Home / Questions / 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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