Question 2 . BU224M4 Lab Competency Assessment : Connect BU224M4 Lab Competency.. @ Help Save & Exit Submit 2 Which of the following is a characteristic of pure monopoly? 33.33 Multiple Choice points O multiple sellers O close substitute products nonprice competition O no barriers to entryBU224M4 Lab Competency. Help Save & Exit Submit 11 Output Price Total Cost $ 509 $106 1 303 150 33.34 250 483 points 280 750 150 1, 150 5 108 1,680 Refer to the demand and cost data for a pure monopolist given in the table. If the monopolist were forced to produce the socially optimal output through the imposition of a ceiling price, the ceiling price would have to be set at Multiple Choice O $150. O $300 O $200. $250.Competency... (i Help Save & Exit Submit 12 Firm Market Share (*) A 25 B 20 C 15 33.34 D 10 points 10 F 5 Refer to the data showing the six largest firms in an industry. If firm D split into two firms with identical market shares, the four-firm concentration ratio would Multiple Choice O rise- O be indeterminate because not all of the firms in this market are shown in the table. fall. O remain unchanged. McQuestion 13 . BU224M4 Lab Competency Assessment - Corect BU224M4 Lab Competency... i Saved Help Save & Exit Submit 13 Monopolistically competitive and purely competitive industries are similar in that 33.34 points Multiple Choice O the demand curves facing individual firms are perfectly elastic in both industries. there are many firms in the industry. O both are assured of short-run economic profits. O both produce differentiated products.BU224M4 Lab Competency.. Saved Help Save & Exit Submit 14 Suppose the Herfindahl indexes for industries A, B, and C are 1,200, 5,000, and 7,500 respectively. These data imply that 33.34 points Multiple Choice O market power is greatest in industry A. O market power is greatest in industry B. O Industry A is more monopolistic than industry C. market power is greatest in industry C.4. 3:01 PM Question 15 - BU224M4 Lab Competency Assessment . Connect BU224M4 Lab Competency.. Saved Help Save & Exit Submit 15 Industries X and Y both have four-firm concentration ratios of 21 percent, but the Herfindahl index for X is 181, while that for Y is 165. These data suggest 33.34 points Multiple Choice O greater market power in X than in Y. O that price competition is stronger in X than in Y. O greater market power in Y than in X. both industries are strongly oligopolistic.16 Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Da 33.33 (1) Price (2) Price (3) Quantity Output points $ 11.50 $ 10.80 6 6 11.00 8.85 7 7 10.50 8.80 B 8 10.00 7.09 9 9 9.60 6.10 10 9. 10 5.08 11 11 8.30 4.15 12 12 If columns (1) and (3) of the demand data shown are this firm's demand schedule, the profit-maximizing level of output will be Multiple Choice O 8 units. O 9 units. 10 units. O 11 units.BU224M4 Lab Competency... Help Save & Exit Submit 20 Firm Market Share (X) A 28 C 33.33 D points E 28 Suppose that Firm D in this table was found guilty of antitrust violations and split into two firms with equal market share. This would cause the Herfindahl index to Multiple Choice O rise to 1,800. O rise to 1,600 O fall to 1,600. fall to 1,800. Mc Graw Hill Help Save & Exit Submit 21 Market Share Firm (*) A 28 B 20 33.33 C 15 points D 15 E 15 F 15 The four-firm concentration ratio for the industry described in this table is Multiple Choice O 30 percent O indeterminate since we don't know which four firms are included. O 100 percent. O 70 percent Me1424154 Lab Compatoney Assessment . Connect BU224M4 Lab Competency. Swed Help Save & Exit Submit 22 An industry having a four-firm concentration ratio of 50 percent Multiple Choice 33.33 points O is a pure monopoly. O is monopolistically competitive. Is an oligopoly. O approximates pure competition. OBU224M4 Lab