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Question # 00234456
Subject: Economics
Due on: 05/01/2016
Posted On: 04/01/2016 11:53 PM

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Question 1. Question : One of your classmates asserts that advertising, marketing research, and brand management are redundant expenditures because a firm can obtain the same information by simply looking at what customers are already buying. Which of the following is not a response you might offer her?

Conducting market research is a good way for firms to keep abreast of changing consumer tastes and preferences.

Advertising and brand management allow a firm to create an entry barrier which will insulate the firm from competition and from undertaking further product innovations.

Marketing research could allow a firm to identify new market opportunities and at least, in the short run, a firm can make a profit supplying products to this market segment.

If a firm successfully manages its brand, customers become less price sensitive as they perceive fewer substitutes for the firm's brand.

Question 2. Question : Figure 12-3

Figure 12-3 shows short run cost and demand curves for a monopolistically competitive firm in the market for designer watches.

Refer to Figure 12-3.What is the area that represents the total revenue made by the firm?





Question 3. Question : Table 12-3

Table 12-3 shows the firm's demand and cost schedules for a firm in monopolistic competition.

Refer to Table 12-3. What is the amount of the firm's loss at its optimal output level?





Question 4. Question : Figure 12-6

Refer to Figure 12-6. What is the amount of excess capacity?

Q4 - Q3 units

Q4 - Q2 units

Q3 - Q2 units

Q3 - Q1 units

Question 5. Question : What type of demand curve does a monopolistically competitive firm face?



Downward sloping

Upward sloping

Question 6. Question : Table 13-4

Table 13-4 shows the payoff matrix for Wal-Mart and Target from every combination of pricing strategies for the popularPlayStation 3. At the start of the game each firm charges a low price and each earns a profit of $7,000.

Refer to Table 13-4. For each firm, is there a better outcome than the current situation in which each firm charges the low price and earns a profit of $7,000?

Yes, the firms can implicitly collude and agree to charge a higher price.

No, there is no incentive for each firm to consider any other strategy.

No, any other strategy hurts consumers.

Yes, each firm can implicitly agree to increase output and not to deviate from a low price.

Question 7. Question : Each member of OPEC can increase its income by selling more oil than its output quota because

by selling more at OPEC's cartel price, a member will automatically earn more income.

each member's demand is more elastic than the total demand for oil.

the demand for oil is inelastic, total revenue increases.

the demand for oil is perfectly elastic.

Question 8. Question : An example of a barrier to entry is

product differentiation.

high profits.

superior technological knowledge.

increasing marginal costs

Question 9. Question : In an oligopoly market

the pricing decisions of all other firms have no effect on an individual firm.

individual firms pay no attention to the behavior of other firms.

advertising of one firm has no effect on all other firms.

one firm's pricing decision affects all the other firms.

Question 10. Question : The DeBeers Company of South Africa was able to block competition through

economies of scale.

ownership of an essential input.

government-imposed barriers.

differentiating its product.

Tags 0 february latest quiz mt445 unit kaplan question firm firms table demand price market figure units profit pricing output shows brand advertising product effect thetotal allow competition strategy income barrier revenue selling competitive implicitly sloping cost refer

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Tutorial Preview …each xxxxx a xxxxxx of $7,000 xxxxx to Table xxxx For xxxx xxxxx is xxxxx a better xxxxxxx than the xxxxxxx situation xx xxxxx each xxxx charges the xxx price and xxxxx a xxxxxx xx $7,000? xxxxxxx Answer: Yes, xxx firms can xxxxxxxxxx collude xxx xxxxx to xxxxxx a higher xxxxx No, there xx no xxxxxxxxx xxx each xxxx to consider xxx other strategy xxx any xxxxx xxxxxxxx hurts xxxxxxxxx Yes, each xxxx can implicitly xxxxx to xxxxxxxx xxxxxx and xxx to deviate xxxx a low xxxxx Comments: xxxxxxxx x Question x Each member xx OPEC can xxxxxxxx its xxxxxx xx selling xxxx oil than xxx output quota xxxxxxx Student xxxxxxx xx selling xxxx at OPEC's xxxxxx price, a xxxxxx…
Preview: create xx entry xxxxxxx which will xxxxxxxx the firm xxxx competition xxx xxxx undertaking xxxxxxx product innovations xxxxxxxxxxxxxxxxx research could xxxxx a xxxx xx identify xxx market opportunities xxx at least, xx the xxxxx xxxx a xxxx can make x profit supplying xxxxxxxx to xxxx xxxxxx segment xxxxxxxxxx a firm xxxxxxxxxxxx manages its xxxxxx customers xxxxxx xxxx price xxxxxxxxx as they xxxxxxxx fewer substitutes xxx the xxxxxx xxxxx  Comments:Question 2 xxxxxxxx :Figure 12-3Figure xxxx shows short xxx cost xxx xxxxxx curves xxx a monopolistically xxxxxxxxxxx firm in xxx market xxx xxxxxxxx watches xxxxxxxxx to Figure xxxx What is xxx area xxxx xxxxxxxxxx the.....
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