Profit Maximizing Under Perfect Competition & Monopoly Mcqs


Q.  In which of the following circumstances would a cartel be most likely to work ?

a. The market for copper, where there are very few producers and the product is standardized.
b. The fast-food market where there are a large number of producers but the demand for fast food is inelastic
c. The coffee market where the product is standardized and there are a large number of coffee growers.
d. The automobile industry, where there are few producers but there is great product differentiation.


ANSWER: See Answer
 
No explanation is available for this question!
MCQs:  A graph showing all the combinations of capital and labor that can used to produce a given amount of output is ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Suppose Handel’s Ice Cream experiences economies of scale up to a certain point and diseconomies of scale beyond that point. Its long-run average cost curve is most likely to be ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  If the total product of two workers is 80 and the total product of 3 workers is 90 then the average product of the third worker is ________ and the marginal product of the third worker is _________?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Diminishing marginal return implies ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  The costs that depend on output in the short run are ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Which statement is False ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Which of the following statements is False ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  A major weakness of the kinked demand curve model of oligopoly is that ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  An oligopoly with a dominant price leader will produce a level of output ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  A group of firms that gets together to make price and output decisions is called ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Assume that firms in an oligopoly are currently colluding to set price and output to maximise total industry profit. If the oligopolists are forced to stop colluding, the price charged by the oligopolists will _________ and the total output produced will __________?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  When one firm in the breakfast cereal market started an advertising campaign that stressed the nutritional value of its cereals, all other cereal manufacturers started similar advertising campaign This suggests that the breakfast cereal market is ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Which of the following statements best describes the outcome under monopolistic competition ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  The long-run equilibrium outcomes in monopolistic competition and perfect competition are similar because in both market structures ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  A monopolistically competitive firm that is incurring a loss will produce as long as the price that the firm charges is sufficient to cover ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  Monopolistic competition differs from perfect competition primarily because ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  A market is defined as perfectly contestable if ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  An industry that realizes such large economies of scale in producing its product that single-firm production of that good or service is most efficient is called ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  In a monopoly, marginal revenue is ?
Category: Economics Mcqs,   Published by: teswesm
MCQs:  The normal rate of profit for relatively risk-free firms will be _________ the interest rate on risk-free government bonds?
Category: Economics Mcqs,   Published by: teswesm