Competency... ( Saved Help Save & Exit Submit 23 Firm Market Share (X) A 25 B 22 C 18 33.33 D 16 points E 15 4 Suppose that firms B and D in this table merged into a single firm. The four-firm concentration ratio and the Herfindahl index would Multiple Choice both rise. O both fall O rise and remain unchanged, respectively. O remain unchanged and rise, respectively.BU224M4 Lab Competency... O Saved Help Save & Exit Submit 24 Y's Prices X 33.33 12 14 15 $7 points 16 15 13 X's Prices 11 13 19 16 14 10 18 17 15 Refer to the profits-payoff table for a duopoly. If Initially firms X and Y are charging $7 and $5, respectively. Multiple Choice O Y would find it advantageous to raise its price if it were certain * would not alter its price. O The two firms will be maximizing joint profits. O both firms would find it advantageous to collude to raise their prices by $1 each. both firms would find it advantageous to Graw implbruheducation.comicalimap index himi?_con-con&enemaLbrowser-08launchUri-hops% 253A5352F% 252Fconnect mhaducation.com's.14 Lab Competency... (i Spend Help Save & Exit Submit 25 Firm X High Price Low Price X = $625 X = $725 33.33 points Y = $625 Y = $475 Low Price High Price Firm Y X = $475 X = $400 Y = $725 Y = $400 Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the profit In thousands of dollars for a high-price or a low-price strategy. If this is a simultaneous game where the firms compete and seek the highest possible profits, the most likely profit is $475,000 for firm X and $725,000 for firm Y. O $400,000 for firm X and $400,000 for firm Y. O $725,000 for firm X and $475.000 for firm Y. Mc Graw Pkilleris heducation.comdex /map/index himit_con-con& external_browser0launchUrichips N25-3AN.253F%.252FconnectmhoducationFirm A 26 High Price Low Price A = $250 A = $325 High Price 33.33 points B = $250 B = $200 Firm B A = $200 A = $175 Low Price B -$325 B = $175 Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for each firm. Assume that firm B adopts a low-price strategy; firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms, firm B will now Multiple Choice O lose $75 million in profit and firm A will gain $50 million in profit. O gain $50 million in profit and firm A will lose $75 million in profit. O gain $50 million in profit and firm A will lose $50 million In profit. gain 75 million in profit A will to Mc Graw HIII 50 mil Moto mhiducation.com/salimapinder him?_commconSexternal_browser.0 launchUrlsheps$6253AM.252F% 252F.connect.mheducation.p62324, 1:12 PM Out ison 30 - BUZZ4MM Lab Competency Avecviment . Connect 50104, 3:04 PM Question 34 - BUCKMAN Lab Competency Astatement - Connect BU224M4 Lab Competency.. O Help Save & Exit Submit High P B- $250 B = $200 26 Firm B A = $200 A = $175 Low Price 33 33 B = $325 B - $175 Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for each firm. Assume that firm B adopts a low price strategy: firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms. firm B will now Multiple Cholow O lose $75 milion in profit and firm A will gain $50 million in profit. O gain $50 million in profit and firm A will lose $75 million in profit. O gain $50 million in profit and firm A will lose $50 million in profit. gain $75 million in profit and firm A will lose $50 million In profit Mc Graw 26 of 30 #: Next > he piodials wheducation.comjobmapindia.him?