Which of the following is not correct about contestable markets?
a.There is easy entry into and costless exit from the market.
b.New firms entering the market can produce the product at the same cost as current firms.
c.Firms exiting the market can easily dispose of their fixed assets by selling them elsewhere.
d.Firms already in the market have technological advantages.
e.b and c
63.If a market is contestable, then
a.a cartel will form in the industry.
b.economic profits are small or zero.
c.firms face a vertical demand curve.
d.there is a dominant firm in the market.
e.none of the above
64.In the prisoner's dilemma, each prisoner would be best off if
b.one confesses but the other does not.
c.one confesses, regardless of what the other does.
65.In the prisoner's dilemma, both prisoners end up __________, which turns out to be __________ confessed.
a.confessing; better for them than if they had both not
b.confessing; worse for them than if they had both not
c.not confessing; better for them than if they had both
d.not confessing; worse for them than if they had both
66.The theory of monopolistic competition assumes
a.the production of a slightly differentiated product.
b.significant barriers to entry.
c.many buyers and sellers.
d.a and c
e.all of the above
67.The monopolistic competitor's demand curve is
a.perfectly elastic because of the many buyers and sellers in the market.
b.downward sloping because of product differentiation.
c.perfectly elastic because of identical products.
d.downward sloping because of the few buyers and sellers in the market.
e.none of the above
68.The monopolistic competitor is a price
a.taker, because of the many buyers and sellers in the market.
b.searcher, because of product differentiation.
c.taker, because of identical products.
d.searcher, because of the few buyers and sellers in the market.
e.searcher, because of the few buyers and sellers in the market and product differentiation.
69.The profit-maximizing monopolistic competitor produces where price
a.equals marginal cost and marginal revenue.
b.is less than marginal cost and marginal revenue.
c.is greater than both marginal cost and marginal revenue.
d.equals marginal cost and is less than marginal revenue.
e.equals marginal cost and is greater than marginal revenue.
70.The profit-maximizing monopolistic competitor produces at the level of output where
a.price equals marginal cost and marginal revenue.
b.marginal cost equals marginal revenue, but not price.
c.price equals marginal revenue, but not marginal cost.
d.price equals marginal cost, but not marginal revenue.
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