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Suppose we find that the cross elasticities between two goods are relatively high, and

 Suppose we find that the cross elasticities between two goods are relatively high, and
                            their cross elasticities with goods outside the market are zero. From this we can conclude
                            that these two goods

a.are produced by monopolies

b.have relatively high prices

c.are unrelated

d.have inelastic demand curves

e.belong to the same market

102.              The cross elasticity between any two goods that determines whether or not they are in the
                            same market is

a.0

b.1

c.3

d.4

e.10

103.              The most important characteristic that differentiates one market structure from another is
                            the

a.time it takes for new firms to enter

b.amount of short-run economic profit

c.degree to which goods complement each other

d.number of producers selling in the market

e.barriers to entry

104.              The market structure in which there is only one producer is called

a.monopoly

b.oligopoly

c.monopolistic competition

d.perfect competition

e.duopoly

105.              Market structures are defined by all of the following except the

a.number of firms

b.level of prices

c.ease with which new firms can enter

d.presence of substitute goods

e.existence of barriers to entry

106.              A unique characteristic of oligopolies is their

a.differentiated products

b.profit-maximizing behavior

c.advertising campaigns

d.ability to overcome barriers to entry

e.mutual interdependence

107.              A firm employs 15,000 workers and has annual revenues of over $750 million. Knowing
                            this, we also know that the firm is in what type of market structure? 

a.monopoly

b.oligopoly

c.monopolistic competition

d.perfect competition

e.impossible to tell what market structure the firm is in

108.              The monopolist’s demand curve is identical to

a.the monopolistic competitor’s demand curve

b.the industry demand curve

c.a horizontal line that represents a constant price across the production range

d.mutual interdependence

e.a collection of firms producing the same good

109.              Natural monopolies have all of the following characteristics except

a.relatively high fixed cost

b.relatively low average variable cost

c.low levels of production

d.difficulty for new firms to enter

e.only one firm can produce profitably

110.              Think about cost structures associated with each of the following and decide which is
                            most likely to be a natural monopoly.

a.jewelry manufacturer

b.tax-preparation firm

c.movie theater

d.city bus company

e.dry cleaner

Dec 09 2019 View more View Less

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