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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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A graph plots price and cost (dollars per unit) versus Quantity (units per week). In the graph, the points plotted on the x-axis are Q sub 0, Q sub 1, Q sub 2, Q sub 3, and Q sub 4, and the points plotted on the y-axis are P sub 1, P sub 2, P sub 3, P sub 4, and P sub 4. The graph plots two slopes, two convex curves, and six closed points (Q sub 1, P sub 2), (Q sub 1, P sub 5), (Q sub 2, P sub 1), (Q sub 2, P sub 4), (Q sub 3, P sub 3), and (Q sub 4, P sub 2). The first slopes fall through the top left to (Q sub 4) is labeled M R. The second slope falls through the top left to mid-right is labeled D. The first curve rises through (Q sub 1, P sub 0.5) to (Q sub 1, P sub 1) to (Q sub 3, P sub 5) is labeled, M C and the second curve falls through (Q sub 0.5, P sub 3) to (Q sub 3, P sub 1.8) then rises through (Q sub 4, P sub 2)is labeled A T C. All values are estimated.

Refer to Figure 13.2.2, which shows a firm in short-run equilibrium in monopolistic competition. What price does the firm charge per unit?

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Which of the following situations arises when the market type is monopolistic competition?

Barriers to entry and exit make economic profit positive in the long run.

Firms can freely enter and exit, so economic profit is positive in the long run.

Barriers to entry and exit make economic profit zero in the long run.

Firms can freely enter and exit so economic profit is never positive.

Firms can freely enter and exit, so economic profit is zero in the long run.

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When the market is monopolistic competition, which of the following features occurs?

Firms do not practice product differentiation.

All firms face the same demand curve.

The demand for each firm's good is different.

Not all firms advertise the good produced.

Firms produce identical goods.

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Which of the following statements about firms in monopolistic competition is correct?

Firms compete on quality, price and marketing.

The choice of goods produced is the same as in perfectly competitive industries.

All firms make an economic profit.

All firms produce a quantity at which marginal cost is greater than marginal benefit.

Firms are insensitive to changes in consumer demand.

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A graph plots price and cost (dollars per unit) versus Quantity (units per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 20), (40, 50), (60, 40), and (80, 30). The first slopes fall through (0, 70) to (50, 10) is labeled M R, and the second slope falls through (0, 70) to (100, 20) is labeled D. The first curve falls through (02, 18) to (20, 10) then rises through (40, 20) to (80, 80) is labeled M C and the second curve falls through (02, 58) to (40, 25) then rises through (50, 25) to (90, 30) is labeled A T C. All values are estimated.

Refer to Figure 13.2.1, which shows a firm in monopolistic competition. If the firm is in short-run equilibrium, then which of the following statements is correct?

The firm produces 60 units of output to maximize economic profit.

All firms will exit the industry.

The firm can expect its profits can to rise over time.

Rival firms will enter the industry.

Economic profit of all firms in the industry is zero.

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Smith's bakery shop is a firm in monopolistic competition. Smith's is currently selling bread for $16 a box. If Smith's marginal cost is $7 a box and marginal revenue is $7 a box, which of the following events will maximize Smith's economic profit?

It continues to produce the current quantity of output.

It decreases output so that marginal revenue exceeds marginal cost.

It increases output until marginal cost exceeds marginal revenue.

It decreases output until marginal cost equals the market price.

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Which of the following situations occur in monopolistic competition?

Barriers to exit exist.

Firms in monopolistic competition practice collusion.

The goods produced are close substitutes.

A single firm can dictate market conditions.

Firms cannot set their own prices.

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Are firms in an oligopoly interdependent? Why or why not?

Firms are interdependent because each firm's actions influence the profits of all the other firms.

Firms are interdependent because each firm is a price taker.

Firms are interdependent if the HHI for the industry is less than 2,500.

Firms aren't interdependent because each firm can sell as much as it wants if it cuts its price.

Firms aren't interdependent unless they form a cartel.

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Which of the following events can arise when a firm in monopolistic competition advertises its product?

Advertising costs

shift the ATC curve downward.

shift the MC curve upward.

shift the AVC curve upward.

increase the firm's total variable costs.

can result in the firm producing a larger quantity at a lower average total cost than if it did not advertise.

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Which one of the following industries if the best example of an oligopoly?

The cosmetics industry in which the barrier to entry is low.

The travel industry in which the barrier to entry is zero.

The sporting goods industry in which the barrier to entry is high.

The footwear industry in which the concentration ratio is low.

The battery industry in which the concentration ratio is high.

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