Home / Questions / 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
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