Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

The barrier to entry that sustains a natural monopoly is

14/11/2020 Client: arwaabdullah Deadline: 3 days

Pre Test 2 - VERSION A

Name___________________________________

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Figure 7.4

1) Refer to Figure 7.4. The deadweight loss associated with the monopoly would be represented by the area: A) abe. B) ace. C) ade. D) efg.

2) Suppose that Figure 7.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, a representative firm would charge a price of:

A) $35. B) $25. C) $20. D) $16.

3) Suppose that Figure 7.4 shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by producing a quantity of:

A) 30 units. B) 50 units. C) 60 units. D) There is not sufficient information.

4) Suppose that Figure 7.4 shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by charging a price of:

A) $35. B) $25. C) $20. D) $16.

5) Refer to Figure 7.4. If the market was a monopoly, the consumer surplus would be: A) $625. B) $450. C) $300 D) $225.

6) Suppose that Figure 7.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, a representative firm's profit would be:

A) $1,250. B) $450. C) $250. D) There is not sufficient information.

A as in Apple1

7) Suppose that Figure 7.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, it would produce a quantity of:

A) 30 units. B) 50 units. C) 60 units. D) There is not sufficient information.

8) Refer to Figure 7.4. If the market was perfectly competitive, the consumer surplus would be: A) $850. B) $625. C) $300. D) $100.

9) Suppose that Figure 7.4 shows a monopolist's demand curve, marginal revenue, and its costs. At the profit maximizing output level, the monopolist's profit would be:

A) $730. B) $570. C) $320. D) $150.

10) Price discrimination is when a firm charges: A) different prices for different goods to different consumers. B) different prices for the same goods to different consumers. C) the same price to all consumers. D) None of the above are correct.

Number of Figs VC MC AVC FC TC ATC 0 100 1 90 90 2 135 3 80 4 400

Table 5.4

11) Table 5.4 presents the cost schedule for David's Figs. If David produces zero fig, David's total costs are: A) $0. B) $90. C) $100. D) $130.

12) Table 5.4 presents the cost schedule for David's Figs. If David produces three figs, David's total variable costs are:

A) $0. B) $41.67. C) $80. D) $240.

13) Table 5.4 presents the cost schedule for David's Figs. If David produces two figs, David's average variable costs are:

A) $80. B) $85. C) $90. D) $170.

14) Table 5.4 presents the cost schedule for David's Figs. If David produces four figs, David's average total costs are:

A) $60. B) $75. C) $100. D) $400.

15) Table 5.4 presents the cost schedule for David's Figs. If David produces two figs, David's marginal costs are: A) $80. B) $90. C) $100. D) $170.

16) If profits in a monopolistically competitive market are positive, we can conclude that: A) the market is in long-run equilibrium. B) price is greater than average cost. C) price is equal to average cost. D) price is less than average cost.

A as in Apple2

17) Which one of the following is the best example of an oligopolistic industry? A) wheat growers B) soft drinks C) apple growers D) public utilities

Number of Cakes VC MC AVC FC TC ATC 0 50 1 30 2 50 3 25 4 155

Table 5.3

18) Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces zero cake, Candy's total costs are: A) $0. B) $50. C) $100. D) $150

19) Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces one cake, Candy's total variable costs are:

A) $0. B) $30. C) $50. D) $80.

20) Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces two cakes, Candy's marginal cost is: A) $0. B) $20. C) $25. D) $50.

21) Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces three cakes, Candy's marginal costs are:

A) $0. B) $25. C) $41.67. D) $75.

Labor (workers) Output (bikes) Total fixed costs (dollars)

Total variable cost (dollars)

Total cost (dollars)

0 0 200 1 20 100 2 50 3 60 4 64

22) The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total fixed cost of producing 64 bikes?

A) $500 B) $200 C) $300 D) $400

23) The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?

A) $200 B) $300 C) $100 D) $400

24) The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?

A) $400 B) $500 C) $300 D) $200

A as in Apple3

25) Which of the following is NOT a characteristic of a monopolistically competitive market? A) Firms have some control over price. B) There are no artificial barriers to entry. C) The products that firms sell are slightly different. D) Firms hold patents on their products.

26) Oligopoly differs from monopoly and perfect competition in that: A) there are a few firms in the industry. B) firms act strategically. C) firms consider each others actions when choosing price and quantity. D) all of the above

Figure 14-3

Figure 14-3 shows the cost and demand curves for a monopolist.

27) Refer to Figure 14-3. The monopolist's total cost is A) $1,116. B) $1,240. C) $1,660. D) $1,726.40.

