Economics > QUESTIONS & ANSWERS > University of Louisiana, Lafayette - ECON 528 / ECON528 Module 6 Quiz (All)
University of Louisiana, Lafayette - ECON 528 / ECON528 Module 6 Quiz
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Question 2 Correct Mark 1.00 out of 1.00 Relative to a perfectly competitive market, a monopoly results in Select one: a. a gain in producer surplus equal to the gain in consumer surplus. b. gre... ater economic efficiency. c. a gain in producer surplus less than the loss in consumer surplus. d. a gain in producer surplus equal to the loss in consumer surplus. Your answer is correct. The correct answer is: a gain in producer surplus less than the loss in consumer surplus. Question 3 Correct Mark 1.00 out of 1.00 An oligopolistic industry is characterized by all of the following except Select one: a. existence of entry barriers. b. the possibility of reaping long run economic profits. c. firms pursuing aggressive business strategies, independent of rivals' strategies. d. production of standardized products. [Show More]
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