Practice Test Chapter 11517 and 21.docx
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PracticeTestChapter11517and21
PracticeTestChapter115-17and21
MultipleChoice
Identifytheletterofthechoicethatbestcompletesthestatementoranswersthequestion.
____1.Foratypicalnaturalmonopoly,averagetotalcostis
a.
fallingandmarginalcostisaboveaveragetotalcost.
b.
fallingandmarginalcostisbelowaveragetotalcost.
c.
risingandmarginalcostisbelowaveragetotalcost.
d.
risingandmarginalcostisaboveaveragetotalcost.
Figure15-7
Thefigurebelowdepictsthedemand,marginalrevenue,andmarginalcostcurvesofaprofit-maximizingmonopolist.
____2.RefertoFigure15-7.Ifthemonopolyfirmperfectlypricediscriminates,thenthedeadweightlossamountsto
a.
$0.
b.
$100.
c.
$200.
d.
$500.
____3.RefertoFigure15-7.Ifthemonopolyfirmperfectlypricediscriminates,thenconsumersurplusamountsto
a.
$0.
b.
$250.
c.
$500.
d.
$1,000.
____4.RefertoFigure15-7.IfthemonopolyfirmisNOTallowedtopricediscriminate,thenthedeadweightlossamountsto
a.
$50.
b.
$100.
c.
$500.
d.
$1,000.
____5.RefertoFigure15-7.Iftherearenofixedcostsofproduction,monopolyprofitwithoutpricediscriminationequals
a.
$500.
b.
$1,000.
c.
$2,000.
d.
$4,000.
____6.Amonopolistfacesthefollowingdemandcurve:
Price
QuantityDemanded
$8
300
$7
400
$6
500
$5
600
$4
700
$3
800
$2
900
$1
1,000
Themonopolisthasfixedcostsof$1,000andhasaconstantmarginalcostof$2perunit.Ifthemonopolistwereabletoperfectlypricediscriminate,howmanyunitswoulditsell?
a.
400
b.
500
c.
900
d.
4,200
Table15-5
Dreher'sDesignerShirtCompany,amonopolist,hasthefollowingcostandrevenueinformation.AssumethatDreher’sisabletoengageinperfectpricediscrimination.
COSTS
REVENUES
Quantity
Produced
TotalCost
（$）
Marginal
Cost
Quantity
Demanded
Price
（$）
Total
Revenue
Marginal
Revenue
0
100
--
0
170
--
1
140
1
160
2
184
2
150
3
230
3
140
4
280
4
130
5
335
5
120
6
395
6
110
7
475
7
100
8
575
8
95
____7.RefertoTable15-5.Whatisthemarginalrevenuefromsellingthe5thshirt?
a.
$80
b.
$100
c.
$110
d.
$120
____8.RefertoTable15-5.Whatistotalprofitattheprofit-maximizingquantity?
a.
$325
b.
$435
c.
$565
d.
$1000
____9.RefertoTable15-5.Whatisthemarginalrevenuefromsellingthe8thshirt?
a.
$45
b.
$60
c.
$80
d.
$95
____10.RefertoTable15-5.Whatisthetotalrevenuewhen7shirtsaresold?
a.
$650
b.
$700
c.
$910
d.
$1080
____11.RefertoTable15-5.Whatisthequantitythatmaximizeseconomicprofit?
a.
5
b.
6
c.
7
d.
8
____12.Whenanindustryhasmanyfirms,theindustryis
a.
anoligopolyifthefirmsselldifferentiatedproducts,butitismonopolisticallycompetitiveifthefirmssellidenticalproducts.
b.
anoligopolyifthefirmsselldifferentiatedproducts,butitisperfectlycompetitiveifthefirmssellidenticalproducts.
c.
monopolisticallycompetitiveifthefirmsselldifferentiatedproducts,butitisperfectlycompetitiveifthefirmssellidenticalproducts.
d.
perfectlycompetitiveifthefirmsselldifferentiatedproducts,butitismonopolisticallycompetitiveifthefirmssellidenticalproducts.
____13.CrudeoilisprimarilysuppliedtotheworldmarketbyafewMiddleEasterncountries.Suchamarketisanexampleofa（n）
（i）
imperfectlycompetitivemarket.
（ii）
monopolymarket.
（iii）
oligopolymarket.
a.
（i）and（ii）
b.
（ii）and（iii）
c.
（i）and（iii）
d.
（iii）only
Table16-1
Thefollowingtableshowsthepercentageofoutputsuppliedbythetopeightfirmsinfourdifferentindustries.
Firm
IndustryA
IndustryB
IndustryC
IndustryD
1
0.24
0.46
0.10
0.32
2
0.13
0.24
0.08
0.16
3
0.10
0.10
0.06
0.08
4
0.08
0.05
0.05
0.04
5
0.05
0.04
0.04
0.02
6
0.03
0.03
0.03
0.01
7
0.02
0.02
0.02
0.01
8
0.01
0.01
0.01
0.01
____14.RefertoTable16-1.WhatistheconcentrationratioinIndustryC?
a.
29%
b.
39%
c.
45%
d.
56%
Table16-2
Thefollowingtableshowsthetotaloutputproducedbythetopsixfirmsaswellasthetotalindustryoutputforfourindustries.
Firm
IndustryA
IndustryB
IndustryC
IndustryD
1
13,250
8,750
1,750
15,000
2
10,975
7,500
1,725
14,000
3
8,175
6,400
1,700
13,000
4
4,275
5,000
1,675
12,000
5
1,250
4,250
1,650
11,000
6
875
4,000
1,625
10,000
Total
45,350
70,900
30,125
120,000
____15.RefertoTable16-2.WhatistheconcentrationratioforIndustryA?
a.
