
ECON 130 Exam IV
Quiz
•
Business
•
University
•
Hard
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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