1、a firm has market power if it can a、maximize profits b、minimize costs. c、influence the market price of the good it sells. d、hire as many workers as it needs at the prevailing wage rate
2、a book store that has market power can a、influence the market price for the books it sells. b、minimize costs more efficiently than its competitors. c、reduce its advertising budget more so than its competitors. d、ignore profit-maximizing strategies when setting the price for its books.
3、the analysis of competitive firms sheds light on the decisions that lie behind the a、demand curve. b、supply curve. c、way firms make pricing decisions in the not-for-profit sector of the economy. d、way financial markets set interest rates
4、for any competitive market, the supply curve is closely related to the a、preferences of consumers who purchase products in that market. b、income tax rates of consumers in that market. c、firms’ costs of production in that market d、interest rates on government bonds
5、suppose a firm in each of the two markets listed below were to increase its price by 20 percent. in which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not? a、corn and soybeans b、gasoline and restaurants c、water and cable television d、spiral notebooks and college textbooks
6、suppose a firm in each of the two markets listed below were to increase its price by 30 percent. in which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not? a、oil and natural gas b、cable television and gasoline c、restaurants and mp3 players d、movie theaters and ballpoint pens
7、a key characteristic of a competitive market is that a、government antitrust laws regulate competition b、producers sell nearly identical products. c、firms minimize total costs. d、firms have price setting power.
8、which of the following is not a characteristic of a competitive market? a、buyers and sellers are price takers. b、each firm sells a virtually identical product. c、entry is limited d、each firm chooses an output level that maximizes profits.
9、which of the following is a characteristic of a competitive market? a、there are many buyers but few sellers. b、firms sell differentiated products. c、there are many barriers to entry. d、buyers and sellers are price takers.
10、who is a price taker in a competitive market? a、buyers only b、sellers only c、both buyers and sellers d、neither buyers nor sellers
11、competitive markets are characterized by a、a small number of buyers and sellers. b、unique products. c、the interdependence of firms. d、free entry and exit by firms.
12、a firm that has little ability to influence market prices operates in a a、competitive market. b、strategic market. c、thin market d、power market.
13、because the goods offered for sale in a competitive market are largely the same, a、there will be few sellers in the market. b、there will be few buyers in the market. c、only a few buyers will have market power. d、sellers will have little reason to charge less than the going market price.
14、which of the following is not a characteristic of a perfectly competitive market? a、firms are price takers b、firms have difficulty entering the market. c、there are many sellers in the market. d、goods offered for sale are largely the same.
15、which of the following is not a characteristic of a perfectly competitive market? a、firms are price takers. b、firms can freely enter the market. c、many firms have market power. d、goods offered for sale are largely the same.
16、free entry means that a、the government pays any entry costs for individual firms. b、no legal barriers prevent a firm from entering an industry. c、a firm's marginal cost is zero. d、a firm has no fixed costs in the short run.
17、which of the following industries is most likely to exhibit the characteristic of free entry? a、nuclear power b、municipal water and sewer c、dairy farming d、airport security
18、which of the following industries is least likely to exhibit the characteristic of free entry? a、restaurants b、municipal water and sewer c、soybean farming d、selling running apparel
19、when buyers in a competitive market take the selling price as given, they are said to be a、market entrants. b、monopolists. c、free riders. d、price takers.
20、why does a firm in a competitive industry charge the market price? a、if a firm charges less than the market price, it loses potential revenue. b、if a firm charges more than the market price, it loses all its customers to other firms. c、the firm can sell as many units of output as it wants to at the market price. d、all the choices are correct.
21、for a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.
22、if a firm charges more than the market price, it loses all its customers to other firms.
23、if a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market.
24、for a firm operating in a competitive market, both marginal revenue and average revenue exceed the market price.
25、a profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.
26、a profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average revenue
27、because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price
28、when an individual firm in a competitive market increases its production, it is likely that the market price will fall.
29、when an individual firm in a competitive market decreases its production, it is likely that the market price will rise.
30、in a competitive market, firms are unable to differentiate their product from that of other producers
31、firms in a competitive market are said to be price takers because there are many sellers in the market, and the goods offered by the firms are very similar if not identical.
32、the two characteristics of a competitive market are 1) many buyers and sellers in the market and 2) the goods offered by the various sellers are highly differentiated.
33、firms operating in perfectly competitive markets try to maximize profits.
34、a firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin.
35、firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost.
36、a firm is currently producing 100 units of output per day. the manager reports to the owner that producing the 100th unit costs the firm $5. the firm can sell the 100th unit for $4.75. the firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).
37、a firm is currently producing 100 units of output per day. the manager reports to the owner that producing the 100th unit costs the firm $5. the firm can sell the 100th unit for $5. the firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).
38、all firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost.
39、a firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost.
40、a firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm’s average variable cost but greater than the firm’s average fixed cost.
单元测验6：第五篇（非完全竞争市场）
1、which of the following statements about oligopolies is not correct? a、an oligopolistic market has only a few sellers. b、the actions of any one seller can have a large impact on the profits of all other sellers. c、oligopolistic firms are interdependent in a way that competitive firms are not. d、unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues
2、in the language of game theory, a situation in which each person must consider how others might respond to his or her own actions is called a a、quantifiable situation. b、cooperative situation. c、strategic situation. d、tactical situation.
3、in general, game theory is the study of a、how people behave in strategic situations b、how people behave when the possible actions of other people are irrelevant. c、oligopolistic markets. d、all types of markets, including competitive markets, monopolistic markets, and oligopolistic markets.
