ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam3C Key

10 views3 pages

turquoisegnu128

31 Jan 2019

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

Document Summary

Econ 2100 (summer 2016 sections 10 & 11) __________________ is a market structure in which there is one single seller of a unique good (with no close substitutes ) and in which there are barriers to entry which prevent rival firms from entering the market. According to the ftc classification of market concentration, a market is not concentrated if. Hhi is __________ and is highly concentrated if __________. below 1,000; above 1,800. If a firm made an economic profit of ,000 last year, then the accounting profit of the firm must have been greater than ,000. The short run supply curve of a firm in a perfectly competitive market is the portion of the marginal cost curve which lies above the average variable cost curve. A firm is producing 250 units of output and currently has average total costs of and. If it were to increase production to 251 units.

Related Questions

A firm that is a "pure monopoly" is:

		a. A seller of a highly advertised and differentiated product in a market with low barriers to entry in the long-run.
		b. The only seller of a good for which there are no good substitutes in a market with high barriers to entry.
		c. The only buyer of unique raw material.
		d. The producer of a product subsidized by the government.

coffeeprairie-dog291

In which of the following ways is a monopoly beneficial to an economy?

A. Monopoly profits give firms more reason to invest in the creation of new products through research and development.

B. Firms that are allowed monopoly profits search out innovative technologies that they can bring to market.

C. With natural monopolies, costs may be lower than those that would exist in competitive markets with many producers.

D. All of the above.

Which of the following is a difference between a perfectly competitive market and a monopoly?

A. The market demand curve faced by a perfectly competitive firm is horizontal, while the market demand curve in a monopoly is downward-sloping.

B. The equilibrium price in a perfectly competitive market exceeds marginal revenue, while the equilibrium price in a monopoly equals marginal revenue.

C. The sellers in a perfectly competitive market are price-makers, while a seller in a monopoly market is a price-taker.

D. There are huge barriers to entry in a perfectly competitive market, while there are no barriers to entry in a monopoly.

In the United States in 2011, there were 104 fatalities per 100,000 workers in the logging industry. This is the second-highest rate after the fisheries industry. Although the fatality rate in this industry is so high, many workers still choose to work as loggers.

What could explain this?

A. Workers choose these high-risk jobs because they are willing to bear an occupational risk to earn a higher wage.

B. Low-risk jobs are already taken, so workers must choose their next-best alternative, which in this case is logging.

C. Workers in these industries lack human capital and must choose to work as loggers.

D. Loggers must be indifferent between low-risk and high-risk jobs.

In the case of a decrease in product prices:

A. the quantity effect always dominates the price effect.

B. the price effect always dominates the quantity effect.

C. when the price effect dominates the quantity effect, total revenue decreases.

D. when the quantity effect dominates the price effect, total revenue decreases

rubywalrus122

13. One of the limitations of Five Forces is that:

a. These tools reduce producer surplus

b. For one firm to increase profit, it takes it from other participants in the industry

c. Does not provide a firm with sustainable competitve advantage

d. both b & c.

15. All these are characterisctics of a monopoly except,

a. There is one seller of the product

b. Has few substitutes

c. Controls a large share of the market

d. Controls a small share of the market

22. Industries with high barriers to entry

a. Pushes profits to normal returns

b. increases the likelihood of firms entering the industry

c. help firms sustain profits

d. increases the number of competitors

14. How does Ebay differ from an economist's view of a perfect competitve market?

a. Ebay has few buyers whereas perfect competitve industry assumes many buyers

b. Ebay has few sellers whereas perfect competitve industry assumes many sellers

c. There is limited information in ebay whereas perfect competitive industry assumes full information for both buyers and sellers

d. There is no difference between these two markets

26. Low cost strategies are usually found in industries where

a. Products are not particularly differentiated

b. Price competion tends to be fierce

c. Both a and b

d. None of the above

Cigarettes - Price Elasticity of demand = - 0.67

A. Cigarettes

B. Alcohol

C. Sodas

D. None of the above

2. The demand for insulin will be ______________ than the demand for a Caribbean cruise in general

a. More elastic

b. More inelastic

c. Less elastic

d. Less inelastic

ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam3C Key

Document Summary

Get access

Related Documents

ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam3D Key

ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam3C

ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam3D

Related Questions