Econ434MC11A

Econ434MC11A - . . Topic 11: Industrial Organization...

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. Topic 11: Industrial Organization (S-C-P) 1. Knut Wicksell, working in the early 20 th century, recognized that it is likely that any given firm, over time, experiences returns to scale that are first, increasing, then constant, and then decreasing. This realization allowed him to develop the: (a) S-shaped short run supply-demand coaxial curve. (b) long run U-shaped average cost curve. (c) long run economies of scope theory. (d) first isoquant curves. (e) short run theory of the firm’s marginal costs. 2. If a monopolist’s demand curve is downward sloping and linear, then its total revenue curve should resemble a/an: (a) U-shape. (b) positively sloped linear curve. ( c) inverted U. (d) rectangular hyperbola. 3. Which of the following is NOT a requirement for perfect competition? (a) perfect mobility. (b) many buyers and sellers. (c) homogeneous goods. (d) limited entry and exit. 4. Models of perfect competition do not include an assumption of: (a) freedom of entry and exit in the long run. (b) large number of buyers and sellers. ( c) h eterogeneous products . ( d) symmetric and reasonably complete information on the parts of all market participants. 5. Edward Chamberlin’s major contributions were to development and refinement of value theory and the theory of: (a) the structure-conduct-performance paradigm of industrial organization. (b) surplus value. (c) land rents. (d) the equimarginal principle. (e) relationship between price levels and the money supply. 6. The idea that monopolistically competitive firms engage in both price and non-price competition was first advanced by: ( a) Edwin Chamberlin. (b) Joan Robinson. (c) A.A. Cournot. (d) William Stanley Jevons. (e) Thorstein Veblen. 7. Brand names, copyrights, trademarks, and economic space. (geographic advantages in a particular market) were of particular interest to Edwin H. Chamberlin because they are all: (a) examples of economic maturity in consumer goods markets. (b) mechanisms that help monopolistically competitive firms gain control over prices. (c) advertising gimmicks that sustain and enrich big business at the expense of society. (d) major characteristics of an “ affluent society .” 8. Markets in which, contrary to the assumptions of models of pure competition, many sellers offer slightly differentiated products, were largely ignored by economists prior to the writings of: (a) Edwin H. Chamberlin. (b) Joan Robinson. (c) Joseph A. Schumpeter. (d) Eugen von Bohm- Bawerk. (e) Gary Becker. 9. In combination with the prevalence of price discrimination, the adage, “variety is the spice of life,” may be a partial rebuttal for the view that product differentiation is inefficient, which was central to the theory of: (a) utility maximization developed by William Stanley Jevons. (b) duopoly developed by A.A. Cournot and Jules Dupuit. (c) oligopoly developed by Joan Robinson. (d) games developed by Jon von Neumann and Oskar Morgenstern. (e) monopolistic competition developed by Edward
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Econ434MC11A - . . Topic 11: Industrial Organization...

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