ECON 130 Exam IV

ECON 130 Exam IV

University

10 Qs

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ECON 130 Exam IV

ECON 130 Exam IV

Assessment

Quiz

Business

University

Hard

Created by

Myatthor Thiha

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistically competitive firm may earn abnormally high profits in the

short term, but the process of entry will drive those profits to zero in the long run.

long term, but the process of entry will drive those profits to zero in the short run.

short run, but after entry occurs, the long term perceived demand curve shifts to the right.

long run, but after entry occurs, the short term perceived demand curve shifts to the right.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____________ arises when firms act together to reduce output and keep prices high.

Collusion

A cartel

A monopoly

An oligopoly

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a firm pursues a predatory pricing strategy, it does so

to hire more staff to lower unemployment.

to increase supply to benefit consumers.

to maximize profits in the long run.

to discourage short run competition.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the name monopolistic competition implies, a firm’s decisions in this setting will in certain ways resemble ______________ and in other ways resemble ________________.

monopoly; imperfect competition

monopoly; perfect competition

imperfect competition; perfect competition

imperfect competition; oligopoly

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The perceived demand curve for a group of competing oligopoly firms will appear kinked as a result of their commitment to

match price increases, but not price cuts.

stand at opposite ends of the competition spectrum.

match price cuts, but not price increases.

stand at the high point of the competition spectrum.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a monopolistically competitive market, the rule for maximizing profit is to set MR = MC, which means

price is higher than marginal revenue.

price is equal to marginal revenue.

price is equal to marginal cost.

price is lower than marginal revenue.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolist is able to maximize its profits by

setting the price at the level that will maximize its per-unit profit.

producing output where MR = MC and charging a price along the demand curve.

setting output at MR = MC and setting price at the demand curve's highest point.

producing maximum output where price is equal to its marginal cost.

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