If a firm increases its output in the ________ and unit costs ________, then the firm is experiencing ________ of scale.

long-run; decrease; diseconomies

short-run; decrease; diseconomies

If a firm increases its output in the ________ and unit costs ________, then the firm is experiencing ________ of scale.

long-run; increase; diseconomies

long-run; decrease; diseconomies

short-run; decrease; diseconomies

Imperfectly competitive firms have a demand curve that ________ and a marginal revenue curve that ________ and is ________ the demand curve.

slopes downward; slopes downward; below

is horizontal; is horizontal; the same as

slopes downward; is horizontal; above

is horizontal; slopes downward; below

slopes downward; slopes downward; the same as

Under oligopoly, firms' pricing policies are ________ and, under monopolistic competition, they are ________.

profit maximizing; revenue maximizing

Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________.

increase; average price; decrease

increase; average price; increase

increase; average cost; decrease

increase; marginal cost; decrease

Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________.

increase; average price; increase

increase; average cost; decrease

increase; marginal cost; decrease

Intra-industry trade is most common in the trade patterns of

the industrial countries of Western Europe.

the developing countries of Asia and Africa.

China with the rest of the world.

International trade based on external scale economies in both countries is likely to be carried out by

a relatively large number of price competing firms.

a relatively small number of price competing firms.

a relatively small number of imperfect competitors.

a large number of oligopolists in each country.

International trade based solely on internal scale economies in both countries is likely to be carried out by

a relatively large number of price competing firms.

a relatively small number of price competing firms.

a relatively small number of imperfect competitors.

a large number of oligopolists in each country.

A monopoly firm engaged in international trade will

equate marginal costs with marginal revenues in both domestic and foreign markets.

equate marginal costs with foreign marginal revenues.

equate marginal costs with the highest price the market will bear.

equate marginal costs with the relative world prices.

A monopoly firm will maximize profits by producing where

marginal revenue is the same in domestic and foreign markets.

prices are the same in domestic and foreign markets.

marginal revenue is higher in foreign markets.

marginal revenue is higher in the domestic market.

total revenue from domestic and foreign sales is maximized.

A firm in long-run equilibrium under monopolistic competition will earn

zero economic profits because of free entry.

positive monopoly profits because each sells a differentiated product.

positive oligopoly profits because each firm sells a differentiated product.

negative economic profits because it has economies of scale.

positive economic profit if it engages in international trade.

An industry is characterized by scale economies, and exists in two countries. Should these two countries engage in trade such that the combined market is supplied by one country's industry, then

consumers in both countries would have more varieties and lower prices.

consumers in both countries would have higher prices and fewer varieties.

consumers in the importing country only would have higher prices and fewer varieties.

consumers in the exporting country only would have higher prices and fewer varieties.

consumers in both countries would have fewer varieties at lower prices.

An industry is characterized by scale economies and exists in two countries. In order for consumers of its products to enjoy both lower prices and more variety of choice,

the two countries must engage in international trade with each other.

each country's marginal cost must equal that of the other country.

the marginal cost of this industry must equal marginal revenue in the other.

the monopoly must lower prices in order to sell more.

they must combine to become a multinational corporation.

A product is produced in a monopolistically competitive industry with scale economies. If this industry exists in two countries, and these two countries engage in trade with each other, then we would expect

each country will export different varieties of the product to the other.

the country in which the price of the product is lower will export the product.

the country with a relative abundance of the factor of production in which production of the product is intensive will export this product.

neither country will export this product since there is no comparative advantage.

the countries will trade only with other nations they are not in competition with.

) We often observe "pseudo-intra-industry trade" between the United States and Mexico. Actually, such trade is consistent with

comparative advantage associated with Heckscher-Ohlin model

the specific factors model of trade.

