ECON 110 Zirlott Test 3 Exam Study Guide | Verified Questions & Answers | Macroeconomics Concepts, Graphs & Calculations | A+ Guaranteed Pass

ECON 110 Zirlott Test 3 Exam Study Guide | Verified Questions
& Answers | Macroeconomics Concepts, Graphs &
Calculations | A+ Guaranteed Pass
Which Of The Following Goods Would Be Considered To Be In A Monopolistically Competitive
Market?

A. Pepsi

B. Nintendo Wii

C. Soybeans

D. Polaroid

ANS: A




Unlike A Perfectly Competitive Market, A Monopoly Creates A Deadweight Loss Because It
__________________.

A. Produces A Higher Output And Charges A Higher Price

B. Produces A Lower Output And Charges A Higher Price

C. Produces Where Price Equals Marginal Cost And Not Where Marginal Revenue Equals
Marginal Cost

D. Has No Supply Curve

ANS: B




Which Of The Following Statements Is True? A Monopoly Firm...

A. Is A Price Taker And Has No Supply Curve

B. Has No Supply Curve And Its Marginal Revenue Is Never Greater Than The Price

C. Has A Downward Sloping Supply Curve And A Downward Sloping Demand Curve

, D. Has No Supply Curve And Its Marginal Revenue Equals The Price

ANS: B




When A Movie Theater Price Discriminates By Offering A Student Discount, The Movie Theater
Is Discriminating Based On The Student's

A. Race

B. Marginal Cost

C. Willingness To Pay

D. Consumer Surplus

ANS: C




As Output Increases In The Short Run, Average Fixed Costs:

A. Rise

B. Fall

C. Remain Constant

D. Rise Then Fall As Output Increases

ANS: B




An Example Of An Implicit Cost Of Production Would Be.....? The Cost Of:

A. Leather Used In Manufacturing Furniture

B. Gasoline To Transport Goods To The Market

C. Paying Minimum Wage To High School Students That Work In A Fast Food Restaurant

D. Space In Your Home Used For A Home Office Or Home Business