fall 2008 exam 6

fall 2008 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00pm TR...

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ECON 2106 Shelby Frost Exam 3 1:00pm TR Fall 2008 Version A Page 1 Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron where it reads “Test Form”. When you submit your scantron for grading, you must turn in a signed copy of this page. Failure to do so will result in earnings of $0 for this exam. You may keep the questions for your record of what answers you marked. An answer key will be posted in webct after the exam is over so you can grade your own work. Tear this page off and turn it in when you turn in your scantron; keep the other pages for yourself. Honesty Oath: By signing below, I certify that I have adhered to the GSU Policy on Academic Honesty. The GSU Policy on Academic Honesty includes the following: “B. Cheating on Examinations: Cheating on examinations involves giving or receiving unauthorized help before, during, or after an examination. Examples of unauthorized help include the use of notes, computer based resources, texts, or "crib sheets" during an examination (unless specifically approved by the faculty member), or sharing information with another student during an examination (unless specifically approved by the faculty member). Other examples include intentionally allowing another student to view one's own examination and collaboration before or after an examination if such collaboration is specifically forbidden by the faculty member.” Print name: _____________________ Signature: ___________________________
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ECON 2106 Shelby Frost Exam 3 1:00pm TR Fall 2008 Version A Page 2 Multiple Choice: Choose the one alternative that best completes the statement or answers the question. 1. The following are four differences between monopoly and perfect competition. Which of these is incorrect ? A) A monopoly will charge a higher price and produce a smaller quantity than a competitive market with the same demand and cost structure. B) Monopoly profits can continue to exist in the long run, because the monopoly produces more and charges a higher price than a comparable perfectly competitive industry. C) Unlike a perfectly competitive firm, a monopoly can make positive economic profits in the long run. D) A monopolist has market power while a perfect competitor does not. Use the following to answer question 2: Table: Prices and Demand Quantity of hats demanded Price per hat 0 $30 1 28 2 26 3 24 4 22 5 20 6 18 7 16 8 14 2. (Table: Prices and Demand) Prof. Dumbledorr has a monopoly on magic hats. He sells at most 1 hat to each customer, and the accompanying table shows each customer's willingness to pay. The marginal cost of producing a hat is $18. How many hats should Prof. Dumbledorr produce, and what price should he charge to maximize his profits? A)
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fall 2008 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00pm TR...

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