ECON 1000 FINAL QUESTIONS AND VERIFIED ANSWERS |
100% CORRECT | ALREADY GRADED A
Price makers are firms with: (curve) Correct Answers downward-
sloping demand curves
A "price taker" is a firm that Correct Answers has zero power to set
prices
perfect competition Correct Answers Many sellers producing identical
products
Demand for Perfect Competition Correct Answers perfectly elastic
(horizontal)
market structure Correct Answers Broad and Narrow markets
Broad market Correct Answers More substitutes and competitors
Narrow market Correct Answers Less subs and comps
Types of barriers to entry Correct Answers Legal and economic barriers
Legal barriers Correct Answers patents and copyrights
, Economic barriers Correct Answers Average total cost and economies
of scale
Monopolistic:
1. Pricing power:
2. # of product subs:
3. # of sellers:
4. Barriers to entry:
5. Elasticity: Correct Answers 1. Price maker
2. Differentiated
3. Many
4. None
5. Elastic
Competition Correct Answers Active attempt to increase profits and
gain market power of monopoly
What do business do to compete? Correct Answers -Improve quality
-Cut costs
-Advertising
-Eliminate competition by buying out or merging.
Economies of scale Correct Answers Average total costs of producing
decreases as quantity of production increases
100% CORRECT | ALREADY GRADED A
Price makers are firms with: (curve) Correct Answers downward-
sloping demand curves
A "price taker" is a firm that Correct Answers has zero power to set
prices
perfect competition Correct Answers Many sellers producing identical
products
Demand for Perfect Competition Correct Answers perfectly elastic
(horizontal)
market structure Correct Answers Broad and Narrow markets
Broad market Correct Answers More substitutes and competitors
Narrow market Correct Answers Less subs and comps
Types of barriers to entry Correct Answers Legal and economic barriers
Legal barriers Correct Answers patents and copyrights
, Economic barriers Correct Answers Average total cost and economies
of scale
Monopolistic:
1. Pricing power:
2. # of product subs:
3. # of sellers:
4. Barriers to entry:
5. Elasticity: Correct Answers 1. Price maker
2. Differentiated
3. Many
4. None
5. Elastic
Competition Correct Answers Active attempt to increase profits and
gain market power of monopoly
What do business do to compete? Correct Answers -Improve quality
-Cut costs
-Advertising
-Eliminate competition by buying out or merging.
Economies of scale Correct Answers Average total costs of producing
decreases as quantity of production increases
