Econ Section 11 Study - Custom Scholars
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Econ Section 11 Study

question
If a local California avocado stand operative in a perfectly competitive market, that stand owner will be a:
answer
price-taker
question
The market structure called _____ is described as having a single producer selling a single, undifferentiated product.
answer
monopoly
question
An industry dominated by a few firms, where each firm recognizes that its own choices will affect the choices of its rivals and vice versa, is:
answer
an oligopoly
question
The table shows market shares for the six firms producing gadgets in the gadget industry, What is the four-firm concentration ratio in the gadget industry?
answer
80%
question
If it produces, a perfectly competitive firm will maximize profits at the output where:
answer
marginal revenue equals marginal cost
question
In the short run, a perfectly competitive firm produces output and earns zero economic profit if:
answer
P=ATC
question
In the short run, if P>ATC, a perfectly competitive firm:
answer
produces output and earns an economic profit
question
In perfect competition, the assumption of easy entry and exit implies that:
answer
in the long run all firms in the industry will earn zero economic profits
question
In a perfectly competitive market, tastes and preferences lead to an increase in the demand for the good. Holding Ever else constant, this will lead to an increase in price that will result in:
answer
greater than normal profits for firms, which will attract new firms, which in turn will result in a reduction in the price
question
A monopoly is likely to ____ units of output and ____ price than a perfectly competitive firm
answer
produce fewer; charger a higher
question
The ability of a monopolist to raise the price of a product above the competitive level by reducing the output is known as:
answer
market power
question
Price discrimination is the practice of:
answer
charging different prices to buyers of the same good.
question
All of the following are examples of price discrimination except:
answer
generally lower prices at Wal-Mart than at Target
1 of 13
question
If a local California avocado stand operative in a perfectly competitive market, that stand owner will be a:
answer
price-taker
question
The market structure called _____ is described as having a single producer selling a single, undifferentiated product.
answer
monopoly
question
An industry dominated by a few firms, where each firm recognizes that its own choices will affect the choices of its rivals and vice versa, is:
answer
an oligopoly
question
The table shows market shares for the six firms producing gadgets in the gadget industry, What is the four-firm concentration ratio in the gadget industry?
answer
80%
question
If it produces, a perfectly competitive firm will maximize profits at the output where:
answer
marginal revenue equals marginal cost
question
In the short run, a perfectly competitive firm produces output and earns zero economic profit if:
answer
P=ATC
question
In the short run, if P>ATC, a perfectly competitive firm:
answer
produces output and earns an economic profit
question
In perfect competition, the assumption of easy entry and exit implies that:
answer
in the long run all firms in the industry will earn zero economic profits
question
In a perfectly competitive market, tastes and preferences lead to an increase in the demand for the good. Holding Ever else constant, this will lead to an increase in price that will result in:
answer
greater than normal profits for firms, which will attract new firms, which in turn will result in a reduction in the price
question
A monopoly is likely to ____ units of output and ____ price than a perfectly competitive firm
answer
produce fewer; charger a higher
question
The ability of a monopolist to raise the price of a product above the competitive level by reducing the output is known as:
answer
market power
question
Price discrimination is the practice of:
answer
charging different prices to buyers of the same good.
question
All of the following are examples of price discrimination except:
answer
generally lower prices at Wal-Mart than at Target

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