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The Bay Area in California is home to the Oakland Athletics and the San Francisco

  The Bay Area in California is home to the Oakland Athletics and the San Francisco
                            Giants. New York City is home to the Mets and Yankees. Most other cities only have one
                            baseball team, if any at all. What is the best explanation for this phenomenon?

a.Most baseball fans, who are the demanders for baseball games, tend to live in New
York and San Francisco.

b.Baseball team owners live in large cities, such as New York and San Francisco.

c.In most baseball cities—excluding New York, San Francisco, etc.—baseball teams
are natural monopolies.

d.Only these four teams face downward-sloping demand curves.

e.Only these four teams have declining average total costs.

 

33.              Monopolies, whose market position is based on exclusive access to resources, eventually
                            lose their monopoly power when there is

a.increasing brand loyalty on the part of consumers

b.an expiration in their patents

c.a development of new technologies

d.exclusive access to resources

e.a negative cross elasticity with other goods in the market

34.              Suppose Ford develops a technology enabling its full-size cars to get 150 miles per
                            gallon. If it applies for a patent on that technology and is denied, Ford can expect to

a.still have a monopoly on that technology because Ford has monopoly power in the
industry

b.sell that technology to a competitor who will reapply for the patent

c.be reimbursed for its investment in research by the government because it was the
government that denied the patent in the first place

d.earn lower profit than they would with the patent

e.sell fewer cars in the short run, but more in the long run than its competition

35.              Oligopoly and monopolistic competition can be described as industries where firms

a.have high barriers to entry

b.produce identical goods

c.are located near each other

d.produce close substitutes

e.aspire to become perfect competitors

36.              Your textbook uses steel, concrete, and aluminum to describe the nature of competition
                            between industries. What is important about this example is that it helps distinguish
                            between

a.industries and markets

b.firms and industries

c.firms and markets

d.different construction technologies

e.factor markets for buildings

37.              As more firms enter the market,

a.individual firms produce more

b.advertising increases

c.demand curves become more elastic

d.demand curves become more inelastic

e.cross elasticities among the goods in the market decrease

38.              There are several reasons why demand curves may become more elastic. Among them
                            are

a.the market becomes more monopolistic and cross elasticities approach zero

b.the goods become less differentiated and more firms enter the industry

c.consumers have fewer substitutes and firms drop out of the industry

d.industry demand increases and consumers increase spending

e.the existence of a natural monopoly and an increase in fixed costs

39.              Aside from the simple pleasure of seeing your own good advertised on television or in
                            the print media, one important reason that firms advertise is to

a.lower their costs

b.reduce product differentiation

c.shift their own demand curves to the right

d.decrease market share

e.shift their own demand curves to the left

40.              If advertising makes a firm’s demand curve more inelastic, it is probably because

a.the advertising backfired

b.the goods advertised are no longer differentiated

c.competitors raised their prices in response to the firm’s advertising

d.brand loyalty to the firm’s good increased

e.quality changes make the good more attractive

Dec 09 2019 Read more Less More

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