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final_mircoex

final_mircoex - Time Remaining 1 Price discrimination...

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Time Remaining: 1. Price discrimination is _____. (Points: 4) illegal in most economically developed nations very rare in a market economy common, and evidence of monopoly all of the above 2. Market power is the ability _____. (Points: 4) to set prices and quantities sold of capitalists to exploit the working classes to set prices all of the above 3. Which of the items below are examples of monopolistic competition, also known as imperfect competition? (Points: 4) patent, copyright, and trademark professional licensing and labor unions local shops and restaurants all of the above none of the above 4. In what kind of market is a firm un able to influence the price of its output? (Points: 4) price maker monopoly imperfect monopoly perfectly competitive 5. When the quantity sold of a good changes significantly in response to changes in price, its demand is _____. (Points: 4) identical to his supply curve identical to marginal cost highly elastic highly inelastic 6. Different individuals can earn different incomes because _____. (Points: 4) they are discriminated against, based on ethnicity, gender, race, or other traits they have different levels of education and experience they live in different geographic areas with different employment opportunities any or all of the above could be reasons
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7. When a firm's revenues rise more quickly than its costs, _____. (Points: 4) it is operating below its optimal capacity it is operating above its optimal capacity it is operating at its optimal capacity all of the above 8. The primary goal of a firm is to _____. (Points: 4)
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