Econ 102 Chapter 14 Patrice Test(Game Theory Excluded) - Custom Scholars
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Econ 102 Chapter 14 Patrice Test(Game Theory Excluded)

question
Firm Market Share(%)
A 40
B 30
C 20
D 5
E 5
This industry shown in this table illustrates
answer
Oligopoly
question
Concentration Ratios
answer
may understate the degree of competition because they ignore imported products
question
If there are significant economies of scale in an industry, then
answer
a firm that is large may be able to produce at a lower unit cost than can a small firm
question
(Last Word) Which of the following statements best describes the Internet market structure?
answer
There are a few large firms, such as Google, Facebook, and Amazon, each dominating a particular sector but always trying to gain market share in another sector
question
The characteristic most closely associated with oligopoly is
answer
a few large producers
question
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry will
answer
decide to increase advertising expenditures even if it means a reduction in profits
question
On the graph, if the oligopolist's MC curve shifts from MC1 to MC2, the firm will charge
answer
the same price as before and sell the same amount of output; total revenue will remain the same(change happens in the portion of a kinked demand curve)
question
If the several oligopolistic firms that compose an industry behave collusively, the resulting price and output will most likely resemble those of
answer
Pure Monopoly
question
Oligopoly demand and marginal revenue curves are based on the assumption that
answer
rivals will ignore a price increase but match a price decrease
question
A prediction from the kinked demand curve model of oligopoly is that, for an individual firm, small changes in
answer
marginal cost will not lead to changes in price or output
question
In a Oligopoly equilibrium, a firm
answer
is realizing an economic profit of whatever variable(Ex:a) x d(or ad) per unit(variable is determined wherever ATC = D)
question
A potential negative effect of advertising for society is that it can
answer
be self-canceling and contribute to economic inefficiency
question
Advertising can enhance economic efficiency when it
answer
expands sales such that firms achieve substantial economies of scale
question
Advertising can impede economic efficiency when it
answer
increases entry barriers
question
Which of the following factors tends to foster the development of an oligopoly?
answer
economies of scale
question
In an oligopolistic market, there is likely to be
answer
neither allocative nor productive efficiency
question
The economic inefficiency in an oligopoly may be reduced by the following, except
answer
aggressive advertising by rivals
question
...
answer
...
1 of 18
question
Firm Market Share(%)
A 40
B 30
C 20
D 5
E 5
This industry shown in this table illustrates
answer
Oligopoly
question
Concentration Ratios
answer
may understate the degree of competition because they ignore imported products
question
If there are significant economies of scale in an industry, then
answer
a firm that is large may be able to produce at a lower unit cost than can a small firm
question
(Last Word) Which of the following statements best describes the Internet market structure?
answer
There are a few large firms, such as Google, Facebook, and Amazon, each dominating a particular sector but always trying to gain market share in another sector
question
The characteristic most closely associated with oligopoly is
answer
a few large producers
question
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry will
answer
decide to increase advertising expenditures even if it means a reduction in profits
question
On the graph, if the oligopolist's MC curve shifts from MC1 to MC2, the firm will charge
answer
the same price as before and sell the same amount of output; total revenue will remain the same(change happens in the portion of a kinked demand curve)
question
If the several oligopolistic firms that compose an industry behave collusively, the resulting price and output will most likely resemble those of
answer
Pure Monopoly
question
Oligopoly demand and marginal revenue curves are based on the assumption that
answer
rivals will ignore a price increase but match a price decrease
question
A prediction from the kinked demand curve model of oligopoly is that, for an individual firm, small changes in
answer
marginal cost will not lead to changes in price or output
question
In a Oligopoly equilibrium, a firm
answer
is realizing an economic profit of whatever variable(Ex:a) x d(or ad) per unit(variable is determined wherever ATC = D)
question
A potential negative effect of advertising for society is that it can
answer
be self-canceling and contribute to economic inefficiency
question
Advertising can enhance economic efficiency when it
answer
expands sales such that firms achieve substantial economies of scale
question
Advertising can impede economic efficiency when it
answer
increases entry barriers
question
Which of the following factors tends to foster the development of an oligopoly?
answer
economies of scale
question
In an oligopolistic market, there is likely to be
answer
neither allocative nor productive efficiency
question
The economic inefficiency in an oligopoly may be reduced by the following, except
answer
aggressive advertising by rivals
question
...
answer
...
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