Pick the correct multiple choice for each question (you don't need to explain why)

Question 1

Marginal_______ theory is the argument that businesses hire resources such as labour on the basis of how much extra _____ they can ________.

Question 1 options:

	cost, costs, cut
	revenue, revenue, generate
	activity, profit, cut
-	productivity, profit, generate

Question 2

The ____________ effects are the most fundamental determinants of labour _____ curves.

Question 2 options:

	incentive/disincentive, supply
	input/output, demand
	capital/noncapital, demand
	supply/demand, supply

Demand for a resource like labour is a/an ________ demand because it is a function of commodity sales.

Question 3 options:

	structured
-	derived
	inflexible
	flexible

Fair-Return pricing is determined at the intersection of the _______ curve and ___________ curve.

Question 4 options:

	average fixed cost, demand
	average total cost, demand
	total cost, demand
	demand, marginal cost

Monopolistic competition features __________ firm(s) and __________ products.

Question 5 options:

	many, undifferentiated
	few, undifferentiated
	few, differentiated
	many, differentiated

A particular firm is able to establish a monopoly in an industry from an economies of scale perspective because ________.

Question 6 options:

	it has reduced long range average fixed costs
	it has reduced short range average variable costs
	it has reduced short range average costs
	it has reduced long range average costs

One factor that is an important causal factor in the evolution of oligopolistic enterprise is _____.

Question 7 options:

	acquisition
	divestment
	investment
	merger

_____ based competition among firms supply an oligopolistic market is _____.

Question 8 options:

	Location, common
	Service, common
	Quality, rare
	Price, rare

In the world of economic theory, ____________ firms are tops because they ensure the highest and best use of society's scarce resources.

Question 9 options:

	monopolistic
	perfectly competitive
	oligopolistic
	imperfectly competitive

Ever-cheapening robots replacing assembly-line workers in the automobile manufacturing business is an example of _________ becoming a ________ for ______.

Question 10 options:

	labour, substitute, capital
	capital, complement, labour
	capital, substitute, labour
	labour, complement, capital

Business organizations built on research and development of new products and processes - like pharmaceuticals and software -are normally provided protection from competitive use of their inventions and innovations through ___________ laws.

Question 11 options:

	regulation
	license
	patent
	exclusive franchise

Marginal cost pricing is determined at the intersection of the _______ curve and ________ curve.

Question 12 options:

	marginal revenue, marginal cost
	marginal cost, demand
	average variable cost, supply
	average total cost, demand

Monopolies that create internal operating practices which lead to diminished levels of profitability are susceptible to __________.

Question 13 options:

	x-inefficiency
	inefficiency
	ineffectiveness
	x-ineffectivenes

Which of the following is not a factor that has forced the closure of several Toronto music venues?

Question 14 options:

	High Toronto rents
	The 50-something crowd is not coming out to see live music
	Health regulations that prevent patrons from smoking in the outdoor patio
	Coverage charge

Companies that are able to influence as opposed to determine their fortunes in their markets are locally-oriented enterprises; they are considered part of a/an _______ and operate in market situations where their competitors are ________________.

Question 15 options:

	monopoly, minimal
	monopolistic competition, restricted
	monopolistic competition, absent
	oligopoly, restricted

According to the _______ view, oligopolies ______ the economy because government regulation ______ price fixing.

Question 16 options:

	Schumpeter-Galbraith, help, fails to prevent
	Traditional, help, prevents
	Traditional, hurt, fails to prevent
	Schumpeter-Galbraith, hurt, prevents

Comparing workers' ___________ values with the current _____ rate allows the firm to determine how much labour it should hire to __________ its total ____.

Question 17 options:

	marginal product, wage, minimize, costs
	marginal revenue product, salary, minimize, costs
	marginal revenue product, wage, maximize, profit
	marginal product, salary, maximize, revenues

Which of the following is not a reason why unique talent is hard to find at music festivals?

Question 19 options:

	Growing festival monopoly of mega promoters now own controlling stakes in dozens of festivals
	Big promoters' prioritization of profit above all else also tends to skew lineups towards proven Top-40 or nostalgic acts.
	Unlike indoor venues, outdoor spaces aren't designed for sound in its best form.
	Many artists perform few stops on the "festival circuit" owned by one of these companies and it's becoming harder and harder to find truly unique rosters of talent

Resource-based companies managing to establish a stranglehold on natural resource deposits of one kind or another is an example of _________.

Question 20 options:

	competing unfairly
	reducing average costs such as wages
	acquiring ownership and/or control over essential inputs
	imposing a below market price on that particular resource

In an oligopoly, barriers to entry are _________ and market power is ______________.

Question 21 options:

	blocked, considerable
	significant, quite a lot
	relatively easy, quite a lot
	significant, some

Economists coin the term "mutual interdependence" in the _______ and ______ determining process under oligopolistic conditions.

Question 22 options:

	price, input
	price, output
	input, output
	merger, acquisition

_____________ evolve and persist because _______ deter firms from establishing themselves in particular lines of production.

Question 23 options:

	Oligopolies, barriers to dominance
	Oligopolies, barriers to entry
	Monopolies, barriers to entry
	Monopolies, barriers to success

Monopolists control the entire market _____ of the commodities they produce and therefore face a/an _________ demand curve and are price _______.

Question 24 options:

	supply, upward sloping, takers
	supply, downward sloping, makers
	demand, horizontal, makers
	demand, vertical, takers

Question #28 refers to the graph found below.

If the prevailing wage is $13, a firm should hire a maximum of _______ workers to

maximize its productivity.

Question 25 options:

	28
	30
	32
	340

_______________ are instances where possession of a government-sanctioned exclusive franchise over a given market area is a major source of their dominance.

Question 26 options:

	Market monopolies
	Natural monopolies
	Economies of scale
	Diseconomies of scale

A monopolistically competitive enterprise in any industry has one important characteristic that makes it more like a monopoly firm than a perfectly competitive one. This distinguishing feature is known as_________________.

Question 27 options:

	product efficiency
	allocative efficiency
	allocative differentiation
	product differentiation

Companies that are able to influence as opposed to determine their fortunes in their markets are operating in national and global markets; they are considered part of a/an______________ and operate in market situations where their competitors are ________________.

Question 28 options:

	oligopoly, restricted
	monopoly, absent
	monopolistic competition, restricted
	monopoly, minimal

Which of the following factors doesnotapply to a monopolistically competitive industry?

Question 29 options:

	price
	location
	service
	quality

The foremost characteristic of the types of markets economists call oligopolies is ______.

Question 30 options:

	dominance
	distinctiveness
	flexibility
	fewness