ECON528-850-ECON528-010-201920
Started on Monday, 1 October 2018, 1:55 PM
State Finished
Completed on Monday, 1 October 2018, 10:27 PM
Time taken 8 hours 32 mins
Marks 15.70/20.00
Grade 7.85 out of 10.00 (79%)
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following is a characteristic shared by a perfectly competitive firm and a monopo
Select one:
a. Each must lower its price to sell more output.
b. Each maximizes profits by producing a quantity for which price equals marginal cost.
c. Each maximizes profits by producing a quantity for which marginal revenue equals m
cost.
d. Each sets a price for its product that will maximize its revenue.
Your answer is correct.
The correct answer is: Each maximizes profits by producing a quantity for which marginal revenue equals m
, Question 2
Correct
Mark 1.00 out of 1.00
Consider the following characteristics:
a. a market structure with barriers to entry
b. demand curves that are easily identified
c. firm cannot make zero profits in the long run
d. firm can reap long run profits.
Which of the characteristics in the list above is shared by an oligopolist and a monopolist?
Select one:
a. a, c, and d
b. a and d
c. a, b, and d
d. a, b, c, and d
Your answer is correct.
The correct answer is: a and d
Question 3
Complete
Mark 0.70 out of 1.00
If you own the only bookstore in a small town, do you have a monopoly?
Yes, because a monopoly is defined as a single seller with no competitors.
Because consumers in your town could buy books on the Internet or by driving to another tow
a bookstore store, you would not have a monopoly under the narrow definition of the term. H
because competition from on-line sellers and stores in other towns may not be sufficient to el
your economic profits in the long run, you may have a monopoly in the broader sense of the t
Started on Monday, 1 October 2018, 1:55 PM
State Finished
Completed on Monday, 1 October 2018, 10:27 PM
Time taken 8 hours 32 mins
Marks 15.70/20.00
Grade 7.85 out of 10.00 (79%)
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following is a characteristic shared by a perfectly competitive firm and a monopo
Select one:
a. Each must lower its price to sell more output.
b. Each maximizes profits by producing a quantity for which price equals marginal cost.
c. Each maximizes profits by producing a quantity for which marginal revenue equals m
cost.
d. Each sets a price for its product that will maximize its revenue.
Your answer is correct.
The correct answer is: Each maximizes profits by producing a quantity for which marginal revenue equals m
, Question 2
Correct
Mark 1.00 out of 1.00
Consider the following characteristics:
a. a market structure with barriers to entry
b. demand curves that are easily identified
c. firm cannot make zero profits in the long run
d. firm can reap long run profits.
Which of the characteristics in the list above is shared by an oligopolist and a monopolist?
Select one:
a. a, c, and d
b. a and d
c. a, b, and d
d. a, b, c, and d
Your answer is correct.
The correct answer is: a and d
Question 3
Complete
Mark 0.70 out of 1.00
If you own the only bookstore in a small town, do you have a monopoly?
Yes, because a monopoly is defined as a single seller with no competitors.
Because consumers in your town could buy books on the Internet or by driving to another tow
a bookstore store, you would not have a monopoly under the narrow definition of the term. H
because competition from on-line sellers and stores in other towns may not be sufficient to el
your economic profits in the long run, you may have a monopoly in the broader sense of the t