71%
b.
81%
c.
86%
d.
88%
____16.Inmarketscharacterizedbyoligopoly,
a.
theoligopolistsearnthehighestprofitwhentheycooperateandbehavelikeamonopolist.
b.
collusiveagreementswillalwaysprevail.
c.
collectiveprofitsarealwayslowerwithcartelarrangementsthantheyarewithoutcartelarrangements.
d.
pursuitofself-interestbyprofit-maximizingfirmsalwaysmaximizescollectiveprofitsinthemarket.
____17.Asagroup,oligopolistswouldalwaysbebetteroffiftheywouldactcollectively
a.
asiftheywereeachseekingtomaximizetheirownindividualprofits.
b.
inamannerthatwouldprohibitcollusiveagreements.
c.
asasinglemonopolist.
d.
asasingleperfectlycompetitivefirm.
____18.Thetheoryofoligopolyprovidesareasonastowhy
a.
perfectcompetitionisnotausefulobjectofstudy.
b.
priceislessthanmarginalcostformanyfirms.
c.
allcountriescanbenefitfromfreetradeamongnations.
d.
firmsdonotwanttocapturelargersharesoftheirmarkets.
____19.Considerthediagrambelowwhichshowsthemarketdemandcurveforaparticularproduct.Supposethismarketisservedbytwoduopolistswhoeachfacethemarginalcostcurveshowninthediagram.Themarginalrevenuecurvethatamonopolistwouldfaceinthismarketisalsoshown.Whichofthefollowingstatementsistrue?
a.
Thetotaloutputinthismarketwilllikelybe2unitswhenthemarketisservedbyaduopoly.
b.
Thepriceinthismarketwilllikelybe$6whenthemarketisservedbyaduopoly.
c.
Thetotalrevenuetoeachfirmwilllikelybemorethan$16whenthemarketisservedbyaduopoly.
d.
Thetotaloutputinthismarketwilllikelybelessthan4unitswhenthemarketisservedbyaduopoly.
____20.Anequilibriuminwhicheachfirminanoligopolymaximizesprofit,giventheactionsofitsrivals,iscalled
a.
ageneralequilibrium.
b.
adominantequilibrium.
c.
aNashequilibrium.
d.
anoligopolyequilibrium.
Table16-8
Twocigarettemanufacturers（FirmAandFirmB）arefacedwithlawsuitsfromstatestorecoverthehealthcarerelatedexpensesassociatedwithcigarettesmoking.Bothcigarettefirmshaveevidencethatindicatesthatcigarettesmokecauseslungcancer（andotherrelatedillnesses）.Stateprosecutorsdonothaveaccesstothesamedatausedbycigarettemanufacturersandthuswillhavedifficultyrecoveringfullcostswithoutthehelpofatleastonecigarettefirmstudy.Eachfirmhasbeenpresentedwithanopportunitytoloweritsliabilityinthesuitifitcooperateswithattorneysrepresentingthestates.
FirmB
Concedethat
cigarettesmoke
causeslungcancer
Arguethatthereisnoevidencethatsmokecausescancer
FirmA
Concedethat
cigarettesmoke
causeslungcancer
FirmAprofit=$–20
FirmBprofit=$–15
FirmAprofit=$–50
FirmBprofit=$–5
Arguethatthere
isnoevidencethat
smokecausescancer
FirmAprofit=$–5
FirmBprofit=$–50
FirmAprofit=$–10
FirmBprofit=$–10
____21.RefertoTable16-8.Ifbothfirmsfollowadominantstrategy,FirmB'sprofits（losses）willbe
a.
$-50
b.
$-15
c.
$-10
d.
$-5
Table16-11
B
Right
Left
A
Up
（2,2）
（3,1）
Down
（1,3）
（0,0）
____22.RefertoTable16-11.Thistableshowsagameplayedbetweentwoplayers,AandB.Thepayoffsinthetableareshownas（PayofftoA,PayofftoB）.WhichoutcomeistheNashequilibriuminthisgame?
a.
Up-Right
b.
Up-Left
c.
Down-Right
d.
Down-Left
Table16-16
Considerasmalltownthathastwogrocerystoresfromwhichresidentscanchoosetobuyagallonofmilk.Thestoreownerseachmustmakeadecisiontosetahighmilkpriceoralowmilkprice.Thepayofftable,showingprofitperweek,isprovidedbelow.Theprofitineachcellisshownas（Store1,Store2）.
Store2
LowPrice
HighPrice
Store1
LowPrice
（500,500）
（800,100）
HighPrice
（100,800）
（650,650）
____23.RefertoTable16-16.Ifgrocerystore1setsahighprice,whatpriceshouldgrocerystore2set?
Andwhatwillgrocerystore2'spayoffequal?
a.
Lowprice,$800
b.
Highprice,$100
c.
Lowprice,$500
d.
Highprice,$650
Figure17-1
____24.RefertoFigure17-1.Thefirmdepictedinpanelbfacesahorizontaldemandcurve.Ifpanelbdepictsaprofit-maximizingfirm,
a.
itcouldbeoperatingineitheraperfectlycompetitivemarketorinamonopolisticallycompetitivemarket.
b.
itwouldnothaveexcesscapacityinitsproductionaslongasitisearningzeroeconomicprofit.
c.
itisabletochoosethepriceatwhichitsellsitsproduct.
d.
thefirmcanalwaysraiseitsprofitbyincreasingproductionsinceconsumerswillbuyasmuchasthefirmcanproduce.
Figure17-2
____25.RefertoFigure17-2.Whichofthegraphsshownwouldbeconsistentwithafirminamonopolisticallycompetitivemarketthatisearningapositiveprofit?
a.
Pa
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