Solution 1 hr 1 Price discrimination is _____ Points 4 illegal in most economically developed nations very rare in a market economy common and evidence
Solution hr Price discrimination is Points illegal in most economically developed nations very rare in a
Solution hr Price discrimination is Points illegal in most economically developed nations
is Points illegal in most economically developed nations very rare in a market economy common and evidence
Solution hr Price discrimination is Points illegal in most economically
developed nations very rare in a market economy common and evidence
Solution hr Price discrimination is Points illegal in
Solution hr Price discrimination
(Solution) 1 hr 1.Price discrimination is _____. (Points: 4) illegal in most economically developed nations very rare in a market economy common, and evidence...

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1 hr 1.Price discrimination is _____. (Points: 4) illegal in most economically developed nations very rare in a market economy common, and evidence of monopoly all of the above 2.Market power is the ability _____. (Points: 4) to set prices and quantities sold of capitalists to exploit the working classes to set prices all of the above 3.Which of the items below are examples of monopolistic competition, also known as imperfectcompetition? (Points: 4) patent, copyright, and trademark professional licensing and labor unions local shops and restaurants all of the above none of the above 4.In what kind of market is a firm unable to influence the price of its output? (Points: 4) price maker monopoly imperfect monopoly perfectly competitive 5.When the quantity sold of a good changes significantly in response to changes in price, itsdemand is _____. (Points: 4) identical to his supply curve identical to marginal cost highly elastic highly inelastic 6.Different individuals can earn different incomes because _____. (Points: 4) they are discriminated against, based on ethnicity, gender, race, or other traits they have different levels of education and experience they live in different geographic areas with different employment opportunities any or all of the above could be reasons 7.When a firm's revenues rise more quickly than its costs, _____. (Points: 4) it is operating below its optimal capacity it is operating above its optimal capacity it is operating at its optimal capacity all of the above 8.The primary goal of a firm is to _____. (Points: 4) minimize cost maximize revenue maximize profit all of the above 9.Which of the following most nearly approximates a perfectly competitive market? (Points: 4) products with brand names that are sold in many different stores commodities, like wheat, rice, and gold products that are very close substitutes for each other, like Coke and Pepsi all of the above 10.Profit equals _____. (Points: 4) total revenue minus total cost total revenue minus marginal cost marginal revenue minus marginal cost gross revenue minus depreciation 11.Marginal cost is _____. (Points: 4) a small cost that does not affect a firm's profit significantly the cost of increasing the margin between cost and price the cost of producing the next unit of output all of the above 12.A good that can be reproduced and distributed at a zero marginal cost is an example of _____.(Points: 4) public good commodity oligopoly good monopoly good 13.Elected officials often focus on short-term solutions, because _____. (Points: 4) they generally are not intelligent enough to get jobs in industry, banking, or the professions they want to get as much money from lobbyists as possible before the next election they are unconcerned with the public interest, and concerned only with the special intereststhat they represent they do not have residual claims on the benefits that they create, after they leave office 14.A very large advertising budget is typically a sign of _____. (Points: 4) public good perfect competition oligopoly monopoly 15.A cartel arrangement is likely to be successful for its members only if it can _____. (Points: 4) let members produce at full capacity and sell all of their output to the other cartel members monitor the cartel members and enforce the arrangement get the government to pass antitrust legislation do all of the above 16.In highly developed economies, monopolies are _____. (Points: 4) common, and often protected by patent, copyright, and trademark legislation unusual, and prohibited by patent, copyright, and trademark legislation prohibited by the US Constitution absolutely prohibited by the Sherman Anti-Trust Act 17.The theory of comparative advantage concludes that _____. (Points: 4) each individual should engage in that activity, in which he or she is more effective thananyone else each individual should engage in a large number of economic activities, and not 'put of one'seggs in one basket' each individual should pursue a career doing what he or she does best each individual should strive to be self-reliant 18.Wealth includes _____. (Points: 4) leisure, health, and happiness money and financial accounts material property, including land and personal effects all of the above 19.Specialized knowledge and skills are _____. (Points: 4) beyond the scope of economics sources of natural monopoly power not relevant to economic analysis, because they are not traded on formal, organized markets all of the above 20.In economics, capital includes _____. (Points: 4) money land tools and unfinished goods all of the above 21.A negative externality occurs when _____. (Points: 4) a person's action harm others, and that person does not bear the cost that others bear a person breaches the social contract a person's actions create benefits that other persons benefit from, but do not pay for a person ceases activities that are external to the economic processes, in which that personengages 22.Transaction costs include _____. (Points: 4) fees charged by brokers transportation and communication costs legal, accounting, and regulatory costs all of the above 23.Legal prohibitions against price gouging _____. (Points: 4) are necessary for the smooth operation of a market economy are price floors that lead to surpluses are price ceilings that lead to shortages prevent price discrimination 24.OPEC is an example of _____. (Points: 4) cartel oligopoly both of the above none of the above 25.Intelligent policymaking requires that policy makers _____. (Points: 4) give up what is less valuable for what is more valuable take account of the costs and externalities of changes in policy both of the above none of the above 26.Sunk costs are _____. (Points: 4) borne by others, like pollution costs that cannot be recovered, and should not be included in one's future decisions the value of the next-best use of one's resources costs that must be recovered, before one can allocate resources to alternative uses 27.MP3s, electronic texts, and digitized movies are most closely fit the definition of what kindsof goods, from the perspective of economics? (Points: 4) scarce goods uncertain goods natural monopoly goods public goods

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