joe, a hair dresser, offers students a discount price on haircuts. this form of pricing is an example of
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Practice Set 10 Flashcards
Study with Quizlet and memorize flashcards terms like A monopoly is best defined as a firm that, Which of the following is LEAST likely to be a monopoly, Which of the following is a barrier to entry for a monopoly and more.
Practice Set 10
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A monopoly is best defined as a firm that
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Produces a good or service for which no close substitute exist and which is protected by a barrier that prevent other firms firm selling that good or service
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Which of the following is LEAST likely to be a monopoly
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A store in a large shopping mall
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1/13 Created by mgiron22
Terms in this set (13)
A monopoly is best defined as a firm that
Produces a good or service for which no close substitute exist and which is protected by a barrier that prevent other firms firm selling that good or service
Which of the following is LEAST likely to be a monopoly
A store in a large shopping mall
Which of the following is a barrier to entry for a monopoly
A patent
A public franchise is
An exclusive right granted to a firm to supply a good or service
Public franchises create monopolies by restricting
Entry
An industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost is called a
Natural Monopoly
When dominant pizza is willing to sell a pizza to a student who lives on campus at a lower price than it sells the identical pizza to a student who lives a block away from campus , the pizza firm
Practicing price discrimination
Marginal revenue for a single price monopolist is
Less than a price
Single price monopolies maximize profit by producing the amount of output where
Marginal revenue is equal to marginal cost
Monopolies can earn economic profit in the long run because of
Barriers to enter the monopoly's market
Which of the following is NOT necessary for a firm to engage in price discrimination?
The firm must be able to separate buyers by preventing resales from one customer to another
Joe a hair dresser offers students a discount price on haircuts, This form of pricing is an example of
Price discrimination
A price discrimination monopolist charges lower prices to customers with
Lower willingness to pay
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Verified questions
ECONOMICS
Give examples of individuals caught in each of the five types of unemployment. Find new examples.
Verified answer ECONOMICS
Suppose the initial peak of a business cycle was January 1, year 1; the trough was July 1, year 2; and the final peak was July 1, year 4. How long was the contraction (in months)?
Verified answer ECONOMICS
Give an example of an institutional difference between countries that might explain the differences in income per person.
Verified answer ECONOMICS
During stagflation, what happens to the aggregate price level and real GDP?
\begin{array} { l l } { \text { Aggregate price level } } & { \text { Real GDP } } \\ { \text { a. decreases } } & { \text { increases } } \\ { \text { b. decreases } } & { \text { decreases } } \\ { \text { c. increases } } & { \text { increases } } \\ { \text { d. increases } } & { \text { decreases } } \\ { \text { e. stays the same } } & { \text { stays the same } } \end{array}
Aggregate price level
a. decreases b. decreases c. increases d. increases e. stays the same Real GDP increases decreases increases decreases stays the same Verified answer
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Microeconimcs
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QUIZ
Microeconimcs
Microeconimcs 50%
1 10th - 12th Destiny Stokes 2 years
30 Qs
1. Multiple-choice 30 seconds Q.
Increasing opportunity cost while moving along a production possibility frontier is due to
answer choices taxes
firms' needs to produce profits
the fact that resources are not equally productive in alternative uses
the fact that it is more difficult to use resources efficiently the more society produces
2. Multiple-choice 30 seconds Q.
The fundamental fact of scarcity implies that every decision involves
answer choices limited wants unlimited time production costs opportunity costs unlimited resources 3. Multiple-choice 30 seconds Q.
Economic capital refers to
answer choices
corporate stocks and bonds
money and other financial assets
net investment minus depreciation
buildings, machinery, and equipment
4. Multiple-choice 30 seconds Q.
All economic resources fall within the categories of
answer choices
consumption, saving, or taxes
wages, rent, interest, and profit
unlimited, free, energy, or knowledge
land, labor, capital, or entrepreneurship
5. Multiple-choice 30 seconds Q.
The three basic economic questions do NOT include
answer choices How? What? Where? For whom? 6. Multiple-choice 30 seconds Q.
The money payment made to owners of land, labor, capital, and entrepreneurial ability are
answer choices
interest, wages, rent, and profits respectively
rent, wages, profit, and dividends respectively
rent, wages, interest, and profits respectively
rent, wages, dividends, and interest respectively
return, wages, interest, and dividends respectively
7. Multiple-choice 30 seconds Q.
If an economy is operating at a point inside the production possibilities curve,
answer choices
its resources are being wasted
the curve will begin to shift inward
the curve will begin to shift outward
this is a trick question because an economy cannot produce at a point inside the curve
8. Multiple-choice 30 seconds Q.
The simple circular flow model shows that
answer choices
businesses are on the supply side of both the product and the resources markets
households are on the demand side of both the product and the resource markets
households are on the supply side of the resource market and on the demand side of the product market
businesses are on the demand side of the product market and on the supply side of the resources market
9. Multiple-choice 30 seconds Q.
Does voluntary exchange create wealth (value)?
answer choices
no, exchange does not expand output
no, if one person gains, the other party must lose an equal amount
uncertain, it does when it results in the creation of additional goods and services; otherwise it does not
Yes, trade generally permits the trading partners to gain more of what they value; this is why they agree to the terms of the exchange
10. Multiple-choice 30 seconds Q.
Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
answer choices
resource owners will fail to conserve vital resources, even if they expect their scarcity to increase
resource owners will gain by discovering and employing their resources in ways that are highly valued by others
resource owners will ignore the wishes of others, including others who would like to use the resource that is privately owned
resource owners will fail to consider the wishes of potential future buyers when they decide how to employ privately owned resources
11. Multiple-choice 30 seconds Q.
The best example of decision making at the margin would be
answer choices
dividing your tax bill by your total income
observing what happens to a household's spending when income doubles
observing the effect on crop yield that results from doubling the amount of fertilizer
observing the effect that a small change in income has on the amount of income tax owed and therefore upon after-tax income
12. Multiple-choice 30 seconds Q.
The _____________ the opportunity cost of doing something, the ______________ likely it will be done
answer choices lower, less higher, less higher, more none of the above 13. Multiple-choice 30 seconds Q.
Suppose that a product benefits from a successful advertising campaign. The result is that
answer choices
the demand for the product increases
the demand for the product decreases
the supply of the product increases
the supply of the product decreases
14. Multiple-choice 30 seconds Q.
When people's incomes increase, the demand for a good increases. The good is called
answer choices an inferior good a complement a substitute a normal good 15. Multiple-choice 30 seconds Q.
If two countries are producing the same two products it is mutually beneficial if the countries specialize
Guys, does anyone know the answer?