Intra-industry trade will tend to dominate trade flows when which of the following exists?

small differences between relative country factor availabilities

large differences between relative country factor availabilities

homogeneous products that cannot be differentiated

uneven distribution of abundant resources between two countries

Trade without serious income distribution effects is most likely to happen

in sophisticated manufactures trade between rich countries.

in simple manufactures trade between developing countries.

in sophisticated manufactures trade between rich and poor countries.

in agricultural trade between rich countries.

in labor-intensive industries like clothing.

In the model of monopolistic competition, if firms have ________ average cost curves, then opening trade will ________ the total number of firms and ________ the average price.

downward sloping; increase; decrease

downward sloping; decrease; decrease

downward sloping; decrease; increase

upward sloping; decrease; increase

upward sloping; increase; decrease

In the model of monopolistic competition, if firms have ________ average cost curves, then opening trade will cause ________ firms to ________ the industry.

different; less efficient; exit

different; more efficient; enter

symmetric; less efficient; exit

symmetric; more efficient; enter

symmetric; less efficient; enter

In the model of monopolistic competition, an increase in industry output will ________ market shares and ________ profits of producers of higher-priced goods and will ________ market shares and ________ profits of producers of lower-priced goods.

reduce; reduce; increase; increase

increase; increase; reduce; reduce

increase; reduce; increase; reduce

reduce; increase; reduce; increase

reduce; increase; increase; reduce

In the model of monopolistic competition, trade costs between countries will cause domestic and foreign markets to have ________ prices, ________ quantities sold, and ________ profit levels.

different; different; different

identical; different; different

different; different; identical

identical; different; identical

identical; identical; different

In the model of monopolistic competition, trade costs between countries cause

marginal costs of exported goods to exceed the marginal costs of goods sold domestically.

marginal costs of goods sold domestically to exceed the marginal costs of exported goods.

all firms that can earn a profit on domestic sales to export their goods at lower prices.

all firms that can earn a profit on domestic sales to export their goods at higher prices.

countries to negotiate the elimination of trade costs by mutual subsidization of trade.

In the model of monopolistic competition, trade costs between countries cause

some firms that can earn a profit on domestic sales to refrain from exporting their goods.

prices of goods sold domestically to exceed the prices of exported goods.

marginal costs of goods sold domestically to exceed the marginal costs of exported goods.

all firms that can earn a profit on domestic sales to export their goods at higher prices.

countries to negotiate the elimination of trade costs by mutual subsidization of trade.

The most common form of price discrimination in international trade is

preferential trade arrangements.

If an industry is imperfectly competitive, and markets are segmented then

a firm may find that it is profitable to engage in dumping.

a firm may find that international trade is unprofitable.

a firm may find that it should promote scale economies.

a firm may find that it has lost its comparative advantage

a firm may find that it should become more specialized.

Complaints are often made to the International Trade Commission concerning foreign "dumping" practices. These complaints typically claim that

U.S. firms are harmed by the unfair pricing of foreign exporters.

foreign companies are charging exorbitant prices that are higher than the true value of the products.

foreign companies are charging prices that are lower than prices they charge countries other than the U.S.

U.S. consumers are harmed by the lack of quality control or health concerns in foreign countries.

U.S. consumers cannot differentiate between the foreign and domestic goods.

A corporation is considered a multinational ________ if ________.

parent; it owns more than 10% of a foreign firm

parent; more than 10% of its stock is held by a foreign company

child; more than 10% of its stock is held by a foreign company

child; more than 50% of its stock is held by a foreign company

monopolist; it owns more than 50% of a foreign firm

A corporation is considered a multinational ________ if ________.

affiliate; more than 10% of its stock is held by a foreign company

parent; more than 10% of its stock is held by a foreign company

child; more than 10% of its stock is held by a foreign company

child; more than 50% of its stock is held by a foreign company

monopolist; it owns more than 50% of a foreign firm

Consider the following two cases. In the first, a U.S. firm purchases 18% of a foreign firm. In the second, a U.S. firm builds a new production facility in a foreign country. Both are ________, with the first referred to as ________ and the second as ________.

foreign direct investment (FDI) outflows; brownfield; greenfield

foreign direct investment (FDI) outflows; greenfield; brownfield

foreign direct investment (FDI) inflows; greenfield; brownfield

foreign direct investment (FDI) inflows; brownfield; greenfield

foreign direct investment (FDI); inflows; outflows

Foreign outsourcing is

the transfer of operations to foreign contractors.

an example of foreign direct investment

the substitution of immigration for foreign direct investment.

