Strayer ECO 405 QUIZ CHAP 8 - 9 (2014)

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ECO405 QUIZ C 8-9

•Question 1

 Monopoly refers to

•Question 2

 One difference between a competitive seller and a monopolistic seller is that the

•Question 3

 Concentration ratios are used to measure the

•Question 4

 With a natural monopoly,

•Question 5

 Patents and copyright laws

•Question 6

 For a firm, at the output level at which marginal revenue equals marginal cost,

•Question 7

 If a firm sells 100 units of output at a price of $5 and each unit costs $3 to produce, the firm's total revenue equals

•Question 8

 A major objective of firms in all types of market structures is

•Question 9

 In a competitive market, the single firm

•Question 10

 Which of the following is a private barrier to entry?

•Question 11

 The dead-weight welfare loss due to monopoly is

•Question 12

 If a firm sells 100 units at a price of $5 and each unit costs $3 to produce, its total cost equals

•Question 13

 The monopoly power of a firm can be measured by the firm's

•Question 14

 Profit equals

•Question 15

 A pure monopoly industry has a 4-firm concentration ratio equal to

•Question 16

 In the resource market, professional sports clubs must face the

•Question 17

 The additional cost incurred as a result of hiring an additional worker is the firm's

•Question 18

 To maximize profit, a monopsony will hire workers up to the point where

•Question 19

 When professional sports leagues seek to achieve parity, they are seeking

•Question 20

 The additional revenue that a player generates for his employing team is called

•Question 21

 Under which of the following conditions will a monopsony hire an additional worker? When

•Question 22

 In a monopsony, the difference between the marginal revenue product of labor and the wage rate is known as

•Question 23

 If a cartel discovers that its marginal revenue is greater than its marginal cost of production, the cartel should

•Question 24

 The difference between a worker's contribution to the firm's receipts and the wage is

•Question 25

 Professional sports clubs differ from most other business firms in their

•Question 26

 Over the past twenty years, free agency in professional sports has

•Question 27

 For a cartel, the

•Question 28

 In a product market with a cartel, prices will be _____ and output will be _____ than in a competitive market.

•Question 29

 The relatively high salaries paid to professional athletes reflect

•Question 30

 To maximize joint profits, a cartel will produce output up to the point where

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