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Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

People go to websites to get the information they desperately need.  They could be looking for an answer to a nagging question.  They might be looking for help in completing an important task.  For recent graduates, they might be looking for ways on how to prepare a comprehensive resume that can capture the attention of the hiring manager

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Manush’s story shows the importance of using powerful keywords to his resume in landing the job he wanted.

MC and Oligopoly Ch 12 Quiz

Navigation   » List of Schools  »  Glendale Community College  »  Economics  »  Econ 101 – Microeconomics  »  Fall 2022  »  MC and Oligopoly Ch 12 Quiz

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Below are the questions for the exam with the choices of answers:

Question #1
All four market forms discussed in the text maximize profit were
A  MR = MC.
B  MC = AR.
C  P = MC.
D  AR = AC.
Question #2
The Organization of Petroleum Exporting Countries (OPEC) is an example of
A  a once successful cartel.
B  a generally unsuccessful cartel.
C  a price leadership system.
D  an organization devoted to tacit collusion.
Question #3
An article in The Economist reported that prices of CDs in Britain is much higher than prices in the United States or other European countries. There are only a few major companies, and a report from a Parliament committee said there is no serious price competition. The best explanation for this is that
A  the industry is a contestable market.
B  there are entry barriers in production and distribution of CDs.
C  there is substantial differentiation of product.
D  firms are avoiding profit opportunities.
Question #4
Monopolistic competition is characterized by
A  many firms selling the same product.
B  one firm selling one product.
C  many firms selling slightly different products.
D  one firm selling several products.
Question #5
Which of the following attitudes will be held by a typical firm in a typical cartel?
A  If I suspect others are planning to cheat, I’ll do best for myself by deciding not to cheat.
B  If everyone cheats, I’m better off and so is everyone else in the cartel.
C  If I alone cheat, I’m better off; if everyone cheats, I’m worse off.
D  I can never do better for myself than by following agreed-upon cartel policies.
Question #6
Monopolistic competition is common in
A  farming.
B  retail selling.
C  electric power generation.
D  basic manufacturing.
Question #7
If an oligopolist cuts the prices of its products,
A  customers will remain unchanged in number.
B  customers will switch from rival firms to buy from them.
C  rival firms will not react.
D  customers will switch to a rival firm.
Question #8
Oligopolists
A  must take rivals’ reactions into account.
B  are price takers.
C  rarely advertise.
D  offer homogeneous products.
Question #9
Contestable markets improve the performance of imperfect markets with
A  advertising.
B  tacit collusion.
C  government regulations.
D  the threat of entry.
Question #10
Oligopoly occurs when
A  a few firms sell many different products.
B  a few firms sell to a few large buyers.
C  many firms dominate a single market.
D  a few firms dominate a single market.
Question #11
A situation in which both players can adopt moves such that each player’s move is its most profitable response to the move of the other is the
A  prisoner’s dilemma.
B  tacit collusion.
C  maximin criterion.
D  Nash equilibrium.
Question #12
Monopolistic competitors and perfect competitors are alike in
A  zero economic profit in the long run.
B  having horizontal demand curves.
C  zero economic profit in the short run.
D  relying on advertising to attract buyers to their products.
Question #13
To maximize its profit, a monopolistically competitive firm produces at the output level at which
A  its price elasticity of demand equals one.
B  its D curve is tangent to its ATC curve.
C  MR = MC.
D  MR = AVC.
Question #14
In the cigarette industry either R. J. Reynolds or Phillip Morris, for a time, raised prices twice a year by about 50 cents per carton. The other firms in the industry raised their prices by the same amount. Economists call this
A  sales maximization.
B  a price war.
C  predatory pricing.
D  price leadership.
Question #15
The demand curve for a monopolistic competitor slopes downward because
A  demand drops to zero after a slight price increase.
B  the product is undifferentiated.
C  there are close but not perfect substitutes for the product.
D  customers have no loyalty to the product.
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“Kudos to the team for a job well done.  I am sincerely appreciative of the time and effort you gave on my resume.  You did not only help me land the job I had always been dreaming of but you also made me realize how important adding those specific keywords to my resume!  Cheers!

Manush
Fresh Graduate
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