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Bizhelp, CPA
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1.What might create a monopoly? a key resource is owned

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1.What might create a monopoly?
a key resource is owned by a single firm.
the government gives a single firm the exclusive right to produce a good or service.
a single firm can produce output at a lower cost than a larger number of producers.
all of the above.2. Market power is the ability
to set prices and quantities sold
of capitalists to exploit the working classes
to set prices
all of the above3. Which of the items below are examples of monopolistic competition, also known as imperfect competition?
patent, copyright, and trademark
professional licensing and labor unions
local shops and restaurants
all of the above
none of the above4. In what kind of market is a firm unable to influence the price of its output?
price maker
imperfect monopoly
perfectly competitive5. When the quantity sold of a good changes significantly in response to changes in price, its demand is
identical to his supply curve
identical to marginal cost
highly elastic
highly inelastic6. When a firm's marginal revenues are higher than its marginal cost
it is operating below its optimal capacity
it is operating above its optimal capacity
it is operating at its optimal capacity
all of the above7. The primary goal of a firm is to
minimize cost
maximize revenue
maximize profit
all of the above8. Which of the following most nearly approximates a perfectly competitive market?
products with brand names that are sold in many different stores
commodities, like wheat, rice, and gold
products that are very close substitutes for each other, like Coke and Pepsi
all of the above9. Profit equals
total revenue minus total cost
total revenue minus marginal cost
marginal revenue minus marginal cost
gross revenue minus depreciation10. Marginal cost is
a small cost that does not affect a firm's profit significantly
the cost of increasing the margin between cost and price
the cost of producing the next unit of output
all of the above11. A good that is non-excludable and non-rival in consumption is called a
public good
oligopoly good
monopoly good12. The "Prisoner's Dilemma" illustrates:
The lack of cooperation among firms in a competitive market
The lack of cooperation among firms in a monopolistic market
The lack of cooperation between a monopoly and its customers
why, in an oligopoly market, cooperation is difficult to achieve even when it is mutually beneficial13. Advertising is a natural feature of
monopolistic competition
perfect competition
public good
monopoly14. A cartel arrangement is likely to be successful for its members only if it can
let members produce at full capacity and sell all of their output to the other cartel members
monitor the cartel members and enforce the arrangement
get the government to pass antitrust legislation
do all of the above15. A single firm that can supply a good or service to an entire market at a smaller cost than two or more firms could is called a:
Natural monopoly
Competitive monopoly
Artificial monopoly16. The theory of comparative advantage concludes that
each individual should engage in that activity, in which he or she is more effective than anyone else
each individual should engage in a large number of economic activities, and not 'put of one's eggs in one basket'
each individual should pursue a career doing what he or she does best
each individual should strive to be self-reliant17. Price gouging might be the result of:
A sudden increase in demand
A sudden decrease in demand
A sudden increase in supply
A surplus18. A negative externality occurs when
a person's action harm others, and that person does not bear the cost that others bear
a person breaches the social contract
a person's actions create benefits that other persons benefit from, but do not pay for
a person ceases activities that are external to the economic processes, in which that person engages19. Transaction costs include
fees charged by brokers
transportation and communication costs
legal, accounting, and regulatory costs
all of the above20. Legal prohibitions against price gouging
are necessary for the smooth operation of a market economy
are price floors that lead to surpluses
are price ceilings that lead to shortages
prevent price discrimination21. OPEC is an example of
both of the above
none of the above
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.

Thanks for the questions.

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Customer: replied 5 years ago.
As you become more educated, you provide your environment with a
positive externality
negative externality
consumer surplus
producer surplus

Which good is considered to have an "inelastic" demand?
Gasoline at a specific gas station in a populated city
Cocaine or heroin
Rolex watches
Toyota vehicles

Fireworks display, national defense, and fire protection most closely fit the definition of what kinds of goods, from the perspective of economics?
scarce goods
uncertain goods
natural monopoly goods
public goods
The tragedy of the commons occurs when
supply exceeds demand.
property rights to a scarce resource are not assigned or not enforced.
free riders are excluded from consuming a resource.
individuals steal from each other.
Expert:  Bizhelp replied 5 years ago.

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