please answer these Economics questions

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Category:
Economics
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Question description

Question 1 (2 points)

 Question 1 Unsaved

The four main market structures are...

Question 1 options:

b) 

rule of law, property rights, markets, and entrepreneurship.

c) 

land, labor, capital, and entrepreneurship.

d) 

fixed, variable, average, and marginal.

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Question 2 (2 points)

 Question 2 Unsaved

Perfect competition has these characteristics:

Question 2 options:

b) 

usually 4-6 companies with some control over price.

c) 

many small companies with little or no control over price.

d) 

many varying sized companies with some control over price.

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Question 3 (2 points)

 Question 3 Unsaved

Oligopoly has these characteristics:

Question 3 options:

b) 

one company with much control over price.

c) 

usually 4-6 companies with some control over price.

d) 

many varying sized companies with some control over price.

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Question 4 (2 points)

 Question 4 Unsaved

Monopolistic competition has these characteristics:

Question 4 options:

b) 

many small companies with little or no control over price.

c) 

many varying sized companies with some control over price.

d) 

usually 4-6 companies with some control over price.

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Question 5 (2 points)

 Question 5 Unsaved

Monopoly has these characteristics:

Question 5 options:

b) 

one company with much control over price.

c) 

usually 4-6 companies with some control over price.

d) 

many varying sized companies with some control over price.

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Question 6 (2 points)

 Question 6 Unsaved

Monopolies tend to worry consumers because of...

Question 6 options:

b) 

homogeneous products and easy entry into the market.

c) 

restricted supply and higher prices.

d) 

higher supply and restricted prices.

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Question 7 (2 points)

 Question 7 Unsaved

When a monopoly's costs are minimized because of economies of scale, we often call this type of monopoly...

Question 7 options:

b) 

government monopoly.

c) 

a natural monopoly.

d) 

an illegal monopoly.

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Question 8 (2 points)

 Question 8 Unsaved

When a monopoly is the only supplier within 200 miles, we often call this type of monopoly...

Question 8 options:

b) 

an illegal monopoly.

c) 

government monopoly.

d) 

a geographic monopoly.

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Question 9 (2 points)

 Question 9 Unsaved

Firms operating in highly competitive markets tend to supply at a level where...

Question 9 options:

b) 

MC > P.

c) 

MC = Total Cost.

d) 

MC < P.

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Question 10 (2 points)

 Question 10 Unsaved

A firm operating as a monopoly tends to supply at a level where...

Question 10 options:

b) 

MC < P.

c) 

MC = Total Cost.

d) 

MC = P.

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Question 11 (2 points)

 Question 11 Unsaved

Farmers producing and then selling field corn at an agricultural elevator could be used as a legitimate example of...

Question 11 options:

b) 

an oligopoly.

c) 

monopolistic competition.

d) 

a monopoly.

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Question 12 (2 points)

 Question 12 Unsaved

In order to try to convince consumers that their product is better than the competition's product, a monopolistic comeptitor would likely...

Question 12 options:

b) 

advertise about product differentiation. 

c) 

sell a homogeneous product.

d) 

have a horizontal demand curve.

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Question 13 (2 points)

 Question 13 Unsaved

An example of a horizontal merger would be...

Question 13 options:

b) 

Sam's Seaweed Harvesting merging with Bob's Burgers.

c) 

Wilson Tennis Balls merging with Penn Tennis Balls.

d) 

Tina's Trucking merging with Patty's Produce.

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Question 14 (2 points)

 Question 14 Unsaved

If the HHI changes by 400 as the result of a horizontal merger,...

Question 14 options:

b) 

Congress is likely to approve the merger.

c) 

the Department of Justice is likely to approve the merger.

d) 

the Department of Justice is unlikely to approve the merger.

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Question 15 (2 points)

 Question 15 Unsaved

If a company with 10% market share merges with a company with 5% market share, the HHI will...

Question 15 options:

b) 

change by 225 points.

c) 

change by 100 points.

d) 

change by 15 points.

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Question 16 (2 points)

 Question 16 Saved

The Shutdown Rule states that a company should stay open in the short run as long as it can cover its...

Question 16 options:

b) 

marginal cost.

c) 

total cost.

d) 

variable cost.

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Question 17 (2 points)

 Question 17 Unsaved

What should a company do in the short run if it sells 5,000 items at $60 each, has a total cost of $140,000 when production is 0, and has a total cost of $400,000 when it produces those 5,000 items? 

Question 17 options:

b) 

Shut down to minimize loss since losing $100,000 is better than losing its fixed cost of $140,000.

c) 

Stay open to minimize loss since its revenue of $300,000 covers its variable cost of $260,000.

d) 

Stay open to minimize loss since losing $100,000 is better than losing its variable cost of $140,000.

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Question 18 (2 points)

 Question 18 Saved

The profit-maximizong supply level for a competitive firm is where...

Question 18 options:

b) 

MR<MC.

c) 

MR=MC.

d) 

MR=AC.

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Question 19 (2 points)

 Question 19 Unsaved

If a company makes 9 items and sells all of them for $10 each, and then the company makes a 10th item and sells it for $10, we know for sure that its...

Question 19 options:

b) 

marginal revenue for the 10th item is $100.

c) 

marginal cost for the 10th item is $100.

d) 

marginal revenue for the 10th item is $10.

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Question 20 (2 points)

 Question 20 Unsaved

Revnue - Expenses =

Question 20 options:

b) 

Total Cost

c) 

Marginal Cost

d) 

Profit


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