American Military University ECON 201 ECON201 FINAL
EXAM
Question 1 of 29
One defining characteristic of pure monopoly is that:
•
A. The monopolist is a price taker
•
B. The monopolist uses advertising
•
C. The monopolist produces a product with no close substitutes
•
D. There is relatively easy entry into the industry, but exit is difficult
Question 2 of 29
Which is a barrier to entry?
•
A. Close substitutes
•
B. Diseconomies of scale
•
C. Government licensing
•
D. Price-taking behavior
Question 3 of 29
Other things equal, which reduces competition in an industry?
•
A. Patent laws
•
B. Freedom of entry for new firms
•
C. An increase in the number of producers
•
D. An increase in the number of buyers
Question 4 of 29
The representative firm in a purely competitive industry:
•
A. Will always earn a profit in the short run
•
B. May earn either an economic profit or a loss in the long run
•
C. Will always earn an economic profit in the long run
•
D. Will earn an economic profit
Download all 16 pages for $ 12,89
Add document to cartEXCELLENT HOMEWORK HELP AND TUTORING ,ALL KIND OF QUIZ AND EXAMS WITH GUARANTEE OF A EXCELLENT HOMEWORK HELP AND TUTORING ,ALL KIND OF QUIZ AND EXAMS WITH GUARANTEE
ati ati comprehensive predictor ati fundamentals proctored ati nutrition ati pharmacology ati rn comprehensive predictor comprehensive fundamentals health care health care / nursing health care/ nursing hesi hesi rn exit maternal newborn med surg medical nursing medical surgical mental health nurs nursing nursing & health pediatrics pharmacology test bank tncc