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This quiz covers materials from Module 5:Product Markets

Flag question: Question 1Question 12pts

If a firm's revenues do not cover its average variable costs, then that firm has reached its

Group of answer choices

price taking point

shutdown point

marginal point

opportunity margin

Flag question: Question 2Question 22pts

In the _______________, the perfectly competitive firm will seek out _______________.

Group of answer choices

long run; the quantity of output where profits are highest

short run; profits by ignoring the concept of total cost analysis

short run; the quantity of output where profits are highest

long run; methods to reduce production and shut down

Flag question: Question 3Question 32pts

Under perfect competition, any profit-maximizing producer faces a market price equal to its

Group of answer choices

average costs

marginal costs

total costs

variable costs

Flag question: Question 4Question 42pts

Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4?

Q	P	TC	TR	MR	MC	Profit
0	$5	$9
1	$5	$10
2	$5	$12
3	$5	$15
4	$5	$19
5	$5	$24
6	$5	$30
7	$5	$45

Group of answer choices

$5.00

$4.00

$1.00

$3.00

Flag question: Question 5Question 52pts

What happens in a perfectly competitive industry when economic profit is greater than zero?

Group of answer choices

existing firms may expand their operations

firms may move along their LRAC curves to new outputs

there may be pressure on the market price to fall

new firms may enter the industry and all of the above

Flag question: Question 6Question 62pts

Which of the following is most unlikely to present a barrier to entry into a market?

Group of answer choices

market forces

patent laws

technological advantages

deregulation

Flag question: Question 7Question 72pts

Occasionally, ________________ may lead to pure monopoly; in other market conditions, they may limit competition ______________________-.

Group of answer choices

barriers to entry; to a few oligopoly firms

barriers to entry; to a natural monopoly

deregulation; requiring new patent law

deregulation; requiring new copyright law

Flag question: Question 8Question 82pts

If it was possible for one company to gain ownership control all of the uranium processing plants in the US, then

Group of answer choices

they will strive to reach efficiencies only they know how to make.

that firm could set up barriers to entry to discourage competition.

that firm could set up barriers to entry to encourage competition

Flag question: Question 9Question 92pts

The two primary factors determining monopoly market power are the firm's

Group of answer choices

revenues and size of its customer base

variable cost curve and its fixed cost structure

demand curve and level of wealth within its market

Flag question: Question 10Question 102pts

The figure below shows the demand curve and the long run average cost curve for an electric company.

This market is a natural monopoly because

Group of answer choices

the long run average cost curve is U-shaped

when producing large quantities, the long run average cost is greater than demand

when producing small quantities, the demand is higher than long run average cost

the demand curve intersects the long run average cost curve at a point where the long run average cost curve is downward sloping

Flag question: Question 11Question 112pts

_________________ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry.

Group of answer choices

Collusion

A monopoly

An oligopoly

A cartel

Flag question: Question 12Question 122pts

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,

Group of answer choices

they will be unable to earn higher-than-normal profits in the short run.

they will wish to cooperate to make decisions about what price to charge.

they will wish to cooperate to make decisions about what quantity to produce.

they will be unable to earn higher-than-normal profits in the long run.

Flag question: Question 13Question 132pts

If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then,

Group of answer choices

the firm's perceived demand will shift to the left.

the firm should keep expanding production.

each marginal unit adds profit by bringing in less revenue than its cost.

the firm is now earning zero for profit.

Flag question: Question 14Question 142pts

In a perfectly competitive market, allocative efficiency is achieved because each firm produces at a quantity where price is set

Group of answer choices

equal to marginal cost, in the short run.

equal to marginal cost, both in the short run and in the long run.

equal to average cost, in the long run.

equal to average cost, both in the short run and in the long run.

Flag question: Question 15Question 152pts

How can parties who find themselves in a prisoner's dilemma situation avoid the undesired outcome and cooperate with each other?

Group of answer choices

one oligopoly can physically beat up another oligopoly

by seeking alternatives to create pressure for members to keep output up and prices up

find effective ways to penalize firms who do not cooperate

sign legally enforceable contracts setting out their mutual agreement to act like a monopoly

Flag question: Question 16Question 162pts

The four-firm __________ measures the percentage share of the total sales in the industry that is accounted for by the largest four firms.

Group of answer choices

coordination ratio

market share ratio

concentration ratio

production ratio

Flag question: Question 17Question 172pts

Government policy-makers often must decide how to balance the potential benefits of _____________ against the potential benefits of _______________.

Group of answer choices

competition; nationalization

corporate size; competition

corporate size; predatory pricing

nationalization; privatization

Flag question: Question 18Question 182pts

In the 1980s, the FTC followed guidelines stipulating that, should a proposed merger result in an HHI of less than 1,000,

Group of answer choices

the FTC would probably challenge it.

the FTC would scrutinize the proposal.

the FTC would probably approve it.

the FTC make a case-by-case decision.

Flag question: Question 19Question 192pts

Which of the following poses a difficult challenge for U.S. competition policy?

Group of answer choices

monopoly

monopolistic competition

perfect competition

natural monopoly

Flag question: Question 20Question 202pts

The information below sets out the estimated market shares for the cellular phone manufacturing market.

Firm	Market Share
Nokia	36%
Fujitsu	3%
Kyocera	3%
LG	6%
Motorola	16%
Samsung	6%
Sanyo	4%
Siemens	7%
Sony Ericsson	11%
Plus 8 more firms with 1% each

Based on this information, the four-firm concentration ratio is

Group of answer choices

70

68

65

73