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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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Advertising costs of a monopolistically competitive firm are

less than a perfectly competitive firm.

greater than a monopoly and the same as a perfectly competitive firm.

less than a monopoly.

the same as a monopoly.

greater than a perfectly competitive firm.

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In monopolistic competition, advertising costs

shift the MC curve upward.

are variable costs.

can result in the firm producing an amount of output such that its average total cost is lower than if it did not advertise.

shift the AVC curve upward.

shift the ATC curve downward.

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The correct ranking of the four basic market structures from low HHI (Herfindahl-Hirschman Index) to high HHI is

monopoly, oligopoly, monopolistic competition, perfect competition.

perfect competition, oligopoly, monopolistic competition, monopoly.

perfect competition, monopolistic competition, oligopoly, monopoly.

monopolistic competition, perfect competition, oligopoly, monopoly.

monopoly, monopolistic competition, oligopoly, perfect competition.__

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In the long run, a monopolistically competitive firm will make the same economic profit as

a monopolistically competitive firm in the short run.

a price-discriminating monopoly.

a single-price monopoly.

a perfectly competitive firm in long-run equilibrium.

a perfectly competitive firm in short-run equilibrium.

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If a firm with market power is not making enough profit (in equilibrium),

None of the above.

it will lower price thereby increasing total revenue because demand is elastic.

it will exit the industry in the long run if economic profit is negative.

it will expand sales until it reaches the unit elastic point on demand.

it will raise price thereby increasing total revenue because demand is inelastic.

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Let P = price, MR = marginal revenue, and MC = marginal cost. For a profit-maximizing monopolist, which of the following relationships holds?

None of the above.

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Which of the following is a characteristic of a monopoly market?

entry into the market is blocked

the firm can influence market price

none of the above

all of the above

one firm is the only supplier of a product for which there are no close substitutes

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What is the defining characteristic of a natural monopoly?

constant returns to scale over the relevant range of output

None of the above.

constant average fixed costs over the relevant range of output

constant marginal cost over the relevant range of output

economies of scale over the relevant range of output

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ignores the demand curve because it is the only seller.

faces a perfectly elastic demand.

can raise the price it charges only if it increases the quantity that it sells.

faces a perfectly inelastic demand.

can raise the price it charges only if it decreases the quantity that it sells.

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When a firm operates under conditions of monopoly, what do we know about its pricing?

None of the above.

Its pricing is constrained only by its social agenda.

Its pricing is not constrained.

Its pricing is constrained by marginal cost.

Its pricing is constrained by demand.

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