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Technically speaking, a monopolist’s share of industry demand is _________ to make it

  Technically speaking, a monopolist’s share of industry demand is _________ to make it
                            qualify as a monopoly.

a.100 percent

b.50 percent or more

c.25 percent or more

d.0 percent

e.there is no specific percentage

42.              In order to be a firm in monopolistic competition, it must have at least ___________
                            market share

a.50 percent

b.10 percent

c.5 percent

d.1 percent

e.there is no specific percentage

43.              If there are 40 firms in a monopolistic competitive industry, the oldest (or first) firm will
                            have ___________ market share to qualify as the oldest (or first) firm.

a.no less than 50 percent

b.no less than 10 percent

c.no more than 5 percent

d.no more than 1 percent

e.there is no specific percentage

44.              Recall from your reading of the text: Which game or sport contains the same strategic
                            elements as the management of a firm in oligopoly?

a.darts

b.50 meter hurdles

c.chess

d.speed skating

e.solitaire

45.              Cross elasticity of demand compares the change in the

a.price of one good that is generated by a change in the price of another good

b.quantity demanded of one good that is generated by a change in the price of another
good

c.price of one good that is generated by a change in quantity demanded of another
good

d.quantity demanded of one good that is generated by a change in the supply of
another good

e.quantity demanded of one good that is generated by a change in quantity demanded
of another good

46.              First and foremost, a market consists of

a.substitute goods

b.complementary goods

c.goods produced by the same firm

d.goods produced with the same inputs

e.goods that serve dissimilar purposes, which is why they are grouped

47.              If two foods are perfect substitutes, the cross elasticity between them is

a.zero

b.negative

c.between zero and one

d.infinite

e.there is no specific cross elasticity for perfect substitutes

48.              If two goods are strong substitutes, cross elasticity is

a.negative

b.positive

c.between zero and one

d.zero

e.one

49.              If cross elasticity between two goods is zero, then the goods are

a.perfect substitutes

b.perfect complements

c.good but not perfect substitutes

d.not considered to be substitutes

e.good but not perfect complements

50.              If cross elasticity between two goods is infinite, the goods are

a.perfect substitutes

b.perfect complements

c.good but not perfect substitutes

d.not considered to be substitutes

e.produced by the same firm

 

Dec 09 2019 Read more Less More

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