homework 7_1-1

homework 7_1-1 - Econ 2005: Principles of Microeconomics...

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Econ 2005: Principles of Microeconomics Dr. Gebre Gebremariam Spring 2008 Homework 7 Due Date: Monday, 7 April 2008, at the end of class    Choose the one alternative that best completes the statement or answers the question and blacken the circle that corresponds  to your answer in the Scantron separately provided  1) 
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An  oligopoly is an industry market structure with  A) 
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many firms  each able to differentiate their product.  B) 
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a small number  of firms each large enough to impact the market price of its output.  C) 
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many firms  each too small to impact the market price.  D) 
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a single firm in  which the entry of new firms is blocked.    Refer to the information provided in Figure 13.4 below to answer the questions that follow. Figure 13.4   2) 
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Refer to  Figure 13.4. This firm's total revenue will be maximized at a price of  A) 
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$10. 
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B) 
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$8. 
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C) 
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$12. 
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D)  $ 6   Refer to the  information  provided in  Figure 13.9  below to  answer the  questions  that follow. Figure 13.9   R
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BEC
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B) 
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FGBE
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C) 
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FGBC
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D)  F A   W d i s c o unted  coffee for  senior  citizens at  restaurants  s t u d ent  discounts at  movie  theaters    Th Antitrust Division of the Justice  Department 
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has established  a set of trade regulations that make clear what practices it deems unfair and subject to action.  B) 
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initiates action  against antitrust law violators and decides which cases to prosecute.  C) 
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can issue cease- and-desist orders to offenders.  D) 
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is composed of  five members appointed by the president and confirmed by the Senate for terms of seven years.    6) 
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The  biggest problem with the Sherman Antitrust Act of 1890 was that it was unclear what  A) 
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specific acts  were to be considered "restraints of trade."  B) 
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"price  discrimination" was.  C) 
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"substantially  lessen competition" meant.  D) 
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"tying  contracts" were.    Refer to the information provided in Figure 13.7 below to answer the questions that follow. Figure 13.7   7) 
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Refer to  Figure 13.7. The Memory Company's profit-maximizing level of output is ________ high school yearbooks.  A) 
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350 
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homework 7_1-1 - Econ 2005: Principles of Microeconomics...

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