Economics > QUESTIONS & ANSWERS > {SOLVED} American Military University - ECON 201 / ECON201 - Final Exam Q&A (2022) (All)

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{SOLVED} American Military University - ECON 201 / ECON201 - Final Exam Q&A (2022)

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Question 1 of 29 One defining characteristic of pure monopoly is that:  A. The monopolist is a price taker  B. The monopolist uses advertising  C. The monopolist produces a product wit ... h no close substitutes  D. There is relatively easy entry into the industry, but exit is difficult Question 2 of 29 Which is a barrier to entry?  A. Close substitutes  B. Diseconomies of scale  C. Government licensing  D. Price-taking behavior Question 3 of 29 Other things equal, which reduces competition in an industry?  A. Patent laws  B. Freedom of entry for new firms  C. An increase in the number of producers  D. An increase in the number of buyers Question 4 of 29 The representative firm in a purely competitive industry:  A. Will always earn a profit in the short run  B. May earn either an economic profit or a loss in the long run  C. Will always earn an economic profit in the long run  D. Will earn an economic profit of zero in the long run Question 5 of 29 An example of a monopolistically competitive industry would be:  A. Steel  B. Soybeans  C. Electricity  D. Retail clothing Question 6 of 29 Firms in an industry will not earn long-run economic profits if:  A. Fixed costs are zero  B. The number of firms in the industry is fixed  C. There is free entry and exit of firms in the industry  D. Production costs for a given level of output are minimized Question 7 of 29 Marginal product is:  A. the increase in total output attributable to the employment of one more worker.  B. the increase in total revenue attributable to the employment of one more worker.  C. the increase in total cost attributable to the employment of one more worker.  D. total product divided by the number of workers employed. Question 8 of 29 The law of diminishing returns indicates that: [Show More]

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{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 1 - 7 MIDTERM AND FINAL EXAMS Q&A (2022)

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