ECO561 ECO/561 Week 3 Quiz (23/23) - 62867

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ECO561 ECO-561 ECO/561 Week 3 Quiz (23/23)

1. A purely- or perfectly-competitive firm would be characterized by which of the following?

2. For a purely-competitive firm, price must be

3. What will excessive or economic profits induce for a firm in any industry structure?

4. A pure-monopoly firm’s demand curve is also the market demand curve. This kind of firm may successfully engage in price discrimination to increase its total profit if it

5. Oligopolies are characterized by a small number of firms where the top three firms hold the majority of the market. If in an oligopoly market, firm A is almost twice as big as firm B and firm C then

6. In a monopolistic competition industry, if one firm appreciably increased its price from the existing equilibrium price, which of the following outcomes would most likely ensue?

7. Which factor characterizes the competitive relationship between firms in an oligopoly market structure?

 8. Unregulated (natural) monopolies maintain their status through a variety of measures. Whether any particular measure can effectively constrain new firms from entering the market depends on

9. Regulated monopolies are empowered by public authority for which specific reason?

10. Using a significantly greater economy of scale—with attendant lower, long-run average total costs—to restrict the market entry of new competitors

11. In technology-intensive oligopolies—characterized by dynamically evolving product design—restricting the entry of additional firms is

12. Whether the market structure is monopolistic or oligopolistic, a firm may increase consumer demand for its product as an overall portion of market share if

13. One difference between firms already established in a monopolistic competition industry and those attempting to enter it is that

14. An average firm in an industry characterized by a homogeneous product, relatively low barriers to entry, and a low concentration ratio

15. A monopolistic firm may operate in a relatively mature market with little likelihood for significant change in technology or process efficiencies. To maximize its profits, such a firm might

16. Production differentiation can effectively be achieved by

17. While mass retail industries have one or several dominant producers, smaller firms have a limited set of nonpricing options. The most feasible of these include

18. In monopolistic competition industries, effective product differentiation is illustrated by

 19. Differentiation strategies vary in degree of effectiveness from one type of market structure to another. For firms other than perfect competition

20. If a firm’s industry devolved from a monopolistic competition into an oligopolistic structure, the firm would discover that

 21. A firm can increase both profit and per-unit profit margin by lowering production costs. To make this a long-term outcome, the firm should

 22. A firm’s cost-reduction strategies may span multiple stages, from acquisition of production input factors to product service and maintenance. When seeking to lower cost in the short term, firms should

23. Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by

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ECO561 ECO-561 ECO/561 Week 3 Quiz (23/23)

1. A purely- or perfectly-competitive firm would be characterized by which of the following?

2. For a purely-competitive firm, price must be

3. What will excessive or economic profits induce for a firm in any industry structure?

4. A pure-monopoly firm’s de

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