Multiple-Choice Questions

  1. Question

    SXG3ugLxwmlA6vx9r2YGhwzmtNrkaWR6SgwJ3BkWdfxBf40YL+VXBcM9AFE0BeHnx+Xtyt6NI5lEiRfOuQ9jbVWFVqhqTu+qul86RzPG/I4Hrmd6+u0PRpBUL4/wsPDfQwFK86fHUGmMwcFbs3j1W+HAvNqmObgitMdg1pbS5VNQxeT+OotP64kZ98FzmNCvBriqmr7ZIpsWWFWP+pjT8HEjHbqFbWNJhT+OL0vj9F8LBEVG50UBQiA0QlPgbUnbxCWoIXWVUIUKdIsWVV/3iSdKPJDZbvtAATj1oqDT7rj+x1x01lPHwVyT55+9OVu3Jmz6M7k/E8p3mBLgGb+iHuJEBvG4JAJDxtcfKVg437G9s+/P1wfKJwlJogZD3kj3rHokhX6TxJFcimUAIt5DOi7VPhSlnE26NWbo2jRlz5Rck7hs6Lf7LF01fL/aF6qRuu9qAOGPwl6L/JJsOi2WK07T06zIMRFANYn7LfQIFnNhkmCOehELthAXYkxN0JZRM5uJAKxv0Gyh0hgBmQ4NwJTYxg5VMM21CQqub/4VmAXJUTUn4yDsAW9eQb2VFzD90OsPOSnzp0u0OYC5Pt6kPSbK4MWj4cIUFmffsx/MBvhpJbbI9twjyrpjJK9yqWLvq2Cr95XNPhwwDBiZtVSwi/QX3OKvLiiPJlk3qOcpC1HELRtq1JcN85cTQQVxIxaLu1NaUMI1XKsbGBVApFp+mjcLoI6lmCGFCykwdpvfsajud4NQzW+KIC+Q1w1tNLNZUqY2kyP3uQfVklmTR81/SKpVRJg80RjajCcl1P4bRDlAy8G4qOVTR/+xPy9LBfEhHb8tvXo8uDOddh5VJ8r/W5Bsh1+WrdoZMFQBLukCvOtTpRkW519IExkQR+24RgKkDMdDJnLk2ybA9hk/1C2wmIdakHZM1qtFLeApjs+omyB6bgKK6kk8LUPi6v1B5BTibGzy2TxBCtshSOim/Tsibpbk+fjdNfZkP3EoGRVM3RjIcf1oanMAQC4DYxrP3u72o3Z1C0mwRmd4MxeHQ8BooVY2ZZXrVSIJlx0y4LwpNEtli3RqWuomZYmZXYWbrhwvHDbwIPx1VuUa1u5vtH5i89mzBl9+eDAo1uPmcBUr2MmxYt+nw5tXgw==
    A difference between oligopolists and monopolistic competitors is that only
  2. Question

    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
    In studying market structures, economists have observed that when an industry has a relatively large number of firms, the firms are more likely to engage in _____ and prices are likely be relatively_____.
  3. Question

    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
    The government would attempt to enforce antitrust policy under which of the following circumstances?
  4. Question

    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
    Government regulators should be concerned with _____ if firms in an industry have _____.
  5. Question

    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
    Brand names can lead to higher prices because
  6. 684

    Question

    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
    Which of the following is the most likely to lead to lower prices in an oligopoly?
  7. Question

    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
    Use the information and table below to answer Questions 7 and 8.
  8. Question

    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
    Suppose Firm A continues to honor the production agreement from Question 7 while Firm B breaks it and produces more. Now what is the maximum dollar amount (in millions) that Firm B would collect?
  9. Question

    Suppose a breakfast cereal market consists of only two firms, Firm X and Firm Y. Each firm sets either high prices or low prices for one month at a time. Use the information on each firm’s monthly profit in the payoff matrix below to answer Questions 9–12.

    image
    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
    Which of the following statements is true?
  10. Question

    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
    Which of the following accurately describes the dominant strategies of Firm X and Firm Y?
  11. Question

    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
    Suppose the same payoff matrix applies every month. For the current month, Firm X has set low prices and Firm Y has set high prices. If each firm follows a tit for tat strategy, then
  12. 685

