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Econ 200 Exam 2 Bilas

question
In which of the following industry structures is the entry of new firms the most difficult?
answer
pure monopoly
question
An industry comprised of 4 firms, each with about 35 percent of the total market for a product is an example of:
answer
oligopoly
question
Which of the following statements applies to a purely competitive producer?
answer
it will not advertise its product
question
basic characteristics of pure competition:
answer
-no barriers to entry
-a standardized or homogeneous product
-a large number of buyers and sellers
question
a characteristic of a purely competitive seller's demand curve
answer
price and marginal revenue are equal at all levels of output
question
the marginal revenue curve of a purely competitive firm:
answer
is horizontal at market price
question
demand curve
answer
the demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping
question
a competitive firm in the short run can determine the profit maximizing (or loss minimizing) output by equating:
answer
the marginal revenue and marginal cost
question
The MR=MC rule can be restated for a purely competitive seller as P=MC because
answer
each additional unit of output adds exactly its price to total revenue
question
Suppose you find that the price of your product is less than minimum AVC. you should:
answer
close down because, by producing, your losses will exceed you total fixed costs
question
a purely monopolistic industry
answer
has a downward sloping demand curve
question
Which of the following approximates a pure monopoly?
answer
the diamond market
question
Price exceeds marginal revenue for the pure monopolist because the:
answer
demand curve is downsloping
question
Because the monopolist's demand curve is downsloping:
answer
price must be lowered to sell more output
question
A pure monopolist should never produce in the:
answer
inelastic segment of its demand curve because it can increase total revenue and reduce total cost by increasing price
question
price discrimination
answer
the selling of a given product at different prices that do not reflect cost difference
question
other things equal, in which of the following cases would economic profit be the greatest?
answer
an unregulated monopolist which is able to engage in price discrimination
question
a significant difference between a monopolistically competitive firm and a purely competitive firm is that the:
answer
former sells similar, although not identical, products
question
a monopolistically competitive firm has a:
answer
high elastic demand curve
question
in the long run, the price charged by the monopolistically competitive firm attempting to maximize profits:
answer
will be equal to ATC
question
a unique feature of oligopoly
answer
mutual interdependence
question
Mutual interdependence means that each oligopolistic firm:
answer
must consider the reactions of its rivals when it determines its price policy
question
the change in a firm's total revenue that results from the hire of an additional worker is measured by:
answer
marginal revenue product
question
the MRP curve for labor:
answer
is downsloping and shows the relationship between wage rates and amount of labor
question
economic or pure rent is
answer
the price paid for the use of land and other nonreproducible resources.
question
part 2 question 25 points
answer
compare and contrast pure competition and pure monopoly. your answer should include the notion of profits, efficiency, and resource allocation.
1 of 26
question
In which of the following industry structures is the entry of new firms the most difficult?
answer
pure monopoly
question
An industry comprised of 4 firms, each with about 35 percent of the total market for a product is an example of:
answer
oligopoly
question
Which of the following statements applies to a purely competitive producer?
answer
it will not advertise its product
question
basic characteristics of pure competition:
answer
-no barriers to entry
-a standardized or homogeneous product
-a large number of buyers and sellers
question
a characteristic of a purely competitive seller's demand curve
answer
price and marginal revenue are equal at all levels of output
question
the marginal revenue curve of a purely competitive firm:
answer
is horizontal at market price
question
demand curve
answer
the demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping
question
a competitive firm in the short run can determine the profit maximizing (or loss minimizing) output by equating:
answer
the marginal revenue and marginal cost
question
The MR=MC rule can be restated for a purely competitive seller as P=MC because
answer
each additional unit of output adds exactly its price to total revenue
question
Suppose you find that the price of your product is less than minimum AVC. you should:
answer
close down because, by producing, your losses will exceed you total fixed costs
question
a purely monopolistic industry
answer
has a downward sloping demand curve
question
Which of the following approximates a pure monopoly?
answer
the diamond market
question
Price exceeds marginal revenue for the pure monopolist because the:
answer
demand curve is downsloping
question
Because the monopolist's demand curve is downsloping:
answer
price must be lowered to sell more output
question
A pure monopolist should never produce in the:
answer
inelastic segment of its demand curve because it can increase total revenue and reduce total cost by increasing price
question
price discrimination
answer
the selling of a given product at different prices that do not reflect cost difference
question
other things equal, in which of the following cases would economic profit be the greatest?
answer
an unregulated monopolist which is able to engage in price discrimination
question
a significant difference between a monopolistically competitive firm and a purely competitive firm is that the:
answer
former sells similar, although not identical, products
question
a monopolistically competitive firm has a:
answer
high elastic demand curve
question
in the long run, the price charged by the monopolistically competitive firm attempting to maximize profits:
answer
will be equal to ATC
question
a unique feature of oligopoly
answer
mutual interdependence
question
Mutual interdependence means that each oligopolistic firm:
answer
must consider the reactions of its rivals when it determines its price policy
question
the change in a firm's total revenue that results from the hire of an additional worker is measured by:
answer
marginal revenue product
question
the MRP curve for labor:
answer
is downsloping and shows the relationship between wage rates and amount of labor
question
economic or pure rent is
answer
the price paid for the use of land and other nonreproducible resources.
question
part 2 question 25 points
answer
compare and contrast pure competition and pure monopoly. your answer should include the notion of profits, efficiency, and resource allocation.
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