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Econ_198_Aut_06_Exam__2

Econ_198_Aut_06_Exam__2 - Introduction to Microeconomics...

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Introduction to Microeconomics Allen R. Sanderson Economics 19800 Autumn 2006 SECOND HOUR EXAMINATION Name (Please Print): ______________________________________ [40 Points Possible] Part I. Multiple Choice. Circle letter to indicate your answer. 1 point each; 20 points total. 1. When I see a newspaper ad or TV commercial featuring actress Catherine Zeta-Jones promoting a particular cell-phone service, this should remind me or suggest or point to: a. a perfectly competitive industry. b. that this firm’s costs will likely be higher because it has to pay Ms. Z-J a salary and buy advertising space and air time. c. monopolistic competition. d. that she and her company are trying to rent-seek. e. wow, she’s gorgeous. 2. The short-run ATC curve eventually slopes upward because: 3. “Market power” is generally thought of or measured by economists as: 4. ComEd, the supplier of electric power for the city of Chicago, would be best characterized as, or would be an example of:
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