quiz5 - Quiz 5 1. Count the number of letters in your last...

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Quiz 5 1. Count the number of letters in your last name. Add 4 to this number. The result is in which interval? a)[0,7] b)[8,10] c)[11,12] d)[13,15] e)[15,1000]
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2. Which of the following products/services is an example of market power caused by economies of scale? a)Apple iPod. b) GSK’s patented HIV drug Combivir. c)New York subway service. d)Rolex watches. e) none of the above.
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3.Monopoly power is best described as: a) the ability to charge the profit-maximizing price. b) the ability to produce the profit-maximizing output level. c) the ability to set marginal revenue above marginal cost. d)the ability to earn economic profits without causing new firms to enter the market.
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This note was uploaded on 07/01/2011 for the course ECO 304K taught by Professor Hickenbottom during the Fall '10 term at University of Texas.

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quiz5 - Quiz 5 1. Count the number of letters in your last...

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