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1. Which firm structure must maintain their product differentiation through advertising A. monopoly B. monoplistic competition C. oligopoly D. perfect competition
2. Marginal revenue is not equal to price when A. goods are differentiated B. barriers to entry are eliminated C. economic profits are zero D. goods are simaliar
3. The price of an oligopoly product is likely to be A. higher than a monopoly firm but lower than a perfectly competitive firm B. higher than a monopoly firm but lower than a monopolistic competitive firm C. lower than a monopoly firm but higher than a monopolistic competitive firm D. higher than a monopoly firm and higher than a petfectly.
4. free entry and exit of firms occurs within which market? A. oligopoly B. monopoly C. monopolistic competition C. all options are correct
5. Monopolies are inefficient because A. a monopoly firm must compete, and competition is expensive B. a monopoly firm will always produce where price is equal to average total cost C. inefficiency is a barrier to entry D. a monopoly firm has no incentive to cut costs
Chamber of Commerce, and your colleague has written a position paper and asked you to proof read it. In that report, she concludes; "in 2009, the U.S. exports were $1.571 billion and imports were $1.946 billion, with a resulting trade deficit of $..
How does knowledge of value elasticity between different groups of consumers or for several products enable managers to price discriminate, change different prices for these groups?
Explain the relationship between the Magpie and the Eagle and explain what would be the effect of a 10% increase in the income of the target market have on the demand for the Magpie
What are the advantages of the Herfindahl index over concentration ratios in measuring degrees of concentration in an industry? (b) What is the disadvantage of both?
If you decide to use $34,000 as your working estimate of marginal costs, what increase in Custom's purchases would be necessary for the proposal not to reduce GM's profits on this account?
A political commentator argues: "Congress and the President are more likely to enact an expansionary fiscal policy than a contractionary fiscal policy because expansionary policies are popular and contractionary policies are unpopular". Explain..
These are dualism, materialism, idealism and alternative views. Of the four modern metaphysical ideas, which seems most logical to you Briefly define the view you selected and explain how your reading and experience supports it.
Discuss the various ways governments can handle externalities, such as noise from a local airport or a barking dog or building of commercial office space or an industrial building in a residential area?
The most obvious benefit of specialization and trade is that they allow us to work more hours per week than we otherwise would be able to work or else.
Due to the lack of profits, many growers have stopped production and the output of coffee beans has fallen from 400 tons per year to 250 tons per year.
Explain which of the following transactions would be directly counted in 2013 's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
Using the AD-AS model explain how the economy will adjust in the long run. Should the government undertake any proactive fiscal or monetary policy in this situation?
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