    Question

    fUlhv7L6NauJvQObtppvaioZ5oulVuiI8WJHy5U4Sa8nkUC55k2NLavbdpjZXTIjUIsKRGARskrNUtZ3gQ/0dErlzXTKAs4pSbLzvAOnU0oU194mc2ShUKlasQN0MurEd05Dqi/loe2GBVFIA+jZgIZ9o4587iXeKksfhpNJTxF9BWGnVvW8UsJxwSaAn2TnCGdnX1tqLVLtYt1639oGyDfmeTSDAilQuXc/91E6o/KiCGHviKRjFkJTmuLYTU+NKOAkj1CXoN/6SFARVxIbGiD38akjRAuk1ho7S97O0JrUFY38i+pff3EioLdR1JbP+xOU3RMNObrTX5rVUpzUAEbD1lAe9AD4GCadl5R+ivNpxQynFaUrHlyWh0TzswhLC1iXhU2RuIM2fQswVTOXAzMtMiyrV/Qa2lRl+mHYkLNOqotYkLLVVk1r1oOKOVoV0RS/G98UzQOql0r2LgkFlW0XJt0fz1Cfjytq7gHV6bscrySZB6kTx6EfHkK3NxRn7TAqzf+NPXv2vAF1IUBMWHXe7Kw6Ir7KfSkPKXZqCUPst1CtokTGWENcvOoNi5oR0aNihoJTiHsucrxCSflpoVCl+JJ41DpV0+PB3K0EPHfLEag6FBIqlQctORmQLX2xEWlzdLd/32TKjfap/fru5P6b0tEQIQGC5zgrkx4zeEbXF6bBvXA9PawtAIpT/YK67sz9m5mFLGgA2fOPNuYcs1TAEUpOfNB3awxxOESjTDGN+hW3KTqhWX5nvB5mtYUjsMgonqdzHX0RaI0q2R6l4ovmr69i/T9TGmHKGsA+vXLOfZfK42JnOX7khfCFvY4XM4vuMaLdEhTiYoUwyfrIO0QfyIanAskQioQ21QR6PG3ij3axVPQEF56XOrp7s9TLQmGZt1KnbXeXeqJ2R7AgKvXab40kUL7rBTsNodl4Cysm8INUW1/hx9ONkQuhNcaL/t8gyljBEgdrvwSG92hZB4auygfc0Ktk+huAgvEHnWoG85GQMU+rfHjJjLH82ZuUQLpHH+MEdm5xeZFnDurlEFIcbyjZWdsU7P24dXQFgMYj0HwwGRFrupGIHz391vK87Pk+OL+Xtt4oGgIqj4lTR2MNbZbow97ke+WQPUBg8qGjgwDO7IwqR+fvn8+vnXTZrn9K8y7TfU2N3Fx751JYWRJ6Pau3ya0w3VjKYZkH7PTujoSg8hmb/XT7oI0R6LnU9qU3p1n0aqp+z4vtIWr3uQ3HD3BiTnW66fAwVv7c5oiFJ5LIpRB/oMWdYdtd29edjbYZRJaL4dYk+CizRzSGPHxkvetAMlfFx5uspA==
    Suppose all the profit payoffs for Firm X double, but they remain the same for Firm Y. Which of the following is a true statement?
  13. Question

    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
    Which of the following works in favor of tacit collusion in an oligopolistic industry?
  14. Question

    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
    Which of the following business tactics are ways that firms in an oligopolistic industry attempt to legally collude?
  15. Question

    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
    In a monopolistically competitive soda industry, assume the following facts: a typical firm produces 10,000 beverage cans in a month; the price per can is $1.00; average total cost is $0.50 at the current production level, and marginal cost is $0.25 at the current production level. What will happen to the equilibrium quantity and profits for a typical firm in the soda industry in the long run?
  16. Question

    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
    Economists have argued that there may be inefficiencies in industries that are monopolistically competitive. Which of the following are some of the reasons cited for this inefficiency?
  17. Question

    Use the following graph of a typical firm in a monopolistically competitive industry for Questions 17–19.

    image
    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
    What price and quantity combination would we expect from a profi
  18. Question

    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
    Firms in this industry are earning ______ and over time we would expect these profits or losses to _____.
  19. 686

    Question

    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
    Over time, what will happen to the number of firms in this industry and the output per firm?
  20. Question

    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
    Which of the following is NOT an example of product differentiation?