Exam III
1.Monopolistic competition resembles pure competition because:
A) both industries emphasize nonprice competition.
B) in both instances firms will operate at the minimum point on their long-run average total cost curves.
C) both industries entail the production of differentiated products.
D) barriers to entry are either weak or nonexistent.
2. Which of the following is
not
a basic characteristic of monopolistic competition?
A) the use of trademarks and brand names C) product differentiation
B) recognized mutual interdependence D) a relatively large number of sellers
3. Nonprice competition refers to:
A) competition between products of different industries, for example, competition between aluminum and steel in the manufacture of automobile parts.
B) price increases by a firm that are ignored by its rivals.
C) advertising, product promotion, and changes in the real or perceived characteristics of a product.
D) reductions in production costs that are not reflected in price reductions.
4. A monopolistically competitive industry combines elements of both
competition
and
monopoly
. The monopoly element results from:
A) the likelihood of collusion. C) product differentiation.
B) high entry barriers. D) mutual interdependence in decision making.
5. A monopolistically competitive industry combines elements of both
competition
and
monopoly
. It is correct to say that the competitive element results from:
A) a relatively large number of firms and the monopolistic element from product differentiation.
B) product differentiation and the monopolistic element from high entry barriers.
C) a perfectly elastic demand curve and the monopolistic element from low entry barriers.
D) a highly inelastic demand curve and the monopolistic element from advertising and product promotion.
6. A monopolistically competitive firm has a:
A) highly elastic demand curve. C) perfectly inelastic demand curve.
B) highly inelastic demand curve. D) perfectly elastic demand curve.
7. The monopolistically competitive seller's demand curve will become more elastic the:
A) more significant the barriers to entering the industry.
B) greater the degree of product differentiation.
C) larger the number of competitors.
D) smaller the number of competitors
Use the following to answer questions
8. Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm's profit-maximizing price will be:
A) $10. B) $13. C) $16. D) $19.
9. Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. The profit-maximizing output for this firm will be:
A) 210. B) 180. C) 160. D) 100.
10. Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic:
A) loss of $320. B) loss of $280. C) profit of $480. D) profit of $600. E) profit of $360.
11. Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. Assume the firm is part of an increasing-cost industry. In the long run firms will:
A) leave this industry, causing both demand and the ATC curve to shift upward.
B) enter this industry, causing demand to rise and the ATC curve to shift downward.
C) enter this industry, causing demand to fall and the ATC curve to shift upward.
D) enter this industry, causing both demand and the ATC curve to shift upward.
12. In an oligopolistic market:
A) one firm is always dominant.
B) products may be standardized or differentiated.
C) the four largest firms account for 20 percent or less of total sales.
D) the industry is monopolistically competitive.
13.
Oligopolistic industries are characterized by:
A) a few dominant firms and substantial entry barriers.
B) a few dominant firms and no barriers to entry.
C) a large number of firms and low entry barriers.
D) a few dominant firms and low entry barriers.
14. The automobile, household appliance, and automobile tire industries are all illustrations of:
A) homogeneous oligopoly. C) pure monopoly.
B) monopolistic competition. D) differentiated oligopoly.
15. The mutual interdependence that characterizes oligopoly arises because:
A) the products of various firms are homogeneous.
B) the products of various firms are differentiated.
C) a small number of firms produce a large proportion of industry output.
D) the demand curves of firms are kinked at the prevailing price.
16. In which of the following market models do demand and marginal revenue diverge?
A) pure monopoly, oligopoly, and monopolistic competition
B) pure monopoly, oligopoly, and pure competition
C) pure monopoly only
D) oligopoly only
17. Mutual interdependence means that each oligopolistic firm:
A) faces a perfectly elastic demand for its product.
B) must consider the reactions of its rivals when it determines its price policy.
C) produces a product identical to those of its rivals.
D) produces a product similar but not identical to the products of its rivals.
18. Clear-cut mutual interdependence with respect to the price-output policies exists in:
A) pure monopoly B) oligopoly C) monopolistic competition D) pure competition
19. Concentration ratios measure the:
A) geographic location of the largest corporations in each industry.
B) degree to which product price exceeds marginal cost in various industries.
C) percentage of total sales accounted for by the four largest firms in the industry.
D) number of firms in an industry.
20. If you sum the squares of the market shares of each firm in an industry (as measured by percent of industry sales), you are calculating:
A) the four-firm concentration ratio. C) the degree of collusion.
B) the Herfindahl index. D) the Lerner index
Ended questions (LOGYstudy)
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