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Chris M.
Chris M., M.S.W. Social Work
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Microeconomics 10 question quiz 1. A gas tax

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Microeconomics: 10 question quiz:

1. A gas tax holiday would (Points : 1)
affect the market for gasoline.
affect the market for air travel.
affect the level of congestion on roads.
All of the above are correct.

2. Resources are allocated efficiently when (Points : 1)
the market produces what people want.
economic profits are zero.
output is distributed in an equitable fashion.
output is produced in a sustainable fashion.

3. When all the conditions for perfect competition are met, (Points : 1)
resources are allocated among firms efficiently.
final products are distributed among households efficiently.
the system produces the goods and services consumers want.
All of the above are correct.

4. In imperfectly competitive markets, (Points : 1)
there is no competition in the markets.
some competition may exist in the markets.
some competition may exist but only on price and not in other ways.
some competition may exist but only in other ways and not on price.

5. Society will produce the efficient mix of output if all firms equate (Points : 1)
price and marginal cost.
price and average total cost.
marginal cost and average total cost.
price and marginal revenue.

6. ________ occurs when price- and quantity-fixing agreements among producers are implicit. (Points : 1)
Tacit collusion
A Cournot model
A price-leadership model
A monopoly

7. The oligopolistic model in which firms produce exactly the same results as would exist if a monopolist controlled the entire industry is called the ________ model. (Points : 1)
Price leadership
Maximin strategy
Collusive Cartel

8. Suppose a policy change will generate $100,000 of benefits for low-income families and $120,000 of costs for high-income families. This change can best be described as (Points : 1)
Pareto efficient.
potentially efficient.

9. The demand curve facing a dominant firm in the price leadership model is derived by subtracting the (Points : 1)
amount supplied by the smaller firms from market demand.
amount supplied by the smaller firms from market supply.
amount demanded by customers from the smaller firms from market supply.
dominant firm's marginal cost curve from the industry's supply curve.

10. Taxes and subsidies can be used by the government to ________ externalities. (Points : 1)

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Customer: replied 5 years ago.
For the record, #4 was "some competition may exist in the markets" and #8 was "inefficient" but I was struggling and I'll take the 80! Thanks!
Thank you! Sorry I didn't get all ten.