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Blackboard Learn (3) - Copy - Blackboard Learn 10f3...

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Unformatted text preview: Blackboard Learn 10f3 http://leam.vccs.edu/webapps/assessment/reVieW/review.j sp?attemptiid... LF298.ECO.202.1WOV.FA11 - ([Fall 2011] ECO 202-1WOV: Principles of Microeconomics) Assignments quiz4c Review Test Submission: quiz4c 502—1w0v5 Principles of Microeconomics) a 4 User Submitted Name Status Score Instructions vi Review Test Submission: quiZ4c Nicholas Ryan Fields 9/25/11 6:37 PM quiz4c Completed 18 out of 20 points Question 1 1 out of1 points The Sherman Act was designed to: Question 2 Selected Answer: % make monopoly and acts that restrain trade illegal. 1 out of1 points The Clayton Act of 1914: Selected Answer: Question 3 Question 4 outlawed price discrimination, tying contracts, intercorporate stockholding, and interlocking directorates that lessen competition. 1 out of 1 points The main purpose of the antitrust laws is: Selected Answer: % to prevent the monopolization of industries. 1 out of 1 points The rule of reason indicated that: Selected Answer: Question 5 3% only contracts and combinations that unreasonably restrain trade violate the antitrust laws. 1 out of 1 points Structuralists take the position that: /, Selected “W Answer: 3/2 an industry that has a monopolistic structure will behave monopolistically. OK 9/25/2011 6:38 PM Blackboard Learn 20f3 http://leam.vccs.edu/webapps/assessment/reVieW/review.j sp?attemptiid... Question 6 1 out of1 points Behavioralists believe that: Selected ;« «a Answer: industries should be judged on the basis of their price-output behavior and their technological progressiveness. Question 7 1 out of1 points Afirm is likely to be a natural monopoly: Selected % if economies of scale are experienced over the full range of output. Question 8 0 out of1 points Which of the following is characteristic of a regulated natural monopoly? Selected Answer: E extensive economies of scale Question 9 1 out of1 points A major criticism of industrial regulation is that: / Selected 35$ 4&3 Answer: by allowing a fair return price, it gives natural monopolists little incentive to contain costs. Question 10 1 out of1 points The legal cartel theory of regulation argues that: / Selected {/62 ' 4&1 Answer: firms in certain industries want to be regulated rather than face the rigors of competition Question 11 0 out of1 points The main purpose of industrial regulation is to: M Selected Answer: y; ««««« 4a . . . break monopolies Into competing firms. Question 12 1 out of1 points Critics of industrial regulation say that such regulation: Selected Answer: %; contributes to X-inefficiency. Question 13 1 out of1 points A monopolistically competitive industry combines elements of both (3 competition and monopoly. The monopoly element results from: «a Selected Answer: % product differentiation. Question 14 1 out of1 points 9/25/2011 6:38 PM Blackboard Learn 3of3 http://leam.vccs.edu/webapps/assessment/reVieW/review.j sp?attemptiid... Monopolistically competitive and purely competitive industries are similar in that: 4/ Selected Answer: % there are few, if any, barriers to entry. Question 15 1 out of1 points In the long-run, economic theory predicts that a monopolistically competitive firm will: 4/3 a «g Selected Answer: % have excess production capacity. Question 16 1 out of1 points The mutual interdependence that characterizes oligopoly arises because: M Selected K4» a Answer: a small number of firms produce a large proportion of industry output. Question 17 1 out of1 points Oligopolistic firms engage in collusion to: Selected Answer: % earn greater profits. Question 18 1 out of1 points Cartels are difficult to maintain in the long run because: Selected {/{fi {é Answer: individual members may find it profitable to cheat on agreements. Question 19 1 out of1 points Monopolistic competition and oligopoly are alike in that: Selected Answer: {/{fi nonprice competition is common to both. Question 20 1 out of1 points Suppose that an industry is characterized by a few firms and price leadership. We would expect that: Selected % Answer: price would exceed both marginal cost and average total cost Sunday, September 25, 2011 6:38:04 PM EDT 9/25/2011 6:38 PM ...
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