1970)English philosopher,mathematicianNext ClassPre-read Pages sections12.5-12.9Genetics Problems end of Chap.12Figure 11.11Figure 11.11A dipl
LSU - BIOL - 1001
Quote of the DayWho the hell wants to hearactors talk?.- H.M. Warner, Warner Brothers,1927Next ClassNo New ReadingProblems end of Chap. 12Think of an inherited disease thatyou would like to know moreaboutMonohybrid Cross (Flower Color)PPurple
LSU - BIOL - 1001
Quote of the DayThe problem with the gene poolis that there is no lifeguard.- Steven WrightNext ClassPre-Read Sections 10.110.3R/r Y/y X R/r Y/yWhat is the probability of producingan offspring with the genotypeR/- Y/yR/r Y/y A/a X R/r Y/y A/AWh
LSU - BIOL - 1001
Quote of the DayScience is the labor andhandicraft of the mind ..- Francis BaconNext ClassPre-read pages 196-206How is DNA CopiedHow do you makeexact copies?What does thestructure of DNA tellyou about how tocopy it?DNA replication occurs in
LSU - BIOL - 1001
Quote of the DayWhatisascientistafterall?Itisacuriousmanlookingthroughakeyhole,thekeyholeofnature,tryingtoknowwhat'sgoingon.- Jacques Yves CousteauFinal ExamWednesday 12 May12:30-2:30Exam ReviewSunday 6-8pmLocation 103 WilliamsEnergy Transform
LSU - BIOL - 1001
Quote of the DayLouis Pasteur's theory ofgerms is ridiculous fiction.-Pierre Pachet, Professor ofPhysiology at Toulouse,1872.Next ClassPre-Read Chapter 8Next ClassView simulation of transcriptionInstructions in MOODLENext ClassPhenylketonuria
LSU - BIOL - 1001
Quote of the DayThe only thing thatinterferes with my learningis my education.-Albert Einstein1Final ExamWednesday 12 May12:30-2:30Exam Review?Sunday 6-8pm?Location ?Next ClassPre-Read Chapter 7View simulation of translationOne question tha
LSU - BIOL - 1001
Quote of the DayWhoever undertakes to set himself up asjudge in the field of truth and knowledgeis shipwrecked by the laughter of theGods.-Albert EinsteinPick up 1 index card, if youdont already have onePre-Reading for Next ClassPages 58-77Weekl
LSU - BIOL - 1001
BIOL 1001 Section 004Revised Schedule of Topics (30 March-6 May)DateMarch 30Major TopicGeneticsDetailed TopicDNA Structure andReplicationApril 1GeneticsApril 13GeneticsApril 15GeneticsCell Division(Mitosis)Cell Division(Meiosis)Mendelia
LSU - BIOL - 1001
BIOL 1001 student issuesI was absent from class on Thursday 4/22 because I was involved in a car accident onWednesday 4/21. I have a doctor's note from the hospital excusing me from school andI was wondering if there was any way I could make up the qui
LSU - BIOL - 1001
Quote of the DayWhatisascientistafterall?Itisacuriousmanlookingthroughakeyhole,thekeyholeofnature,tryingtoknowwhat'sgoingon.- Jacques Yves CousteauBears have a tissue known as brown fat. Inthese cells the mitochondria have a specialprotein known a
LSU - BIOL - 1001
Quote of the DayIf a bear in Yosemite and a bearfrom Alaska fall into the water,which one dissolves faster?The one in Alaska, because it isPolar- Anonymous.A cell with a cell membrane, DNA,and ribosomes could be:1.2.3.4.procaryoticeucaryotic
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Meiosis FiguresFigure 11.11Figure 11.11