Practice Test Chapter 11517 and 21Word格式文档下载.docx

Practice Test Chapter 11517 and 21Word格式文档下载.docx

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$2,000.

$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?

4,200

Table15-5

Dreher'

sDesignerShirtCompany,amonopolist,hasthefollowingcostandrevenueinformation.AssumethatDreher’sisabletoengageinperfectpricediscrimination.

COSTS

REVENUES

Quantity

Produced

TotalCost

（$）

Marginal

Cost

Demanded

Total

Revenue

100

--

170

1

140

160

2

184

150

3

230

4

280

130

5

335

120

6

395

110

7

475

8

575

95

____7.RefertoTable15-5.Whatisthemarginalrevenuefromsellingthe5thshirt?

$80

$100

$110

$120

____8.RefertoTable15-5.Whatistotalprofitattheprofit-maximizingquantity?

$325

$435

$565

$1000

____9.RefertoTable15-5.Whatisthemarginalrevenuefromsellingthe8thshirt?

$45

$60

$95

____10.RefertoTable15-5.Whatisthetotalrevenuewhen7shirtsaresold?

$650

$700

$910

$1080

____11.RefertoTable15-5.Whatisthequantitythatmaximizeseconomicprofit?

____12.Whenanindustryhasmanyfirms,theindustryis

anoligopolyifthefirmsselldifferentiatedproducts,butitismonopolisticallycompetitiveifthefirmssellidenticalproducts.

anoligopolyifthefirmsselldifferentiatedproducts,butitisperfectlycompetitiveifthefirmssellidenticalproducts.

monopolisticallycompetitiveifthefirmsselldifferentiatedproducts,butitisperfectlycompetitiveifthefirmssellidenticalproducts.

perfectlycompetitiveifthefirmsselldifferentiatedproducts,butitismonopolisticallycompetitiveifthefirmssellidenticalproducts.

____13.CrudeoilisprimarilysuppliedtotheworldmarketbyafewMiddleEasterncountries.Suchamarketisanexampleofa（n）

（i）

imperfectlycompetitivemarket.

（ii）

monopolymarket.

（iii）

oligopolymarket.

（i）and（ii）

（ii）and（iii）

（i）and（iii）

（iii）only

Table16-1

Thefollowingtableshowsthepercentageofoutputsuppliedbythetopeightfirmsinfourdifferentindustries.

Firm

IndustryA

IndustryB

IndustryC

IndustryD

0.24

0.46

0.10

0.32

0.13

0.08

0.16

0.06

0.05

0.04

0.02

0.03

0.01

____14.RefertoTable16-1.WhatistheconcentrationratioinIndustryC?

29%

39%

45%

56%

Table16-2

Thefollowingtableshowsthetotaloutputproducedbythetopsixfirmsaswellasthetotalindustryoutputforfourindustries.

13,250

8,750

1,750

15,000

10,975

7,500

1,725

14,000

8,175

6,400

1,700

13,000

4,275

5,000

1,675

12,000

1,250

4,250

1,650

11,000

875

4,000

1,625

10,000

45,350

70,900

30,125

120,000

____15.RefertoTable16-2.WhatistheconcentrationratioforIndustryA?

71%

81%

86%

88%

____16.Inmarketscharacterizedbyoligopoly,

theoligopolistsearnthehighestprofitwhentheycooperateandbehavelikeamonopolist.

collusiveagreementswillalwaysprevail.

collectiveprofitsarealwayslowerwithcartelarrangementsthantheyarewithoutcartelarrangements.

pursuitofself-interestbyprofit-maximizingfirmsalwaysmaximizescollectiveprofitsinthemarket.

____17.Asagroup,oligopolistswouldalwaysbebetteroffiftheywouldactcollectively

asiftheywereeachseekingtomaximizetheirownindividualprofits.

inamannerthatwouldprohibitcollusiveagreements.

asasinglemonopolist.

asasingleperfectlycompetitivefirm.

____18.Thetheoryofoligopolyprovidesareasonastowhy

perfectcompetitionisnotausefulobjectofstudy.

priceislessthanmarginalcostformanyfirms.

allcountriescanbenefitfromfreetradeamongnations.

firmsdonotwanttocapturelargersharesoftheirmarkets.

____19.Considerthediagrambelowwhichshowsthemarketdemandcurveforaparticularproduct.Supposethismarketisservedbytwoduopolistswhoeachfacethemarginalcostcurveshowninthediagram.Themarginalrevenuecurvethatamonopolistwouldfaceinthismarketisalsoshown.Whichofthefollowingstatementsistrue?

Thetotaloutputinthismarketwilllikelybe2unitswhenthemarketisservedbyaduopoly.

Thepriceinthismarketwilllikelybe$6whenthemarketisservedbyaduopoly.

Thetotalrevenuetoeachfirmwilllikelybemorethan$16whenthemarketisservedbyaduopoly.

Thetotaloutputinthismarketwilllikelybelessthan4unitswhenthemarketisservedbyaduopoly.

____20.Anequilibriuminwhicheachfirminanoligopolymaximizesprofit,giventheactionsofitsrivals,iscalled

ageneralequilibrium.

adominantequilibrium.

aNashequilibrium.

anoligopolyequilibrium.

Table16-8

Twocigarettemanufacturers（FirmAandFirmB）arefacedwithlawsuitsfromstatestorecoverthehealthcarerelatedexpensesassociatedwithcigarettesmoking.Bothcigarettefirmshaveevidencethatindicatesthatcigarettesmokecauseslungcancer（andotherrelatedillnesses）.Stateprosecutorsdonothaveaccesstothesamedatausedbycigarettemanufacturersandthuswillhavedifficultyrecoveringfullcostswithoutthehelpofatleastonecigarettefirmstudy.Eachfirmhasbeenpresentedwithanopportunitytoloweritsliabilityinthesuitifitcooperateswithattorneysrepresentingthestates.

FirmB

Concedethat

cigarettesmoke

causeslungcancer

Arguethatthereisnoevidencethatsmokecausescancer

FirmA

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

$-50

$-15

$-10

$-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?

Up-Right

Up-Left

Down-Right

Down-Left

Table16-16

Considerasmalltownthathastwogrocerystoresfromwhichresidentscanchoosetobuyagallonofmilk.Thestoreownerseachmustmakeadecisiontosetahighmilkpriceoralowmilkprice.Thepayofftable,showingprofitperweek,isprovidedbelow.Theprofitineachcellisshownas（Store1,Store2）.

Store2

LowPrice

HighPrice

Store1

（500,500）

（800,100）

（100,800）

（650,650）

____23.RefertoTable16-16.Ifgrocerystore1setsahighprice,whatpriceshouldgrocerystore2set?

Andwhatwillgrocerystore2'

spayoffequal?

Lowprice,$800

Highprice,$100

Lowprice,$500

Highprice,$650

Figure17-1

____24.RefertoFigure17-1.Thefirmdepictedinpanelbfacesahorizontaldemandcurve.Ifpanelbdepictsaprofit-maximizingfirm,

itcouldbeoperatingineitheraperfectlycompetitivemarketorinamonopolisticallycompetitivemarket.

itwouldnothaveexcesscapacityinitsproductionaslongasitisearningzeroeconomicprofit.

itisabletochoosethepriceatwhichitsellsitsproduct.

thefirmcanalwaysraiseitsprofitbyincreasingproductionsinceconsumerswillbuyasmuchasthefirmcanproduce.

Figure17-2

____25.RefertoFigure17-2.Whichofthegraphsshownwouldbeconsistentwithafirminamonopolisticallycompetitivemarketthatisearningapositiveprofit?

Pa