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

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

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Which of the following is LEAST likely to be a monopoly?

a store in a large shopping mall

a pharmaceutical company with a patent on a life saving drug

the sole owner of an occupational license

the utility company in your town

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Recently in a small city, building contractors lobbied the city council to pass a law requiring all people working on residential dwellings be licensed by the city. Why would the contractors lobby for this requirement?

There is no good explanation for this type of lobbying.

to create a legal barrier to entry

to reduce the cost of building dwellings

to guarantee that work on dwellings is of high quality

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The government breaks large monopolies into smaller competing firms because:

Increasing market power is the best way to achieve efficiency

Public ownership is the best way to achieve efficiency

Regulation is the best way to achieve efficiency

Competition is the best way to achieve efficiency

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The primary characteristic of oligopoly which is rare in other market structures is

Product differentiation

Strong barriers to entry

Strong competition

The interdependence of firms

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Supply curve is

same as the marginal cost curve below the average variable cost curve

same as the marginal cost curve above the average variable cost curve.

same as the marginal cost curve

same as the total cost curve above the price

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Each graph illustrates

three short-run cost curves for firms, where ATC is average total cost (also

referred to as average cost), MC is marginal cost, and AVC is average

variable cost.

Please classify each of the

graphs as valid or invalid based on what you know about the relationships

between these curves.

Graph C

Graph D

Graph B

Graph A

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The supply curve of a product is based on

Government Regulations

Consumer theory

Market Structure

Producer Theory

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Using the figure below, which of the following statement is true?

The firm is making a profit.

The firm is in a loss.

The firm is making a zero profit.

Insufficient information to make any prediction.

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Marginal cost eventually increases with output because

the price of variable inputs tends to increase when the firm purchases more of them.

it requires more variable inputs to produce a larger level of output.

variable factors of production are subject to diminishing marginal returns.

increasing output spreads overhead costs over a larger number of units.

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Explicit costs differ from implicit costs in that

explicit costs are more important than implicit costs.

explicit costs are paid in money, but implicit costs are often non-paid opportunity costs.

implicit costs always present while some firms do not have any explicit costs.

explicit costs are what an accountant would consider costs and are usually less than implicit costs.

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