Quiz 13 of ECON251 Purdue University In Tutorial Library

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TITLE: Quiz 13 of ECON251 Purdue University

UNIVERSITY / INSTITUTE: Purdue University

CLASS / COURSE: Economics

QUESTION DESCRIPTION:

 
Quiz 13:
 
1. (Points: 1.0)
A four-firm concentration ratio measures:
a. a. the fraction of an industry's sales accounted for by the four
largest firms.
b. b. the production of any four firms in an industry.
c. c. how the four largest firms became so concentrated.
d. d. the fraction of employment of the four largest firms in an industry.
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2. (Points: 1.0)
Oligopolies are difficult to analyze because:
a. a. the firms are so large.
b. b. demand and cost curves do not exist for these types of industries.
c. c. how oligopoly firms respond to a price change by a rival is
uncertain.
d. d. oligopolies are a recent development so economists have not had time
to develop models.
3. (Points: 1.0)
In an oligopoly market:
a. a. pricing decision of all other firms has no effect on an individual firm.
b. b. individual firms pay no attention to the behavior of other firms.
c. c. advertising of one firm has no effect on all other firms.
d. d. pricing decision of one firm affects all the other firms.
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4. (Points: 1.0)
An oligopoly firm is in an industry characterized by:
a. a. many independent firms.
b. b. a small number of independent firms.
c. c. one firm.
d. d. a small number of interdependent firms.
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5. (Points: 1.0)
An example of a government-imposed barrier is:
a. a. economies of scale.
b. b. the granting of a patent to a particular firm.
c. c. one firm owning a key input.
d. d. environmental regulations.
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5. (Points: 1.0)
An example of a government-imposed barrier is:
a. a. economies of scale.
b. b. the granting of a patent to a particular firm.
c. c. one firm owning a key input.
d. d. environmental regulations.
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6. (Points: 1.0)
An example of a barrier to entry is:
a. a. ownership of a key input.
b. b. economies of scale.
c. c. government imposed restrictions.
d. d. all of these.
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7. (Points: 1.0)
Interdependence of firms is most common in:
a. a. perfectly competitive industries.
b. b. monopolistic industries.
c. c. monopolistically competitive industries.
d. d. oligopolistic industries.
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8. (Points: 1.0)
Collusion would be most common in:
a. a. a perfectly competitive industry.
b. b. a monopolistic industry.
c. c. a monopolistically competitive industry.
d. d. an oligopolistic industry.
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9. (Points: 1.0)
A cartel is:
a. a. temporary storage facility for automobiles.
b. b. an informal agreement to fix prices to maximize joint profits.
c. c. a formal agreement to fix prices to maximize joint profits.
d. d. a competitive industry.
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10. (Points: 1.0)
An oligopoly firm's demand curve is:
a. a. identical to that of a perfect competitive firm.
b. b. identical to that of a monopolistically competitive firm.
c. c. vertical on a price quantity diagram.
d. d. unknown because a response of firms to price changes by
rivals is uncertain.

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SUBJECTS / CATEGORIES:
1. Business Economics
2. Economics
3. Microeconomics

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