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6.Pure monopolists may obtain economic profit in the long-run because:
a) Of advertising
revenue is constant as sales increase
c) Of barriers to entry
d) Of rising average fixed costs
7.An industry is characterized as having many firms, a differentiated product, no barriers to entry and elastic demand. What is it’s market structure?
8.The individual mandate under the Affordable Care Act was intended to prevent which of the following?
a) Rising health care costs
b) Rising deficits
c) Adverse selection
d) Moral hazard
9.Which of the following conditions is NOT NECESSARY in order for a firm to price discriminate?
a) The product cannot be resold
b) The firm must have some market power
c) The firm must have many buyers and sellers
d) The market can be segmented into different groups of consumers
10.Which of the following statements correctly identifies increasing returns in production?
a) As a firm adds workers, output declines
b) Marginal Product is greater than Average Product
c) Marginal Product equals Average Product
d) As firms increase workers, output increases at a diminishing rate
11.Which of the following correctly identifies the price at which a firm should shut-down?
a) Price is greater than the average variable cost
b) Price is equal to the marginal cost
c) Price is less than the total cost
d) Price is less than the average variable cost
12.Which of the following market structures experiences a “Nash Equilibrium” in terms of pricing behavior?
a) Perfect competition
d) Monopolistic Competition
13.Which of the following is NOT considered a criteria of an “efficient market”?
a) Perfect information
b) Positive externalities exist
c) Lots of buyers and sellers
d) No barriers to entry and market is perfectly competitive
14.Which of the following is NOT a factor that leads to a shift in the supply curve?
a) Change in labor and capital inputs
b) Change in consumer income
c) Change in number of firms in industry
d) Government regulations
15.For which of the following goods is the demand curve likely to be the most inelastic?
a) Taxicab transportation for a family vacationing in DC
b) Insulin for a diabetic
c) An Apple Smartphone
d) Elective cosmetic surgery
16.Which of the following is the best example of a public good?
a) National Defense
b) A local gas station
c) A city-owned electric power generating plan
d) Public Universities
17.A perfectly competitive firm has the following option with respect to how it sets price:
a) Are required to accept below-market prices if they wish to sell their product
b) Often set the price of their product above the market equilibrium to take advantage of market imperfections
c) Have a great deal of latitude when it comes to setting the price of their product
d) Have little choice but to accept the prevailing market price for their product
18.What market failure does the regulation of nursing home quality address?
a)High long-term care costs
b)Existence of a public good
d)All of the above
19.Which if the following is NOT a likely result of limits on physician reimbursement rates under Medicare?
a)Reduction in quality of care provided
b)Access problems for Medicare beneficiaries
c)Increase in supply of physicians
d)Shortage of physicians
Economics is the Study of _________________________
a) The interaction of people in social situations
b) The scarcity of resources or goods
c) Human behavior under stressful situations
d) Biological systems in the environment
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