Micro Economics Mcq Essay

2116 words - 9 pages

1. Which of the following is true under monopoly? 
A. Profits are always positive
B. P > MC
C. P = MR
D. All of the above are true for monopoly
 Answer: B
2. In a competitive industry with identical firms, long run equilibrium is characterized by 
A. P = AC
B. P = MC
C. MR = MC
D. All of the statements associated with this question are correct
Answer: D
3. Which of the following is true? 
A. A monopolist produces on the inelastic portion of its demand
B. A monopolist always earns an economic profit
C. The more inelastic the demand, the closer marginal revenue is to price
D. In the short run a monopoly will shutdown if P < AVC
 Answer: D
4. Which of the following is true ...view middle of the document...

 Which of the following is an example of monopoly? 
A. Shoe industry in the United States
B. Local utility industry in a small town
C. Newspaper industry in New York City
D. Bread industry in New York City
Answer: 
10. Differentiated goods are a feature of a: 
A. Perfectly competitive market
B. Monopolistically competitive market
C. Monopolistic market
D. Monopolistically competitive market and monopolistic market
Answer: 
11. Firms have market power in: 
A. Perfectly competitive markets
B. Monopolistically competitive markets
C. Monopolistic markets
D. Monopolistically competitive markets and monopolistic markets
Answer: 
12. The source(s) of monopoly power for a monopoly may be: 
A. Economies of scale
B. Economies of scope
C. Patents
D. All of the statements associated with this question are correct
Answer: 
13. Which of the following is a correct representation of the profit maximization condition for a monopoly? 
A. P = MR
B. MC = MR
C. P = ATC + MR
D. MR = MC + ATC
 Answer:
14. The Cournot theory of oligopoly assumes rivals will 
A. Keep their output constant
B. Increase their output whenever a firm increases its output
C. Decrease output whenever a firm increases its output
D. Follow the learning curve
Answer: 
15. Bertrand model of oligopoly reveals that 
A. Capacity constraints are not important in determining market performance
B. Perfectly competitive prices can arise in markets with only a few firms
C. Changes in marginal cost do not affect prices
D. All of the statements associated with this question are true
Answer: 
16. Both firms in a Cournot duopoly would enjoy higher profits if 
A. The firms simultaneously reduced output below the Nash equilibrium level
B. Each firm simultaneously increased output above the Nash equilibrium level
C. One firm reduced output below the Cournot Nash equilibrium level, while the other firm continued to produce its Cournot Nash equilibrium output
D. The firms simultaneously reduced output below the Nash equilibrium level and one firm reduced output below the Cournot Nash equilibrium level, while the other firm continued to produce its Cournot Nash equilibrium output
Answer: 
17. "Tom and Jack are the only two local gas stations. Although they have different constant marginal costs, they both survive continued competition." Tom and Jack do not constitute a: 
A. Sweezy oligopoly
B. Cournot oligopoly
C. Stackelberg oligopoly
D. Bertrand oligopoly
Answer: 
18. A market is not contestable if: 
A. All producers have access to the same technology
B. Consumers respond quickly to a price change
C. Existing firms cannot respond quickly to entry by lowering their price
D. There are sunk costs
Answer: 
19. Collusion in oligopoly is difficult to achieve because: 
A. It is prohibited by law
B. Every firm has an incentive to cheat given that others follow the agreement
C. Firms usually take care of consumers' interests as a decision priority
D. It is...

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