4、which of the following statements is correct? a、strategic situations are more likely to arise when the number of decision-makers is very large rather than very small. b、strategic situations are more likely to arise in monopolistically competitive markets than in oligopolistic markets. c、game theory is useful in understanding certain business decisions, but it is not really applicable to ordinary games such as chess or tic-tac-toe. d、game theory is not necessary for understanding competitive or monopoly markets.
5、in which of the following markets are strategic interactions among firms most likely to occur? a、markets to which patent and k8凯发 copyright laws apply b、the market for piano lessons c、the market for tennis balls d、the market for corn
6、game theory is important for understanding which of the following market types? a、perfectly competitive and oligopolistic markets b、perfectly competitive markets but not oligopolistic markets c、oligoplistic but not perfectly competitive markets d、neither oligopolistic nor perfectly competitive markets.
7、in choosing among alternative courses of action, raj must consider how others might respond to the action he takes. in the language of game theory, we say that raj must think a、openly. b、strategically. c、dominantly. d、cooperatively.
8、in an oligopoly, each firm knows that its profits a、depend only on how much output it produces. b、depend only on how much output its rival firms produce. c、depend on both how much output it produces and how much output its rival firms produce. d、will be zero in the long run because of free entry.
9、a distinguishing feature of an oligopolistic industry is the tension between a、profit maximization and cost minimization. b、cooperation and self interest. c、producing a small amount of output and charging a price above marginal cost. d、short-run decisions and long-run decisions.
10、in studying oligopolistic markets, economists assume that a、there is no conflict or tension between cooperation and self-interest b、it is easy for a group of firms to cooperate and thereby establish and maintain a monopoly outcome c、each oligopolist cares only about its own profit. d、strategic decisions do not play a role in such markets.
11、a special kind of imperfectly competitive market that has only two firms is called a、a two-tier competitive structure. b、an incidental monopoly. c、a doublet. d、a duopoly.
12、which of the following statements is correct? a、if duopolists successfully collude, then their combined output will be equal to the output that would be observed if the market were a monopoly b、although the logic of self-interest decreases a duopoly’s price below the monopoly price, it does not push the duopolists to reach the competitive price c、although the logic of self-interest increases a duopoly’s level of output above the monopoly level, it does not push the duopolists to reach the competitive level. d、all choices are correct.
13、an agreement among firms in a market about quantities to produce or prices to charge is called a、collusion b、a strategic situation c、excess capacity. d、tying.
14、the factors of production are best defined as the a、output produced from raw materials b、.inputs used to produce goods and services c、wages paid to the workforce d、goods and services sold in the market
15、because a firm's demand for a factor of production is derived from its decision to supply a good in the market, it is called a a、differentiated demand. b、secondary demand c、derived demand. d、hybrid demand-supply
16、the term "factor market" applies to the market for a、labor. b、capital. c、land. d、all choices are correct.
17、factor markets are different from product markets in an important way because a、equilibrium is the exception, and not the rule, in factor markets. b、the demand for a factor of production is a derived demand c、the demand for a factor of production is likely to be upward sloping, in violation of the law of demand. d、all the answers are correct.
18、economists refer to the inputs that firms use to produce goods and services as a、derived factors. b、derived resources. c、factors of production. d、instruments of revenue.
19、the basic tools of supply and demand apply to a、both markets for goods and services and markets for labor services b、markets for goods and services but not to markets for labor services. c、markets for goods and services but not to markets for factors of production. d、all markets except those in which demand is derived demand.
20、a firm in a monopolistically competitive market can earn both short-run and long-run profits
21、in the long run, monopolistically competitive firms produce where demand equals marginal cost.
22、for competitive firms, the curve that represents the value of marginal product of labor is the same as the demand for labor curve.
23、a profit-maximizing competitive firm will hire workers up to the point at which the wage equals the price of the final good
24、a profit-maximizing competitive firm will hire workers up to the point at which the wage equals the marginal product of labor
25、when a competitive firm hires labor up to the point at which the value of the marginal product of labor equals the wage, it also produces up to the point at which the price of output equals average variable cost
26、monopolistically competitive firms, like monopoly firms, maximize their profits by charging a price that exceeds marginal cost.
27、monopolistic competition and monopoly are examples of a market structure called imperfect competition.
28、oligopoly and monopolistic competition are examples of a market structure called imperfect competition.
29、the term luddite refers to “tekkies” or people who are the first to adopt new technological advances.
30、oligopoly is characterized by a few sellers offering similar products, whereas monopolistic competition is characterized by many sellers offering differentiated products
31、monopolistic competition is characterized by a few sellers offering similar products, whereas oligopoly is characterized by many sellers offering differentiated products.
32、product differentiation always leads to some measure of market power.
33、an increase in a product’s price will shift the labor demand curve for workers who produce that product to the left.
34、from 1959 to 2009, inflation-adjusted wages increased by 131 percent in the u.s. as a result, firms reduced the amount of labor they employed by nearly 20 percent
35、monopolistic competition is the only market structure that features many sellers.
36、the market for wheat is most likely considered a monopolistically competitive market.
37、a monopolistically competitive market is characterized by barriers to entry
38、monopolistic competition is characterized by many buyers and sellers, product differentiation, and free entry.
39、the "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market.
1、a compensating differential is a、a difference in pay due to nonmonetary characteristics of jobs. b、an high wage paid by employers to entice workers to be more productive. c、the difference between the quantity of labor supplied and the quantity of labor demanded at the minimum wage. d、equivalent to a union wage.