Chapter 16: Monopoly
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Q1) A natural monopoly's average cost curve
i.intersects the demand curve while the average cost curve slopes downward.
ii.reaches its minimum before it intersects the demand curve.
iii.intersects the demand curve below the intersection of the marginal cost curve and the demand curve.
A) i only.
B) ii only.
C) iii only.
D) i and iii.
E) i, ii, and iii.
Q2) With perfect price discrimination,the level of output
A) exceeds the efficient quantity.
B) is the same as the amount produced by any monopoly that price discriminates.
C) is the same as the amount produced in a perfectly competitive market.
D) equals the amount produced by a single-price monopoly.
E) is unknown.
Q3) "Under the social interest theory of regulation,regulators attempt to maximize profits for the owners of the firms being regulated." Is the previous statement correct or incorrect?
Q4) What are the conditions that define a monopoly?
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Chapter 17: Monopolistic Competition
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Q1) A firm in monopolistic competition has ________ demand curve.
A) a downward sloping
B) an upward sloping
C) a vertical
D) a horizontal
E) a U-shaped
Q2) An industry with a large number of firms,differentiated products,and free entry and exit is called
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
E) monopolistic oligopoly.
Q3) Which of the following is an advantage to society of monopolistic competition?
A) production at the lowest possible average cost
B) product variety
C) Only essential costs are incurred.
D) long-run profitability
E) The firms have excess capacity so they are always willing to increase their production.
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Chapter 18: Oligopoly
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Q1) When a city licenses only 3 taxi firms to serve the market,the city has created a A) cartel.
B) legal monopoly.
C) monopolistically competitive market.
D) legal oligopoly.
E) natural oligopoly.
Q2) The only two firms in a market are trying to decide what price to charge.The payoff matrix for this duopoly game is shown above.The payoffs are thousands of dollars of economic profit.In the Nash equilibrium,Firm A will set a price of ________ and Firm B will set a price of ________.
A) $10; $20
B) $20; $10
C) $10; $10
D) $20; $20
E) $20; something, but more information is needed to determine Firm B's price
Q3) Explain how the courts have ruled on price fixing.
Q4) "A Nash equilibrium occurs when both parties to a game end up worse off as a result of the decisions that are made." Is the previous definition of a Nash equilibrium correct or incorrect?
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Chapter 19: Markets for Factors of Production
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Q1) The figure above shows the market supply of labor curve.Which of the following might be the reason the labor supply curve shifted from S? to S??
A) an increase in technology
B) a decrease in technology
C) a decrease in the number of women in the work force
D) an increase in the adult population
E) an increase in the wage rate
Q2) The demand curve for labor is the same as the firm's
A) marginal revenue curve.
B) marginal cost curve.
C) value of marginal product of labor curve.
D) wage rate curve.
E) supply of output curve.
Q3) What tools can unions use to increase the demand for union labor?
Q4) As the price of land rises,the quantity supplied
A) increases.
B) decreases.
C) at first increases and then decreases.
D) stays the same.
E) at first decreases and then increases.
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Chapter 20: Economic Inequality
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Q1) Social Security is a ________ program paid for by ________.
A) compulsory; payroll taxes
B) compulsory; government money
C) voluntary; payroll taxes
D) voluntary; income taxes
E) compulsory; voluntary taxes on income
Q2) The demand for labor
i.depends on the availability of labor.
ii.decreases when the supply of labor increases.
iii.depends on the value of marginal product of labor.
A) i only
B) i and ii
C) iii only
D) i and iii
E) i, ii, and iii
Q3) Describe how a negative income tax works.
Q4) What is a Lorenz curve?
Q5) Describe the characteristics of the typical lowest income household in the United States and the characteristics of the typical richest household in the United States.
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