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Are my Economic questions correct? Answers at bottom.?
1.Which of the following is likely to have the most monopoly power? Ford Motor Corporation your local water company Mobil Oil Corporation Avon products (cosmetics) a fast food restaurant 2. To maximize profits, a competitive firm produces the output level at which its total receipts are greatest its total costs are minimum its marginal cost equals its marginal revenue its total costs equal its total receipts none of the above 3. The most common forms of nonprice competition are profit maximization and loss minimization monopolization and output restriction advertising and changes in product quality and design inflation and unemployment none of the above 4. A perfectly competitive firm’s supply curve is its demand curve marginal revenue curve total revenue curve marginal cost curve total cost curve 5. With a natural monopoly, the long-run average cost curve of the firm declines over the range of production government regulation ensures that consumer’s interests will be served government regulation will fail there are no significant economies of scale in producing the good none of the above 6. General Motors more closely resembles a monopoly than does your local electric company. True False 7. If its marginal revenue is less than its marginal cost, a firm should reduce its output product. True False 8. Monopoly power in the U.S. does not pose a significant economic problem. True False 9. Without barriers to entry, a high-profit monopoly is unlikely to be able to maintain its monopoly status. True False 10. With natural monopolies, consumers may be better off with a monopoly than competition. True False 11. Which of the following is NOT necessary for a successful cartel? Members must produce most of the industry’s output produce a homogeneous output produce heterogeneous outputs be able to divide the market have a way to prevent cheating 12. A monopsony is a market with only one buyer employer product all of the above a) and b) 13. Which of the following releases professional athletes from some of the monopsony powers of the sports leagues? player drafts long-term contracts free agency expanded playing seasons minimum wage laws 14. The average baseball player earns a salary greater than the average college professor because baseball players contribute more to society’s general well-being college professors contribute less to their employer’s revenues than baseball players colleges are better able to enforce their monopsonistic market positions the market for baseball players is more competitive colleges are owned by the state 15. A professional sports league can maximize the revenue it generates from selling broadcast rights by playing enough games such that demand equals supply total revenue equals total costs marginal revenue equals marginal costs marginal revenue equals total costs total revenue equals marginal costs 16. Tickets and broadcast rights to baseball games are bought and sold in the product market. True False 17. A cartel is a “shared monopoly.” True False 18. Unlike other workers, it is difficult to measure the productivity of a professional athlete. True False 19. A recently drafted player will most likely command a higher salary than a free agent. True False 20. The reserve clause helped to raise the salaries of professional baseball players. True False 1 is two 2 is four 3 is one 4 is four 5 is one 6 is false 7 is true 8 is true 9 is false 10 is true 11 i s econd 12 is first 13 is second 14 is second 15 is third 16 is false ? ? ? ?
Public Comments
- I think you have #2 wrong Output = point where Marginal revenue equals Marginal Cost
