1) Monopoly firms are price makers as opposed to price takers. TRUE OR FALSE 2)

Question

1) Monopoly firms are price makers as opposed to price takers. TRUE OR FALSE

2) Trade unions have been criticized fo the undue exercise of: monopoly power OR monopsony power OR product differentiation

3) Monopoly underproduction gives rise to a deadweight loss from monopoly problem. TRUE OR FALSE

4) A handful of buyers present in a market gives rise to: monopsony OR oligopsony OR oligopoly

5) A bilateral monopoly exist when a monopsony buyer faces a price taker. TRUE OR FALSE

6) A monopolistically comptetive (MC) firm differs from a perfectly competitive (PC) firm in that MC's engage in: vigorous price competition OR producing where MR=MC OR advertising and product differentiation

7) MC firms cannot earn a positive economic profit in the long run. TRUE OR FALSE

8) Which of the following is not an Oligopoly? aluminum production OR ready-to-eat cereals OR cotton production

9) Firms operating with a formal agreement to fix prices and output is a cartel. TRUE OR FALSE

10) The degrees of oligopolies are usually measured by: concentration ratios OR census takers OR kinked demand curves

Explanation / Answer

1. True

2.  monopsony power

3 TRUE

4 monopsony

5 False

6    advertising and product differentiation

7. TRUE

8. cotton production

9. True

10 concentration ratios

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