Q11Rachel - Review Assessment: Q 11 Question 1...

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Review Assessment: Q 11 Question 1 0 out of 1 points Concentration ratios: Selected Answer: provide detailed insights as to the price and output behavior of firms which comprise the various industries. Correct Answer: may understate the degree of competition because they ignore imported products. Question 3 0 out of 1 points A kink may exist in an oligopolist's demand curve because: Selected Answer: the firm will ignore price cuts by rivals, but will match their price increases. Correct Answer: an abrupt change in price elasticity occurs. Question 4 0 out of 1 points Monopolistic competition resembles pure competition because: Selected Answer: in both instances firms will operate at the minimum point on their long-run average total cost curves. Correct Answer: barriers to entry are either weak or nonexistent. Question 5 0 out of 1 points In comparing the demand curve of a pure monopolist with that of a monopolistically competitive firm, we would expect the monopolistic competitor to have a: Selected Answer: perfectly elastic demand curve and the monopolist to have a perfectly inelastic demand curve. Correct Answer: generally more elastic demand curve. Question 6 0 out of 1 points
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The purely competitive market model is portrayed in the above figures by: Selected Answer: Both Figures B and D. Correct Answer: Figure B. Question 7 1 out of 1 points Refer to the above diagram for a monopolistically competitive producer. The firm is: Selected Answer: realizing a normal profit in the long run. Correct Answer: realizing a normal profit in the long run. Question 8 1 out of 1 points The presence of advertising in a particular market: Selected Answer: may or may not mean substantial monopoly power in the industry. Correct Answer: may or may not mean substantial monopoly power in the industry. Question 0 out of 1 points
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9 If the four-firm concentration ratio for industry X is 80: Selected Answer: each of the four largest firms accounts for 20 percent of total sales. Correct Answer: the four largest firms account for 80 percent of total sales. Question 10 0 out of 1 points Monopolistically competitive and purely competitive industries are similar in that: Selected Answer: the demand curves facing individual firms are perfectly elastic in both industries. Correct Answer: there are few, if any, barriers to entry. OL_MICROECONOMIC PRINCIPLES_3165A783 > TESTS/QUIZZES > REVIEW ASSESSMENT: Q 11 Review Assessment: Q 11 Name Q 11 Status Completed Score 3 out of 10 points Time Elapsed 0 hours, 0 minutes, and 29 seconds out of 0 hours and 30 minutes allowed. Instructions Question 1 0 out of 1 points Refer to the above diagram for a monopolistically competitive firm. If more firms would enter the industry and product differentiation would weaken: Selected Answer: equilibrium output would decline and equilibrium price would rise.
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Q11Rachel - Review Assessment: Q 11 Question 1...

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