Question 1

If the Average Total Cost curve of a firm in monopolistic competition happens to be above the demand curve, it means:

Accepted Answer

A) the firm will have to sell a lot in order to make a profit 
B) the firm will have to sell at a very high price in order to make a profit 
C) other firms are performing better in the market than the firm depicted in the diagram 
D) that firms in that industry will be incurring losses in the short run 
A) the firm will have to sell a lot in order to make a profit 
B) the firm will have to sell at a very high price in order to make a profit 
C) other firms are performing better in the market than the firm depicted in the diagram 
D) that firms in that industry will be incurring losses in the short run

Question 2

The short-run supply curve of a firm in perfect competition is the segment of its:

Accepted Answer

A) marginal cost curve that lies above the minimum average total cost 
B) marginal revenue curve that lies above the minimum average total cost 
C) marginal cost curve that lies above the minimum average variable cost 
D) marginal revenue curve that lies above the minimum average variable cost 
A) marginal cost curve that lies above the minimum average total cost 
B) marginal revenue curve that lies above the minimum average total cost 
C) marginal cost curve that lies above the minimum average variable cost 
D) marginal revenue curve that lies above the minimum average variable cost

Question 3

Which of the following is NOT a characteristic of a competitive market

Accepted Answer

A) it has many buyers 
B) it has many sellers 
C) the products traded are identical 
D) firms set the price (price makers) 
A) it has many buyers 
B) it has many sellers 
C) the products traded are identical 
D) firms set the price (price makers)

Question 4

Monopsony is a market with

Accepted Answer

A) one buyer 
B) one seller 
C) many buyers 
D) one buyer and one seller 
A) one buyer 
B) one seller 
C) many buyers 
D) one buyer and one seller

Question 5

Branding can be good for society because:

Accepted Answer

A) it allows people to show off the branded goods they use or wear 
B) it keeps generic goods from taking over the market 
C) it provides useful information to consumers about the quality of branded goods 
D) it helps firms enjoy higher prices and profits 
A) it allows people to show off the branded goods they use or wear 
B) it keeps generic goods from taking over the market 
C) it provides useful information to consumers about the quality of branded goods 
D) it helps firms enjoy higher prices and profits

Question 6

Marginal revenue in a monopoly is:

Accepted Answer

A) always greater than the price 
B) always equal to the price 
C) always smaller than the price 
D) sometimes greater and sometimes smaller than the price 
A) always greater than the price 
B) always equal to the price 
C) always smaller than the price 
D) sometimes greater and sometimes smaller than the price

If the Average Total Cost curve of a firm in monopolistic competition happens to be above the demand curve, it means:

The short-run supply curve of a firm in perfect competition is the segment of its:

Which of the following is NOT a characteristic of a competitive market

Monopsony is a market with

Branding can be good for society because:

Marginal revenue in a monopoly is:

Principles of Market Structures and Microeconomic Theory

Market Power and Pricing Strategies

Market Structures and Pricing

Monopoly and Perfect Competition

Market Structures and Equilibrium in Economics

Market Structures and Perfect Competition

Understanding Market Structures and Firm Behavior

Money and Market Structures

Economy and Inflation

Macroeconomic Policies and Business Cycles

Economics and Market Structures

Competitive and Monopolistic Markets

The Economics of Monopolistic Competition and Monopoly

Monopoly, Price Discrimination, and Oligopoly: Exploring Market Structures and Strategies

Market Structures and Equilibrium

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Exam 1: Market Models, Structures and Competition

If the Average Total Cost curve of a firm in monopolistic competition happens to be above the demand curve, it means:

The short-run supply curve of a firm in perfect competition is the segment of its:

Which of the following is NOT a characteristic of a competitive market

Monopsony is a market with

Branding can be good for society because:

Marginal revenue in a monopoly is:

Principles of Market Structures and Microeconomic Theory

Market Power and Pricing Strategies

Market Structures and Pricing

Monopoly and Perfect Competition

Market Structures and Equilibrium in Economics

Market Structures and Perfect Competition

Understanding Market Structures and Firm Behavior

Money and Market Structures

Economy and Inflation

Macroeconomic Policies and Business Cycles

Economics and Market Structures

Competitive and Monopolistic Markets

The Economics of Monopolistic Competition and Monopoly

Monopoly, Price Discrimination, and Oligopoly: Exploring Market Structures and Strategies

Market Structures and Equilibrium

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