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Microeconomics For Today 9th Edition by Irvin B. Tucker – Test Bank

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  • ISBN-10 ‏ : ‎ 1305507118
  • ISBN-13 ‏ : ‎ 978-1305507111

Original price was: $105.00.Current price is: $30.00.

SKU:tb1002386

Microeconomics For Today 9th Edition by Irvin B. Tucker – Test Bank

Chapter 09

1. Which of the following is not associated with the monopoly market structure?
a. Many sellers.
b. A single seller.
c. A unique product.
d. Impossible entry into the market.
ANSWER: a
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG:Analytic:Ref – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

2. Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
a. legally enforced patent rights
b. an inelastic demand for a product
c. licensing
d. control over an essential resource
ANSWER: b
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG:Analytic:Ref – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

3. A monopoly is:
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
c. the only buyer of a unique raw material.
d. the producer of a product subsidized by the government.
ANSWER: b
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG:Analytic:Ref – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

4. A monopolist faces a downward-sloping demand curve because:
a. the demand for its product is inelastic.
b. the industry demand curve is horizontal.
c. resource prices increase as the monopolist expands output.
d. the entire market demand curve is the monopolist’s demand curve.
ANSWER: d
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG:Analytic:Ref – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

5. Which of the following firms best fits the definition of a monopoly?
a. General Motors
b. Exxon Mobile
c. Local electric utility
d. AT&T
ANSWER: c
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG:Analytic:Ref – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

6. Monopoly is a market structure characterized by a:
a. single firm operating as a price taker.
b. few firms operating as price takers.
c. single firm that is not a price taker.
d. none of these.
ANSWER: c
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

7. Alcoa had a monopoly in the U.S. aluminum market from the late nineteenth century until the end of World War II. Which barrier to entry was the source of Alcoa’s monopoly power?
a. Ownership of a vital resource.
b. Government franchises and licenses.
c. Patents and copyrights.
d. Economies of scale.
ANSWER: a
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

8. Which of the following is a market structure of monopoly?
a. Few firms operating as price takers.
b. Single firm operating as a price taker.
c. Single firm that is a price maker.
d. All of these are true.
ANSWER: c
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

9. A monopolized market is characterized by:
a. a sole seller of a product for which there are few suitable substitutes.
b. very strong barriers to entry.
c. a single firm facing the market demand curve.
d. all of these.
ANSWER: d
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

10. The monopolist’s demand curve is:
a. identical to the market demand curve.
b. identical to the marginal revenue curve.
c. below the marginal revenue curve.
d. a horizontal line at the market price.
e. a U-shaped curve.
ANSWER: a
DIFFICULTY: Challenging
NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic
TOPICS: The Monopoly Market Structure

 

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