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1) During the past 20 years, Marzi Corp., a large firm in an oligopolistic industry, has changed prices a number of times. Each time it does so, the other firms in the industry follow suit. Dominator Inc. is a _____.

  A. price follower  
  B. price leader  
    C. monopolistically competitive firm  
  D. monopolist  
      E. perfectly competitive firm

2) The restaurants in San Francisco can probably be categorized as examples of firms

  A. operating in an oligopolistic market.  
  B. operating in a monopolistically competitive market  
  C. operating in a perfectly competitive market  
  D. forming a cartel.  
  E. operating in a monopolistic market  

3) Which of the following is not a source of product differentiation?

  a. Prestige considerations in products  
  b. Differences in the cost of production of products  
  c. Physical differences in products  
  d. Differences in the services provided by firms  
  e. Differences in the location of sales outlets

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Retselisitsoe Pokothoane
Retselisitsoe PokothoaneLv10
28 Sep 2019
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Related questions

1)Which of the following is true about the Sherman Act?

 

A.It prohibited price discrimination.

  
 

B. It prohibited price-fixing and collusion.

  
 

C. It prohibited mergers if it led to weakened competition.

  
 

D. It made engaging in predatory activities illegal.

  
 

E. It encouraged firms to take advantage of the patent system.

2)
Which of the following is true of price discrimination?

 

A. Customers need to differ in their willingness to pay for price discrimination to occur.

  
 

B. Customers need to have a unit elastic demand curve for price discrimination to occur.

  
 

C. Price discriminators profit by charging a uniform price to all customers.

  
 

D. Price discriminators lack the incentive to reduce their average total cost of production.

  
 

E. Customers can easily resell a good to other customers if there exists price discrimination in the market for the good.

  

3) Which of the following types of firms do not practice price discrimination?

  A. Airlines  
  B. Movie theaters  
  C. Soft drink companies  
  D. Colleges  
  E. Amusement parks

4) Oligopoly, like perfect competition, is a market structure in which firms can easily enter and leave the industry.

a. True

  

b. False

  

 

5)

Monopolistic competition is characterized by:

 

A. A large number of firms selling differentiated products.

  
 

B. A perfectly elastic demand curve.

  
 

C. High barriers to entry.

  
 

D. large number of firms selling identical products.

  
 

E. A small number of firms selling differentiated products.

  

6) Which of the following is not a source of product differentiation?

  A. Prestige considerations in products  
  B. Differences in the cost of production of products  
  C. Physical differences in products  
  D. Differences in the services provided by firms  
  E. Differences in the location of sales outlets  

7) The restaurants in San Francisco can probably be categorized as examples of firms

  A. operating in an oligopolistic market.  
  B. operating in a monopolistically competitive market  
  C. operating in a perfectly competitive market  
  D. forming a cartel.  
  E. Operating in a monopolistic market  

If a firm can maximize its profit by producing the output where price is equal to its marginal cost, the firm is operating in:

A) in a monopolistically competitive market.
B) a monopolistic market.
C) a perfectly competitive market.
D) an oligopolistic market.

A major difference between monopolistic competition and perfect competition is:

a. there are barriers to entry in monopolistic competition. There are no barriers to entry in perfectly competitive markets.

b. monopolistically competitive firms sell differentiated products. Perfectly competitive firms sell identical products.

c. government regulation restricts the ability of monopolistically competitive firms to change their prices. Perfectly competitive firms face no price regulation.

d. the market demand curve in a monopolistically competitive market slopes downward. The market demand curve in a perfectly competitive market is horizontal

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