In Microeconoics can answer those Q please? 1. Which of the following may charac
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Question
In Microeconoics can answer those Q please?
1. Which of the following may characterize an oligopoly?
a. A few firms in a particular industry.
b. Low barriers to entry.
c. Little market power exercised by a firm.
d. All of the above.
e. Gravy.
2. Product differentiation is:
a. Charging different prices to different customers for the same product.
b. Gravy.
c. Commonly practiced in perfect competition and monopoly markets.
d. Commonly practiced in monopolistically competitive and oligopolistic markets.
e. None of the above.
3. Collusion is undesirable and illegal because:
a. Government intervention leads to inefficient outcomes.
b. Gravy.
c. It leads to greater production than would occur in a competitive market.
d. It is unprofitable and the government must bail out firms that are bankrupted by collusion.
e. Resources are misallocated and sub-optimal outputs are produced.
4. Game theory is commonly used to explain behavior in oligopolies, because oligopolies are characterized by:
a. large profits in the long run
b. either homogeneous or heterogeneous products
c. interdependence
d. gravy
e. imperfect competition
5. In the classic prisoners' dilemma with two accomplices in crime, the Nash equilibrium is for:
a. both individuals to not confess
b. both individuals to confess
c. one to confess and the other not to confess his love for gravy with giblets
d. the Nash equilibrium is not applicable in this case
6. The kinked demand curve model assumes that:
a. rivals will follow a price increase but not a price decrease
b. gizzard gravy is groovy
c. rivals will follow a price decrease but not a price increase
d. the firm with the kinked demand curve will always behave non-cooperatively
e. the firm with the kinked demand curve will always adopt a tit-for-tat strategy
7. T or F: Cartels are illegal in the United States.
8. T or F: Oligopolistic firms often choose not to compete on price.
9. Which of the following is most likely to be observed when firms engage mainly in non-price competition?
a. actively encouraging the sale of generic, as opposed to brand name, products
b. advertising and product differentiation
c. discounts offered through coupons
d. low interest rates for financing the purchase of big ticket items such as an oil tanker full of gravy
10. Suppose at the current amount of pollution, the marginal social benefit of pollution is greater than the marginal social cost of pollution, then:
a. there is too little pollution
b. there is too much pollution
c. society is achieving the optimal amount of gravy pollution
d. none of the above
11. Which of the following is an example of a non-excludable good?
a. police protection
b. national defense
c. coast guard services
d. all of the above
12. Which of the following goods best fit the characteristics of a private good?
a. a professor giving a lecture in a large classroom
b. an ice cream cone or a bottle of store bought gravy
c. fire protection
d. disease prevention
13. A(n) _____ is excludable and rival in consumption.
a. private good
b. artificially scarce good
c. public good
d. common resource
14. When Joe watched a television movie about the origin and history of gravy, his viewing was _____ in consumption because other people _____ able to view the movie at the same time Joe did.
a. non-rival; were
b. rival; were
c. rival; were not
d. non-rival; were not
15. A good is most likely to be artificially scarce if:
a. it is non-excludable and non-rival
b. the seller is a monopolist
c. it is non-excludable but rival
d. it is excludable but non-rival
16. Which of the following goods is most likely a common resource?
a. the Internet
b. a public park
c. a pair of pants
d. a bowl of gizzard gravy
17. The main problem with common resources is:
a. over-consumption and depletion
b. excess supply
c. deadweight loss
d. no productive efficiency
18. The dude on campus who sets up internships and will help me plan my career is:
a. Abu Bakr al-Baghdadi
b. Jim McEwen
c. Toby Keith
d. Billy Ray Cyrus
19. T or F: The most important thing I’ve learned in class this semester is to stay in frickin’ school and have a frickin’ plan for life and my career.
20.
When comparing the characteristics of common resources and artificially scarce goods, we find that:
A)
they are both nonrival in consumption.
B)
they are both excludable.
C)
common resources are nonrival in consumption (while artificially scarce goods are not), and artificially scarce goods are nonexcludable (while common resources are not).
