Quiz 5 - Nov. 15 - WITH ANSWERS

Quiz 5 - Nov. 15 - WITH ANSWERS - QUIZ #5 NOV. 15 Olivier...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
QUIZ #5 – NOV.  15 Olivier Giovannoni 304K: Introduction to Microeconomics
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Question 1 One important difference between monopoly and monopolistic competition is: A) the slope of the demand curve that the firms faces. B) the greater restriction of output in monopolistic competition. C) that there are no barriers to entry in monopolistic competition (86%). D) that the marginal revenue and demand curves are the same for a monopoly. Question 2 In this figure, if output is restricted to 200 cans/day, excess capacity is _____cans/day A) more than 401 B) between 201 and 400 (75%) C) zero D) between 0 and 200
Background image of page 2
Question 3 In the same figure, the sales price is A) $0.50 B) $1 C) $1.50 (85%) D) $2.50 Question 4 In the same figure, the mark-up is A) $0.50 B) $1 (68%) C) 200 cans/day D) impossible to tell Question 5 if all firms are monopolistically competitive and are facing the above demand and cost curves, then over the long run A) some firms will enter the market (75%) B) some firms will exit the market C) there is no incentive to enter or exit D) impossible to tell The mark up is the difference between  the price and the marginal cost
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Question 6 In the prisoners' dilemma game, when each player takes the best possible action given the action of the other player, ________. A) a competitive equilibrium is reached B) a Nash equilibrium is reached (86%) C) one player denies and one player confesses D) both players deny Question 7 In monopolistically competitive industries, A) product variety is the same as in perfectly competitive industries. B)
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 13

Quiz 5 - Nov. 15 - WITH ANSWERS - QUIZ #5 NOV. 15 Olivier...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online