6.Pure monopolists may obtain economic profit in the long-run because:a)Of advertisingb)Marginal

6.Pure monopolists may obtain economic profit in the long-run because:

a) Of advertising

b) Marginal

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?

a)Perfectly competitive

b)Oligopoly

c)Monopolistic Competition

d)Monopoly

 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

b) Oligopoly

c) Monopoly

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

c)Asymmetric Information

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







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10