D)
artificially scarce goods are nonrival in consumption (while common resources are not), and common resources are nonexcludable (while artificially scarce goods are not).
21.
The problem with common resources is similar to the problem with negative externalities because:
A)
both issues deal with natural resources.
B)
the marginal social benefit from producing another unit exceeds the individual's marginal benefit.
C)
the marginal social cost from producing another unit exceeds the individual's marginal cost.
D)
the marginal cost of producing another unit exceeds the individual's marginal benefit.
22.
Computer software that you can download from the Internet for a price is an artificially scarce good because it is _____ but _____ in consumption.
A)
nonexcludable; rival
C)
nonexcludable; nonrival
B)
excludable; nonrival
D)
excludable; rival
23.
No individual is willing to pay for providing the efficient level of a public good since the:
A)
marginal cost of production is zero.
B)
good will be nonrival, and thus underconsumed.
C)
individual's marginal benefit is less than the marginal social benefit.
D)
marginal benefit of allowing one more individual to consume the good is zero.
24.
The Coase theorem states that in the presence of externalities, a market economy will:
A)
always reach an efficient solution.
B)
never reach an efficient solution.
C)
reach an efficient solution if transaction costs are sufficiently low.
D)
reach an efficient solution only in the case of government regulation.
25.
An externality is said to be internalized:
A)
when individuals take external costs and benefits into account in their decision making.
B)
in situations in which the Coase theorem is irrelevant or cannot be applied.
C)
when individuals successfully petition the government to ban or restrict activities that generate negative externalities.
D)
when individuals learn to adapt to negative externalities through introspection or internal acceptance of what are viewed as unchangeable facts of life.
26.
There are two plants (A and B) in an industry. To reduce pollution, the government has imposed environmental standards forcing each plant to cut emissions by 60%. At the emissions standard, the marginal social benefit of pollution for Plant A is $500 and the marginal social benefit of pollution for Plant B is $125. The same level of pollution can be achieved at a lower cost by:
A)
forcing Plant A to reduce emissions and allowing Plant B to increase emissions.
B)
allowing Plant A to pollute more and Plant B to pollute less.
C)
forcing both plants to reduce emissions.
D)
allowing both plants to pollute more.
20.
When comparing the characteristics of common resources and artificially scarce goods, we find that:
A)
they are both nonrival in consumption.
B)
they are both excludable.
C)
common resources are nonrival in consumption (while artificially scarce goods are not), and artificially scarce goods are nonexcludable (while common resources are not).
D)
artificially scarce goods are nonrival in consumption (while common resources are not), and common resources are nonexcludable (while artificially scarce goods are not).
Explanation / Answer
ans1
d. All of the above
ans 2
Commonly practiced in monopolistically competitive and oligopolistic markets
ans 3
e. Resources are misallocated and sub-optimal outputs are produced.
ans 4
c. interdependence
ans 5
b. both individuals to confess
ans 6
c. rivals will follow a price decrease but not a price increase
ans 7
true
ans 8
true
ans 9
b. advertising and product differentiation
ans 10
a. there is too little pollution
ans 11
d. all of the above
ans 12
b. an ice cream cone or a bottle of store bought gravy
ans 13
a. private good
ans 14
a. non-rival; were
ans15
d. it is excludable but non-rival
ans 16
b. a public park
ans 17
a. over-consumption and depletion
ans 18
no idea about this
ans19
false
ans 20
A)
they are both nonrival in consumption.
ans 21
C)
the marginal social cost from producing another unit exceeds the individual's marginal cost.
ans 22
B)
excludable; nonrival
ans 23 c)
individual's marginal benefit is less than the marginal social benefit.
ans 24
A)
always reach an efficient solution.
ans 25
A)
when individuals take external costs and benefits into account in their decision making.
ans 26
B)
allowing Plant A to pollute more and Plant B to pollute less.
individual's marginal benefit is less than the marginal social benefit.
ans 24
A)
always reach an efficient solution.
ans 25
A)
when individuals take external costs and benefits into account in their decision making.
ans 26
B)
allowing Plant A to pollute more and Plant B to pollute less.
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