28) Refer to Figure 14-3. The monopolist earns a profit of A) $0. B) $170. C) $248. D) $372.

29) Refer to Figure 14-3. The profit-maximizing output and price for the monopolist are A) output = 62; price = $18. B) output = 83; price = $22. C) output = 62; price = $24. D) output = 104; price = $20.80.

30) Refer to Figure 14-3. The monopolist's total revenue is A) $1,116. B) $1,488. C) $1,726.40 D) $1,826.

A as in Apple4

31) Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoe. Nike is attempting to:

A) lower the marginal cost of producing Air Jordan basketball shoes. B) differentiate Air Jordan basketball shoes from other types of basketball shoe. C) convince consumers that Air Jordan basketball shoes are identical to other basketball shoes. D) sell fewer Air Jordan basketball shoes so they can raise the price.

32) A market where individual firms cannot affect the market price of their good is most likely: A) a monopoly market. B) a monopolistically competitive market. C) a perfectly competitive market. D) an oligopoly market.

33) A perfectly competitive market is one where: A) each firm controls the price charged for its product by changing the quantity they produce. B) each firm sells at the government mandated price. C) a firm can affect market price by increasing output. D) each firm within the market must sell its good at the market price.

34) Why do pharmaceutical firms benefit most from patent protection? A) Because only physicians can legally prescribe pharmaceutical drugs. B) Because pharmaceutical companies pay large taxes to the government. C) Because research and development of drugs require large expenditures that need to be recouped while

the patent is still valid. D) Because pharmaceutical drugs need to be controlled by the government.

35) If the demand curve faced by a firm is horizontal, then the firm is ________ and a ________. A) monopoly; price maker B) perfectly competitive; price maker C) perfectly competitive; price taker D) a monopoly; price taker

36) An oligopoly might occur as a result of: A) economies of scale in production. B) advertising. C) government barriers to entry. D) all of the above

37) Diminishing marginal returns implies that: A) marginal costs are constant. B) marginal costs are decreasing. C) marginal costs are increasing. D) marginal costs may be increasing or decreasing.

38) In the mid 1990s, Coke introduced a new soda in the soft drink market. Coke then used a new advertising campaign to associate the new soda with youth and strength. Coke was trying to:

A) lower the market price of soft drinks. B) create a perfectly competitive market for soft drinks. C) shift the demand curve for competing soft drinks to the left. D) maximize its per unit costs through advertising.

39) In the short run, ________ factors of production are fixed, while in the long run, ________ of them are. A) some; none B) all; at least some C) no; at least some D) all; none

A as in Apple5

40) Accountants include ________ costs as part of a firm's costs, while economists include ________ costs. A) explicit; no explicit B) explicit and implicit; implicit C) implicit; no implicit D) explicit; explicit and implicit

41) Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. If he increases output to 220 earmuffs, his total cost increases to $2100, and his fixed cost remains $400. What is Ernie's marginal cost per earmuff?

A) $5 B) $35 C) $9.55 D) $105

42) Diminishing marginal returns implies that: A) marginal product is increasing. B) marginal product is constant. C) marginal product is decreasing. D) marginal product may be increasing or decreasing.

43) A monopoly firm's demand curve A) is the same as the market demand curve. B) is perfectly inelastic. C) is inelastic at high prices and elastic at lower prices. D) is more inelastic than the demand curve for the product.

44) Which of the following is a characteristic of a perfectly competitive market? A) selling a base product hint "just tomatoes" B) no barriers to entry C) a large number of firms in a market D) all of the above

45) In which of the following can a firm apply for a patent? A) Michael Jackson, a recording artist, releases a new album in the market. B) A firm develops a new tool that makes cutting grass much easier. C) An author publishes a new novel. D) All of the above are activities that can be patented.

A as in Apple6

Figure 14-2

46) Refer to Figure 14-2. If the monopolist charges price P* for output Q*, in order to maximize profit or minimize loss in the short run, it should

A) shut down because price is less than average total cost. B) continue to produce because price is greater than average variable cost. C) continue to produce because a monopolist always earns a profit. D) shut down because price is greater than marginal cost.

47) The barrier to entry that sustains a natural monopoly is A) government regulation. B) patent protection. C) economies of scale. D) implicit price fixing agreements.

48) A public utility is a classic example of A) perfect competition. B) an oligopoly. C) a natural monopoly. D) monopolistic competition.

49) Market power is the power to A) control prices. B) gain another firm's customers. C) control output. D) reduce price below cost to deter entry.

