04 Jun Question A primary determinant of market structure is the number of producers in a market.
Question
A primary determinant of market structure is the number of producers in a market.
A) True
B) False
2.
Perfectly competitive producers do not need to consider how their output levels affect price.
A) True
B) False
3.
A monopolist has a strong incentive to advertise.
A) True
B) False
4.
For a monopoly, the entry of new firms is difficult, but not impossible.
A) True
B) False
5.
There is only one firm in a monopoly.
A) True
B) False
6.
The rule for profit maximization is the same for a monopolist as for a perfectly competitive firm.
A) True
B) False
7.
Monopoly is preferred to perfect competition due to its efficiency characteristics.
A) True
B) False
8.
In competitive industries, firms that innovate can expect to make no profit in the short run.
A) True
B) False
9.
Price is always lower in a perfectly competitive market than in a monopoly market.
A) True
B) False
10.
To maximize profit, a perfectly competitive firm will produce where MR = MC, but a monopoly and a monopolistically competitive firm will produce where price = ATC.
A) True
B) False
11.
Coca-Cola has a secret formula that has never been copied. This is because Coca-Cola
A) is an unbalanced oligopoly
B) has a trademark that cannot be copied
C) has patent rights on the formula
D) has exclusive access to formula information
E) is a natural monopoly
12.
If a shoe monopoly experiences an outward shift in its demand curve, the industry demand curve for shoes must have
A) shifted slightly less
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