Home / Questions / Andrew Carnegie, the first U.S. steel mogul, built his empire by a.patenting each new ty
Andrew Carnegie, the first U.S. steel mogul, built his empire by
a.patenting each new type of steel
b.owning all of the U.S. iron ore deposits
c.being the most efficient, that is, having the lowest ATC
d.buying up his competitors
e.enlisting the protection of the government
23. Clorox Bleach and generic brands have the exact same proportions of chlorine and other
active ingredients. The reason that people continue to purchase Clorox at twice the price
of the generic brand is the
a.price elasticity of demand classifies them as belonging to the same market
b.low cross elasticity between Clorox and the generic brand
c.high cross elasticity between Clorox and the generic brand
d.perceived differences on the part of consumers
e.income elasticity of demand is higher for the Clorox brand
24. Some people refuse to buy Japanese cars because they believe it is anti-American. Others
refuse to buy American cars because they believe that Japanese cars are superior. In this
highly competitive market, the Mitsubishi Eclipse and Eagle Talon, which have identical
engines, transmissions, bodies and paint, are a good example of
a.goods belonging to two separate markets
b.complementary goods
c.perfect competition
d.product differentiation
e.barriers to entry
25. The reason why firms in perfect competition do not advertise is because
a.their demand curves are all downward sloping and if they sell more it would have to
be at a lower price
b.they differentiate themselves, as with milk
c.they are typically small in size and cannot produce for a wider market
d.there is no entry into the industry
e.there is no product differentiation among the goods produced
26. Suppose a monopolist chooses to advertise its good and its own demand curve shifts to
the right, then we know that
a.the industry’s demand curve shifts in precisely the same way
b.its competitors share some of the benefits of the advertising
c.the monopolist’s cost curves will shift to accommodate the shift in demand
d.the price of substitute goods will fall
e.consumers are turned off by the advertising and buy less at every price
27. In perfect competition, the buyers are usually looking for
a.easy entry
b.familiar brands
c.higher-quality goods
d.volume discounts
e.the lowest price
28. In a perfectly competitive market, a firm that raises its price when its competitors do not
a.must have a differentiated product
b.must have relatively high costs and therefore must raise price to compensate
c.sells no goods
d.gains market share
e.will become a monopolist eventually
29. If a shoe monopoly experiences an outward shift in its demand curve, the industry
demand curve for shoes must have
a.shifted slightly less
b.been flat to begin with
c.shifted slightly more
d.shifted more quickly
e.made the exact same shift
30. From what you know about the different kind of monopolies, which answer best
describes the natural ones?
a.They only exist because the government has established patent laws.
b.They can produce services, but not goods.
c.The market supports only two or three firms.
d.Potential competitors are purchased before they can enter.
e.There is a declining ATC throughout the relevant range of production.
Dec 09 2019 Read more Less More
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