101exam3a - Eco 101 form A 1 Name ECO 101 830 Principles of...

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Eco 101 form A Name:_________________________ ECO 101 830 Principles of Microeconomics Exam 3 May 3, 2006 Form A Part I: Multiple Choice (60 points) Read each question carefully and select the best response . Circle the appropriate letter of the response and fill in the corresponding circle on your answer sheet. 1. Monopolistic competition differs from perfect competition in that a) monopolistic competition has barriers to entry. b) monopolistic competition allows for economic profits in the long run. c) monopolistic competitive firms sell a product differentiated through marketing and advertising. d) all of the above. 2. A firm will hire a resource a) until the extra revenue from employing that resource is equal to the extra cost of hiring that resource. b) as long as the resource brings in a positive amount of revenue. c) as long as its marginal product is positive. d) both b and c. 3. The demand for automobile workers will rise if a) the wage of automobile workers rises. b) the wage of automobile workers falls. c) the demand for automobiles rises. d) both b and c. 4. Oligopoly is a market structure characterized by a) a horizontal demand curve. b) a large number of small firms. c) one single firm and many buyers d) interdependence among firms in decision making 5. If UPS hires another worker, UPS will be able to deliver an additional 20 packages an hour. The price of each package is $5. The marginal revenue product (MRP) of this additional worker is equal to a) $5.
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This note was uploaded on 01/22/2012 for the course ECO 101 taught by Professor Laniga during the Fall '08 term at SUNY Oswego.

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101exam3a - Eco 101 form A 1 Name ECO 101 830 Principles of...

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