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Q14. Which of the following is closest to a perfectly competitive market?
b. athletic shoes
d. handmade guitars
Q16. The profit maximizing level of production
a. is not measurable for a perfectly competitive firm.
b. is where the difference between marginal revenue and marginal cost is maximized.
c. ignores the relation of total revenues and total costs.
d. is the quantity at which marginal revenue equals marginal cost.
Q23. For the monopolistic competitor, which is INCORRECT?
a. The profit maximizing rate of output is where the marginal cost curve intersects the marginal revenue curve.
b. The marginal revenue curve is downward sloping and lies below the demand curve.
c. Because the firm has some control over price, its demand curve slopes downward.
d. If the firm in a monopolistically competitive industry were making economic losses, firms would enter the industry.
Q24. Profitable price discrimination involves
a. charging a higher price to new customers and a low price to old ones.
b. charging a higher price to wealthier customers.
c. charging a higher price for goods that cost more to produce.
d. charging a higher price to customers with a relatively low elasticity of demand.
Q28. Signaling occurs as part of
a. noncooperative behavior.
c. price leadership.
d. opportunistic behavior.
Q36. External costs can be defined as
a. the cost of providing all public goods and services.
b. the sum of all private production costs.
c. the cost of running the federal government.
d. the cost associated with private production, but partially borne by society.
Q37. What would happen in a free market system when production of a good generates negative externalities?
a. There would be a shortage of the good.
b. The equilibrium quantity of the good would be more than the efficient amount.
c. The equilibrium quantity of the good would be less than the efficient amount.
d. There would be a surplus of the good.
Q38. Which of the following is an incidence of market failure?
a. Firms change their production plans in response to a tax.
b. The price of a good exceeds the opportunity cost of producing it.
c. The firm producing the good is earning zero economic profit.
d. Consumers change their buying habits in response to a tax.
Q39. Which one of the following is TRUE?
a. Private goods are subject to the principle of rival consumption.
b. Public goods are those that generate positive externalities.
c. Public goods are a subset of private goods.
d. Private goods are produced for a local market; public goods are produced for a national market.
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