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Strayer ECO 405 QUIZ CHAP 8 - 9 (2014)




Question;ECO405 QUIZ C 8-9? Question 1 Monopoly refers to? Question 2 One difference between a competitive seller and a monopolistic seller is that the? Question 3 Concentration ratios are used to measure the? Question 4 With a natural monopoly,? Question 5 Patents and copyright laws? Question 6 For a firm, at the output level at which marginal revenue equals marginal cost,? Question 7 If a firm sells 100 units of output at a price of $5 and each unit costs $3 to produce, the firm's total revenue equals? Question 8 A major objective of firms in all types of market structures is? Question 9 In a competitive market, the single firm? Question 10 Which of the following is a private barrier to entry?? Question 11 The dead-weight welfare loss due to monopoly is? Question 12 If a firm sells 100 units at a price of $5 and each unit costs $3 to produce, its total cost equals? Question 13 The monopoly power of a firm can be measured by the firm's? Question 14 Profit equals? Question 15 A pure monopoly industry has a 4-firm concentration ratio equal to? Question 16 In the resource market, professional sports clubs must face the? Question 17 The additional cost incurred as a result of hiring an additional worker is the firm's? Question 18 To maximize profit, a monopsony will hire workers up to the point where? Question 19 When professional sports leagues seek to achieve parity, they are seeking? Question 20 The additional revenue that a player generates for his employing team is called? Question 21 Under which of the following conditions will a monopsony hire an additional worker? When? Question 22 In a monopsony, the difference between the marginal revenue product of labor and the wage rate is known as? Question 23 If a cartel discovers that its marginal revenue is greater than its marginal cost of production, the cartel should? Question 24 The difference between a worker's contribution to the firm's receipts and the wage is? Question 25 Professional sports clubs differ from most other business firms in their? Question 26 Over the past twenty years, free agency in professional sports has? Question 27 For a cartel, the? Question 28 In a product market with a cartel, prices will be _____ and output will be _____ than in a competitive market.? Question 29 The relatively high salaries paid to professional athletes reflect? Question 30 To maximize joint profits, a cartel will produce output up to the point where


Paper#56626 | Written in 18-Jul-2015

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