A firm is more likely to engage in horizontal foreign direct investment if

trade costs are high and there are internal economies of scale.

trade costs are low and firms experience constant returns to scale in production.

trade costs are low and there are external economies of scale.

trade costs are low and there are internal economies of scale.

trade costs are high and there are external economies of scale.

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54 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistic firm

will never sell a product whose demand is inelastic at the quantity sold.

can sell as much as it wants for any price it determines in the market.

cannot determine the price, which is determined by consumer demand.

cannot sell additional quantity unless it raises the price on each unit.

will always earn a profit in the long run.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolistic competition is associated with

product differentiation.

price-taking behavior.

explicit consideration at the firm level of the strategic impact of other firms' pricing decisions.

high profit margins in the long run.

increasing returns to scale.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Modeling trade in imperfectly competitive industries is problematic because

there is no single generally accepted model of behavior by imperfectly competitive firms.

there are no models of imperfectly competitive behavior.

it is difficult to find an imperfectly competitive firm in the real world.

collusion among imperfectly competitive firms makes usable data rare.

there is only a single model of imperfect competition (monopoly) but imperfect competition can take many forms in the real world.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The simultaneous export and import of widgets by the United States is an example of

intra-industry trade.

increasing returns to scale.

imperfect competition.

inter-industry trade.

the effect of a monopoly on international trade.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a country both exports and imports a type of commodity, the country is engaged in

intra-industry trade.

increasing returns to scale.

imperfect competition.

inter-industry trade.

an attempt to monopolize the relevant industry.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there are a large number of firms in a monopolistically competitive industry,

long-run profit will be equal to zero.

the country in which the firms are located can be expected to export the goods they produce.

there will be barriers to entry that prevent addition firms from entering the industry.

the firms will converge production on a standardized product.

there will be a small number of firms that are very large and the rest will be very small.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an industry where firms experience internal scale economies, the long-run cost of production will depend on

the size of the market.

the size of the labor force.

whether the country engages in intra-industry trade.

individual firms' fixed costs.

whether the country engages in inter-industry trade

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ch888

A monopolistic firm

Monopolistic competition is associated with

Modeling trade in imperfectly competitive industries is problematic because

The simultaneous export and import of widgets by the United States is an example of

When a country both exports and imports a type of commodity, the country is engaged in

If there are a large number of firms in a monopolistically competitive industry,

In an industry where firms experience internal scale economies, the long-run cost of production will depend on

If a firm increases its output in the and unit costs , then the firm is experiencing of scale.

If a firm increases its output in the and unit costs , then the firm is experiencing of scale.

If a firm that uses a production process that yields economies of scale charges a price equal to , then profit will be .

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Others

ch888

A monopolistic firm

Monopolistic competition is associated with

Modeling trade in imperfectly competitive industries is problematic because

The simultaneous export and import of widgets by the United States is an example of

When a country both exports and imports a type of commodity, the country is engaged in

If there are a large number of firms in a monopolistically competitive industry,

In an industry where firms experience internal scale economies, the long-run cost of production will depend on

If a firm increases its output in the ________ and unit costs ________, then the firm is experiencing ________ of scale.

If a firm increases its output in the ________ and unit costs ________, then the firm is experiencing ________ of scale.

If a firm that uses a production process that yields economies of scale charges a price equal to ________, then profit will be ________.

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Popular Resources on Wayground

Discover more resources for Others

If a firm increases its output in the and unit costs , then the firm is experiencing of scale.

If a firm increases its output in the and unit costs , then the firm is experiencing of scale.

If a firm that uses a production process that yields economies of scale charges a price equal to , then profit will be .