Q14 Which of the following is closest to a perfectly competitive market?
a computer software
b athletic shoes
c wheat
d handmade guitars
Q16 The profit maximizing level of production
a is not measurable for a perfectly competitive firm
b is where the difference between marginal revenue and marginal cost is maximized
c ignores the relation of total revenues and total costs
d is the quantity at which marginal revenue equals marginal cost
Q23 For the monopolistic competitor, which is INCORRECT?
a The profit maximizing rate of output is where the marginal cost curve intersects the marginal revenue curve
b The marginal revenue curve is downward sloping and lies below the demand curve
c Because the firm has some control over price, its demand curve slopes downward
d If the firm in a monopolistically competitive industry were making economic losses, firms would enter the industry
Q24 Profitable price discrimination involves
a charging a higher price to new customers and a low price to old ones
b charging a higher price to wealthier customers
c charging a higher price for goods that cost more to produce
d charging a higher price to customers with a relatively low elasticity of demand
Q28 Signaling occurs as part of
a noncooperative behavior
b advertising
c price leadership
d opportunistic behavior
Q36 External costs can be defined as
a the cost of providing all public goods and services
b the sum of all private production costs
c the cost of running the federal government
d the cost associated with private production, but partially borne by society
Q37 What would happen in a free market system when production of a good generates negative externalities?
a There would be a shortage of the good
b The equilibrium quantity of the good would be more than the efficient amount
c The equilibrium quantity of the good would be less than the efficient amount
d There would be a surplus of the good
Q38 Which of the following is an incidence of market failure?
a Firms change their production plans in response to a tax
b The price of a good exceeds the opportunity cost of producing it
c The firm producing the good is earning zero economic profit
d Consumers change their buying habits in response to a tax
Q39 Which one of the following is TRUE?
a Private goods are subject to the principle of rival consumption
b Public goods are those that generate positive externalities
c Public goods are a subset of private goods
d Private goods are produced for a local market; public goods are produced for a national market
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