ECO 405 Week 7 Quiz – Strayer


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Quiz 6 Chapter 8 and 9

The Economics Of Monopoly Power: Can Markets Be Controlled?


Multiple Choice Questions
 
1. Imperfect Competition Can Best Be Described As A Situation In Which
A. A Few Large Firms Produce And Sell A Particular Product
B. Many Firms Produce And Sell A Product
C. Only One Firm Produces And Sells A Product
D. Firms Exercise Some Monopoly Power
E. Both (A) And (D)

2. The Monopoly Power Of A Firm Can Be Measured By The Firm's
A. Profits Relative To Other Firms In The Industry
B. Control Over The Demand For Its Product
C. Revenues As A Percent Of Industry Revenues
D. Prices Compared To Average Prices In The Industry
E. Control Over The Market Supply Of Its Product

3. Which Of The Following Is Likely To Have The Most Monopoly Power?
A. Ford Motor Corporation
B. Your Local Water Company
C. Mobil Oil Corporation
D. Avon Products (Cosmetics)
E. A Fast Food Restaurant

4. Concentration Ratios Are Used To Measure The
A. Potential Monopoly Power Within An Industry
B. Strength Of The Demand For An Industry's Product
C. Potential Monopoly Power Of A Firm
D. Degree Of Competition Between Firms In Different Markets
E. Level Of Perfection In A Competitive Market
5. Suppose The U.S. Auto Industry Sells 1,000 Autos Per Year. Of This, Gm Sells 400, Ford 300, And Dodge 250. Given This Information, The Four-Firm Concentration Ratio Of The Industry Must Be At Least
A. 95%
B. 5%
C. 50%
D. 100%
E. Cannot Tell Without Further Information

 Questions 06 - 08 Refer To The Table Below.
  
6. The 4-Firm Concentration Ratio In This Industry Is
A. 0.5
B. 0.6
C. 0.7
D. 0.8
E. 0.9

7. The 6-Firm Concentration Ratio In This Industry Is
A. 0.6
B. 0.7
C. 0.8
D. 0.9
E. 1.0
8. Assume That No Firm In This Industry Accounts For Less Than 5% Of Industry Sales. What Is The Largest Number Of Firms That Could Be In This Industry?
A. 6
B. 7
C. 8
D. 9
E. 10

9. Which Of The Following Would Cause An Industry's Concentration Ratio To Make It Appear Less Competitive Than It Really Is?
A. Firms In The Industry Are Located In One Area Of The Country
B. Transporting The Industry's Output Is Very Easy
C. Foreign Firms Export The Industry's Product To The United States
D. High Barriers To Entry
E. All Of The Above

10. A Pure Monopoly Industry Has A 4-Firm Concentration Ratio Equal To
A. 0
B. 0.25
C. 050
D. 0.9
E. 1.0

11. To Maximize Profits, A Monopolist Produces The Output Level At Which
A. Its Total Receipts Are Greatest
B. Its Total Costs Are Minimum
C. Its Marginal Cost Equals Its Marginal Revenue
D. Its Total Costs Equal Its Total Receipts
E. None Of The Above
12. To Maximize Profits, A Competitive Firm Produces The Output Level At Which
A. Its Total Receipts Are Greatest
B. Its Total Costs Are Minimum
C. Its Marginal Cost Equals Its Marginal Revenue
D. Its Total Costs Equal Its Total Receipts
E. None Of The Above

13. One Difference Between A Competitive Seller And A Monopolistic Seller Is That The
A. Competitive Firm Faces A Horizontal Supply Curve
B. Monopolist Tries To Maximize Profit
C. Monopolist Has Some Price Setting Ability
D. Competitive Firm Is Free To Vary Output
E. Market Demand Curve Is Positively Sloped For A Monopoly

14. Monopoly Refers To
A. A Large Firm
B. A Firm That Is One Of A Few Firms In An Industry
C. A Single Seller Of A Product For Which There Are No Good Substitutes
D. A Firm That Refuses To Lower Its Price
E. All Of The Above

15. In A Competitive Market, The Single Firm
A. Competes With Other Firms For Its Share Of The Market
B. Is Unable To Raise The Price Of The Product
C. Can Increase Its Sales By Advertising
D. Can Increase Its Sales By Lowering Its Price
E. Is All Of The Above

16. A Major Objective Of Firms In All Types Of Market Structures Is
A. Output Restriction
B. Output Maximization
C. To Raise Prices
D. Profit Maximization
E. To Maximize Revenues
17. A Firm's Total Revenue Equals Its
A. Income Minus Expenses
B. Pre-Tax Net Income
C. Income For Tax Purposes
D. Quantity Times Price
E. Quantity Times Costs


18. Profit Equals
A. Total Revenue Minus Total Cost
B. Marginal Revenue Minus Marginal Cost
C. Quantity Times Price
D. Marginal Cost Minus Marginal Revenue
E. Income Minus Opportunity Cost

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