Strayer ECO 405 QUIZ CHAP 8 - 9 (2014)

ECO405 QUIZ C 8-9

• Question 1

Monopoly refers to

• Question 2

One difference between a competitive seller and a monopolistic seller is that the

• Question 3

Concentration ratios are used to measure the

• Question 4

With a natural monopoly,

• Question 5

Patents and copyright laws

• Question 6

For a firm, at the output level at which marginal revenue equals marginal cost,

• Question 7

If a firm sells 100 units of output at a price of $5 and each unit costs $3 to produce, the firm's total revenue equals

• Question 8

A major objective of firms in all types of market structures is

• Question 9

In a competitive market, the single firm

• Question 10

Which of the following is a private barrier to entry?

• Question 11

The dead-weight welfare loss due to monopoly is

• Question 12

If a firm sells 100 units at a price of $5 and each unit costs $3 to produce, its total cost equals

• Question 13

The monopoly power of a firm can be measured by the firm's

• Question 14

Profit equals

• Question 15

A pure monopoly industry has a 4-firm concentration ratio equal to

• Question 16

In the resource market, professional sports clubs must face the

• Question 17

The additional cost incurred as a result of hiring an additional worker is the firm's

• Question 18

To maximize profit, a monopsony will hire workers up to the point where

• Question 19

When professional sports leagues seek to achieve parity, they are seeking

• Question 20

The additional revenue that a player generates for his employing team is called

• Question 21

Under which of the following conditions will a monopsony hire an additional worker? When

• Question 22

In a monopsony, the difference between the marginal revenue product of labor and the wage rate is known as

• Question 23

If a cartel discovers that its marginal revenue is greater than its marginal cost of production, the cartel should

• Question 24

The difference between a worker's contribution to the firm's receipts and the wage is

• Question 25

Professional sports clubs differ from most other business firms in their

• Question 26

Over the past twenty years, free agency in professional sports has

• Question 27

For a cartel, the

• Question 28

In a product market with a cartel, prices will be _____ and output will be _____ than in a competitive market.

• Question 29

The relatively high salaries paid to professional athletes reflect

• Question 30

To maximize joint profits, a cartel will produce output up to the point where