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ECON-200-03 Principles of Economics (20243SP)

ECON-200-03 Principles of Economics (20243SP)

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The market structure of monopolistic competition is best described as

a market in which competition and entry are restricted by the granting of a government license

a few firms with some control over price, producing highly differentiated products

many firms with no control over price, producing identical products with no differentiation

many firms with some control over price, and some product differentiation

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Monopolistic competition is similar to

oligopoly that there are a few firms with some control over price and strong barriers to entry

perfect competition, in that firms face downward-sloping demand curves and earn zero long-run economic profit

pure monopoly because it can earn economic profits both in the short run and in the long run

pure monopoly, in that firms face downward-sloping demand curves, and similar to perfect competition, in that long-run economic profit is zero

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An industry with three-firms control the 95 percent of the market. This is an example of

monopolistic competition.

Perfect competition

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Suppose that the tomato industry is perfectly competitive. In the short run, tomato firms are earning economic profits. What will happen in the long run?

More firms will enter the market, thereby decreasing the industry supply and raising the market price

The existence of profits will lead to a decrease in the demand for tomatos

The costs of the firms will increase, eventually eliminating the profit

More firms will enter the market, thereby increasing the industry supply and lowering the market price

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A natural monopoly is defined as

any market where one firm constitutes the entire industry

a market in which competition and entry are restricted by the granting of a government license

a market in which competition and entry are restricted by the granting of a patent

an industry in which one firm can supply the entire market at a lower cost than two or more firms

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Which of the following is NOT correct about patents?

Patents enable a firm to be a permanent monopoly.

Patents stimulate innovation.

Patents encourage the invention of new products.

A patent is a barrier to entry.

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Which of the following describes the market structure of perfect competition?

A few firms producing similar products, significant barriers to entry, and some control over price

Useful because it demonstrates how market structure can affect resource allocation, prices, and output

Many firms, no or low barriers to entry, no control over price, and identical products with no differentiation

Many firms, low barriers to entry, some control over price, and product differentiation

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Which of the following goods is the best example of a natural monopoly?

the first class mail delivered by the USPS

mRNA vaccine for Covid-19

Water supply to your apartment

Diamonds

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In economics, products are considered 'differentiated' only if

the government determines that they are different

they are physically or chemically different

sellers decide that they are different

buyers think that they are different

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When a firm is considered to be a "price taker" that means that it

cannot influence the market price of the good that it sells

will accept ("take") the lowest price that its customers offer

pays a fixed price for all of its inputs

can charge any price that it wants to charge, that is, "take" any price it wants

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