spring 2008 exam 6

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

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ECON 2106 Shelby Frost Exam 3 1:00 TR Spring 2008 Version A 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 1:00 TR Spring 2008 Version A Page 1 Name: __________________________ Date: _____________ Multiple Choice: Choose the one alternative that best completes the statement or answers the question. 1. Suppose a monopoly is producing at the profit-maximizing level of output. At that level of output: A) price is less than marginal cost. B) marginal revenue is less than marginal cost. C) marginal revenue equals marginal cost. D) marginal revenue is greater than marginal cost. 2. Many hotel chains offer discounts for senior citizens. This is an example of _______ that is _______ in the United States. A) price discrimination; legal C) single-price monopoly power; legal B) market power; illegal D) price discrimination; illegal Use the following to answer question 3: Table: Utility U n i t s 012345 67 T o t a l u t i l i t y 02 03 54 55 05 0 4 53 5 3. (Table: Utility) The marginal utility for the second unit is: A) 10. B) 35. C) 5. D) 15. 4. A natural monopoly is one that: A) is based on control of something occurring in nature (such as diamonds). B) typically has low fixed costs, making it easy and “natural” for it to shut out competitors. C) monopolizes a natural resource such as a mineral spring. D) has economies of scale over the entire relevant range of output.
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ECON 2106 Shelby Frost Exam 3 1:00 TR Spring 2008 Version A Page 2 5.
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spring 2008 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00 TR...

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