_con consecdecal Growon CrunchUrichips14253 414252F1;252Fconnect meduoBU224M4 Lab Competency... Help Save & Exit Submit 4 A pure monopolist is selling 38 units at a price of $280. If the marginal revenue of the 39th unit is $53, then the price of the 39th unit 33.34 points Multiple Choice O is $200. cannot be determined with the information given. O is less than $200. O Is $274.52124, 3:04 PM Question 27 - BURMA Lab Competency Asse-rument . Connect BU224M4 Lab Competency.. Saved Help Save & Exit Submit 27 Y's Prices $6 X 12 14 15 33.33 16 15 13 X's Prices points 11 SE 19 16 14 10 $5 18 15 Refer to the profits-payoff table for a duopoly. If the firms are acting independently and firm Y sets its price at $4, firm X will achieve the largest profit by selecting Multiple Choice a price between $6 and $7. O a price higher than $7. O O $5 Mc Graw $1 01 28 MR. 33.33 Dollars points *MR3 Q \\MR Quantity Refer to the diagram for a non-collusive oligopolist. Suppose that the firm is initially in equilibrium at point E. where the equilibrium price and quantity are Pand Q. If the firm's rivals will ignore any price increase but match any price reduction, then the firm's demand curve will be (moving from left to right) Multiple Choice DIED 2 O DIED2. O DIED . Mc Graw hipellucid mbeducation.com/bulmapindar.html?_conmoon& paternal browser CUlaunchUrl-hitipa$6253.AN4252F 1252Fconnectmieducation.com...al prowserich Question 28 - BUZZM4 Lab Competency Assessment - Connect 15121/24, 3:05 PM Help Save & Exit Submit Saved BU224M4 Lab Competency Assessme... Dolli MR2 33.33 O O points Quantity Refer to the diagram for a non-collusive oligopolist. Suppose that the firm is initially in equilibrium at point E. where the equilibrium price and quantity are Pand Q. If the firm's rivals will ignore any price Increase but match any price reduction, then the firm's demand curve will be (moving from left to right) Multiple Choice O DIED2. O D2ED2.29 O mindpublic competition. O pure competition oligopoly O pie monopoly Noxl SBU224M4 Lab Competency... i Suppose that a particular industry has a four-firm concentration ratio of 30 10 and a Herfindahl index of 80. Most likely, this industry would achieve 33.33 points Multiple Choice O productive efficiency but not allocation efficiency. neither productive efficiency nor allocation efficiency. O allocation efficiency but not productive efficiency. O both productive efficiency and allocatione efficiency.24. 2:59 PM Question 5. BUT4M4 Lab Competency Assessment - Connect BU224M4 Lab Competency... ) Saved Help Save & Exit Submit 5 The nondiscriminating pure monopolist's demand curve Multiple Choice 33.34 points lies above its marginal revenue curve. O is perfectly inelastic. O tends to be inelastic at high prices and elastic at low prices. O coincides with its marginal revenue curve.petency... Saved Help Save & Exit 6 A monopolist can sell 29 toys per day for $22.00 each. To sell 30 toys per day, the price must be cut to $21.00. The marginal revenue of the 30th toy is 33.34 points Multiple Choice O $1.00 O $21. O $30. -$8.7 Number of Price Baskets Sold $ 20 3 18 5 33.34 16 7 points 14 19 12 15 10 30 The table shows the demand schedule facing Nina, a monopolist selling baskets, If Nina had no production costs, what price would she charge to maximize profits? Multiple Choice O $12 O $16 $10 O $208 Quantity of Output Total Cost Product Price B $250 33.33 260 350 points 298 308 3 350 250 480 206 150 Based on the accompanying table, this nondiscriminating pure monopolist should set its price at Multiple Choice O $250. O $150. O $200. $300.BUZZ4M4 Lab Competency... (i) Saved Help Save & Exit 9 Quantity of Output Total Cost Product Price $250 $483 33.33 260 376 points 2 290 346 3 350 310 4 480 280 5 780 250 Based on the accompanying table, how many units would the given profit-maximizing nondiscriminating pure monopolist produce? Multiple Choice O 4 2 O 5 OBUZ24M4 Lab Competency.. i Help Save & Exit Submit 10 Output Price Total Cost $426 $250 1 380 260 33.34 2 348 290 points 380 350 4 260 50e 220 680 Refer to the demand and cost data for a pure monopolist given in the table. An unregulated, nondiscriminating monopolist would earn maximum profits of Multiple Choice O $820. $550. O $900. O $680 Mc Graw