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Quiz 3 - March 5 - WITH ANSWERS

Quiz 3 - March 5 - WITH ANSWERS - 304K Introduction to...

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304K: Introduction to Microeconomics // unique  33685 Quiz #3 – March 5 1.Please pay attention when filling in the scantron ! 1.20 questions, 20 minutes. No going back to any  question. 1.Typically: the results and an answer sheet are posted  before the next class day, when  some of  the results will 
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2 1 6 2 7 8 13 12 16 33 46 40 32 19 0 10 20 30 40 50 Frequency 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 score Number of Students=237 Min=35; Max=100; Mean=81.5 Mean=81.5 Grade Distribution for Quiz #3
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Question 1 A market structure in which a small number of firms compete  is called  A)  perfect competition.  B)  monopoly.  C)  oligopoly.  D)  monopolistic competition.  Question 2 If an industry has a four-firm concentration ratio equal to one  hundred percent, then it is definitely the case that the  industry is  A)  monopolistically competitive.  B)  either a monopoly or an oligopoly. (38%) C)  a monopoly.  D)  perfectly competitive.  If 4 firms account for 100% of the sales, then we are dealing with an oligopoly. Alternatively there may only be 1 firm, hence monopoly is a possibility as well. B is a smarter choice than C.
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Question 3 A command system is a method of coordinating the  productive resources that a firm hires. It  A)  is the same as using an incentive systems.  B)  uses the invisible hand of the market.  C)  completely overcomes the principal-agent problem.  D)  is based on a managerial hierarchy.  Question 4 Which of the following firms has unlimited liability?
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