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21)

Compared to the results in a perfectly competitive market, a monopoly does which of the following?

 

It charges a higher price.

 

It charges a price greater than the marginal cost.

 

It produces less output.

 

All of the above

 

None of the above

22)

"X-inefficiency" refers to the idea that

 

government restrictions on competition create a monopoly, which results in inefficiency.

 

the cost of rent-seeking activity should be added to the welfare cost of monopoly.

 

Generation X is less efficient due to a lack of competitive spirit.

 

a lack of competitive pressure results in a monopoly not keeping its costs down to the lowest possible level.

 

price discrimination results in inefficiently low cross-elasticities of demand.

23)

Firms in which of the following market structures can engage in price discrimination?

 

monopoly

 

oligopoly

 

monopolistic competition

 

All of the above

 

None of the above

24)

Monopolistic competition and perfect competition are in all of the following ways except

 

Barriers to entry are low in both

 

There are many firms in both

 

Firms in both produce the output level where MR=MC

 

Nonprice competition is important in both

25)

To get rid of excess capacity from the monopolistic competition in the long run, what would have to be given up?

 

Free entry and exit.

 

economic rent

 

resource allocative efficiency

 

differentiated product

 

productive efficiency

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019

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