Self-Quiz Unit 5 - Chapter 11 Attempt review PDF

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Self-Quiz Unit 5 - Chapter 11: The World of Imperfect Competition for Econ 1580...

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10/13/21, 1:08 PM

Self-Quiz Unit 5 - Chapter 11: Attempt review

Dashboard / My courses / ECON 1580 - AY2022-T1 / 30 September - 6 October / Self-Quiz Unit 5 - Chapter 11

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Saturday, 2 October 2021, 10:27 PM

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Grade 10.00 out of 10.00 (100%) Question

1

Correct Mark 1.00 out of 1.00

Imperfect competition includes:

Select one: a.

monopolistic competition and oligopoly.



b. monopolistic competition and monopoly. c.

perfect competition and monopoly.

d. monopoly and oligopoly.

The correct answer is: monopolistic competition and oligopoly.

Question

2

Correct Mark 1.00 out of 1.00

In large shopping areas, the retail market is most illustrative of:

Select one: a.

monopolistic competition.



b. monopoly. c.

perfect competition.

d. perfect oligopoly.

The correct answer is: monopolistic competition.

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10/13/21, 1:08 PM Question

Self-Quiz Unit 5 - Chapter 11: Attempt review

3

Correct Mark 1.00 out of 1.00

Due to the existence of a large number of similar, but not identical, substitutes in most communities, the market for chiropractors is best considered:

Select one: a.

an oligopoly.

b. perfect competition. c.

monopolistic competition.



d. a monopoly.

The correct answer is: monopolistic competition.

Question

4

Correct Mark 1.00 out of 1.00

The market for plumbing services in a city can be characterized by the model of monopolistic competition. Suppose that the market is initially in long-run equilibrium, and then there is an increase in demand for plumbing services. We expect that in the long run:

Select one: a.

firms will leave the plumbing market.

b. there will be a short-run increase in the number of firms, but then the number will return to the original level. c.

new firms will enter the plumbing market.



d. firms will shut down, but they will not leave the industry.

The correct answer is: new firms will enter the plumbing market.

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10/13/21, 1:08 PM Question

Self-Quiz Unit 5 - Chapter 11: Attempt review

5

Correct Mark 1.00 out of 1.00

A criticism of oligopolistic firms is that they:

Select one: a.

have high concentration ratios.



b. are associated with unstable prices. c.

experience economies of scale.

d. retard research and development.

The correct answer is: have high concentration ratios.

Question

6

Correct Mark 1.00 out of 1.00

An oligopoly knows that its _______ affect(s) its _______ and that the _______ of its rivals will affect it.

Select one: a.

actions; rivals; reactions



b. price changes; total revenue in a positive way; reactions c.

actions rarely; rivals; actions

d. price increases; total revenue in the long run only; large but not small price changes

The correct answer is: actions; rivals; reactions

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10/13/21, 1:08 PM Question

Self-Quiz Unit 5 - Chapter 11: Attempt review

7

Correct Mark 1.00 out of 1.00

According to the text exhibit on concentration ratios and Herfindahl-Hirschman Indexes, which of the following industries has the lowest HHI?

Select one: a.

ice cream



b. breakfast cereal c.

motor vehicles and passenger car bodies

d. medicinal chemicals and botanical products

The correct answer is: ice cream

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10/13/21, 1:08 PM Question

Self-Quiz Unit 5 - Chapter 11: Attempt review

8

Correct Mark 1.00 out of 1.00

In this exhibit (Monopoly Through Collusion), is an illustration of the situation in an industry that consists of two firms facing identical demand curves; the demand curve for each firm is D1 . If the firms collude and agree to share the market demand equally, then each firm will act as if its demand curve is given by _______ and the market demand curve is given by _______ .

Select one: a.

D1 ; MR2

b. D2 ; D1 c.

D1 ; D2



d. MR1 ; MR2

The correct answer is: D1 ; D2

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10/13/21, 1:08 PM Question

Self-Quiz Unit 5 - Chapter 11: Attempt review

9

Correct Mark 1.00 out of 1.00

Suppose that each of two prisoners has the independent choice of confessing to a crime or not confessing. If neither confesses, they spend 2 years in jail; if both confess, they spend 3 years in jail; and if one confesses while the other does not, the confessor gets off with 1 year in jail while the other gets 6 years in jail. According to game theory, the likely strategy by the prisoners is:

Select one: a.

both will confess.



b. neither will confess. c.

one will confess and the other will not.

d. both may or may not confess.

The correct answer is: both will confess.

Question

10

Correct Mark 1.00 out of 1.00

A strategy that is the same regardless of the action of the other player in a game is said to be a:

Select one: a.

competitive strategy.

b. trigger strategy. c.

dominant strategy.



d. tit-for-tat strategy.

The correct answer is: dominant strategy.

◄ Discussion Forum Unit 5 Jump to... Learning Guide Unit 5 - Chapter 20 ►

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