04 Jun Question ECON125-HK2. ECONOMICS FOR MANAGERS (ECON125-HK2) > TAKE ASSESSMENT: EXAM 2
Question
ECON125-HK2. ECONOMICS FOR MANAGERS (ECON125-HK2) > TAKE ASSESSMENT: EXAM 2
Question 1 2 points Save
A firm is making a profit under conditions of monopolistic competition if, at the equilibrium output,
AR is above MR
MR is above AR
AR is above AVC
AR is above ATC
Question 2 2 points Save
Firms in monopolistic competition sell a similar but differentiated product.
True
False
Question 3 2 points Save
A major characteristic of a monopoly is the ability of the monopolist to influence price.
True
False
Question 4 2 points Save
The Federal Trade Commission
prevents mergers that substantially lessen competition
rules on the antitrust activities of labor unions
issues patents
polices deceptive advertising
Question 5 2 points Save
If a monopolist lowers its price from $45 to $42 in order to increase its sales volume, marginal revenue
equals $45
equals $42
is less than $42
is between $45 and $42
Question 6 2 points Save
The first act to declare monopolies illegal in the United States was the
Sherman Antitrust Act
Clayton Act
Federal Trade Commission Act
Robinson-Patman Act
Question 7 2 points Save
One company that retained its monopoly position for years through control of raw materials was
Aluminum Company of America (ALCOA)
Proctor & Gamble
Ford Motor Company
U.S. Steel
Question 8 2 points Save
Monopsony is a market condition in which there is only one seller.
True
False
Question 9 2 points Save
If firms in monopolistic competition are earning short-run profits,
barriers to entry will allow the profits to continue in the long run
total supply in the market will decrease in the long run as firms reduce output to keep prices high
the entry of new firms will eliminate the profits in the long run
each existing firm will experience an increase in its average revenues in the long run
Question 10 2 points Save
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