50) In which of the following market structures can you find differentiated products? A) monopolistic competition and oligopoly B) monopoly C) oligopoly D) perfect competition

A as in Apple7

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Buy Coursework Help
Quality Homework Helper
Finance Homework Help
Custom Coursework Service
Writer Writer Name Offer Chat
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$77 Chat With Writer
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$77 Chat With Writer
Finance Homework Help

ONLINE

Finance Homework Help

I have a Master’s degree and experience of more than 5 years in this industry, I have worked on several similar projects of Research writing, Academic writing & Business writing and can deliver A+ quality writing even to Short Deadlines. I have successfully completed more than 2100+ projects on different websites for respective clients. I can generally write 10-15 pages daily. I am interested to hear more about the project and about the subject matter of the writing. I will deliver Premium quality work without Plagiarism at less price and time. Get quality work by awarding this project to me, I look forward to getting started for you as soon as possible. Thanks!

$70 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

Hey, Hope you are doing great :) I have read your project description. I am a high qualified writer. I will surely assist you in writing paper in which i will be explaining and analyzing the formulation and implementation of the strategy of Nestle. I will cover all the points which you have mentioned in your project details. I have a clear idea of what you are looking for. The work will be done according to your expectations. I will provide you Turnitin report as well to check the similarity. I am familiar with APA, MLA, Harvard, Chicago and Turabian referencing styles. I have more than 5 years’ experience in technical and academic writing. Please message me to discuss further details. I will be glad to assist you out.

$70 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Conceptualization definition in research - Discussion 1: Critical Elements for Implementing a Change Initiative - Ethical behavior of business students at bayview university solution - The gilded six bits theme - Egadim - Week 2 discussion board - Nimbus inc makes brooms and sells them - Evaluate the line integral by the two following methods - Assignment, use 2 sources other than the video - Howard university hospital security breach - Nsw health jmo recruitment - What strategic issues and problems merit front burner managerial attention - Cobit in information security - Suppose the baseball hall of fame in cooperstown, new york, has approached - Red oat grass adaptations - Boundstone community college teachers - The passing of grandison theme - Essay On Decoding The Adult World In The Films - Samsung supply chain management ppt - Yellow river flood facts - Mgm holdings share price - Save sketchup as stl - Findit@au - Dozier corporation is a fast growing supplier of office products - Coefficient of performance heat pump calculator - Lil wayne quote mirror - Angela lansbury fan mail - Week 5 - Discussions 3 - 1023 - Wesley family services das program - Manchester unity pet insurance - Intitle index of passwords modified - Self care eating healthy and maintaining a healthy weight ati - Jarron draper - Criteria for evaluating computer hardware and system software - Discussion - Workshop Flyer part 1 - Weeko 1 res - Describe the zones of the open ocean - How to write a movie trailer review - Ask hr la trobe - Arc school old arley - Ted talk the revolutionary power of diverse thought - The death penalty for and against pojman - Cambridge igcse spanish as a foreign language - Cold blood legacy plot - Cameron todd willingham documentary - Change in base formula - Different levels of market segmentation - Client centered therapy ppt - Which of the following is a reason for a mimetic process to occur in an organization? - Environmental systems extended essay samples - Project management simulation scope resources and schedule - Density of nylon 66 30 gf - Read write think timeline - Information Security Laws - Curtin graduate diploma of education - One discussion and 2 replies - Sheilas wheels cancellation fee - Identify All The Underlying Causes Of Bipolar Disorder - How do most sessile and burrowing mollusks obtain food - Potterton ep6002 wiring diagram - Shop front design guide - Holyrood high school edinburgh uniform - The strategy making strategy executing process - Jcb transmission fluid 10w - Path of least resistance psychology - Australian wildlife conservancy jobs - They say i say blue collar brilliance - Teaching tolerance a place at the table - The content dimension of a conflict relates to what - Kingsford smith drive upgrade - Implications of leading in a changing global business environment - Clinging mollusc crossword clue - Goldengate org tolls sitemap php - Wiley plus answer key college algebra - Overhead crane safety checklist - Obb and bob phase 5 - Professional Dispositions Statement Assessment - The topic is cells - Prepare a bank reconciliation at july - MOS 5101 Scholarly Activity Unit V Due tomorrow Aug 29 at 1pm CST Plagiarism Free - How to find chessn - A class divided study - Case study - How to measure arm span - Porter brook medical centre - Wacc market value of equity - Www elsevierhealth com journals jhin - Business Communication - Wilsons prom accommodation lighthouse - Post occupancy evaluation riba - Life cycle of a wolf - A-5 - Online Algebra Tutor - Namma kalvi 12th study material - Wessex gold riding club - Chronic confusion nursing care plan - Imm 5669 form 2019