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Liberty University ECON 213 Quiz 11 Complete Solutions Correct Answers Key

A fully answered Quiz 11 for ECON 213, covering important economic topics.

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Liberty University ECON 213 quiz 11complete solutions correct answers keyTwo different versionsVersion A QuizQuestion 1 Why would perfectly competitive industries advertise even though individual firms donot?Question 2 We could state correctly that the minimum characteristic necessary to distinguishamong pricemaking firms is:Question 3 Which of the following is true in longrun equilibrium for both a competitive marketand monopolistic competition?Question 4 In the long run, monopolistically competitive firms like Hardee’s and Carl’s Jr. operateat a price that:Question 5 Which of the following is the best example of a firm operating in a monopolisticallycompetitive market?Question 6 Markup would generally be highest under:Question 7 In the long run, the positive economic profits of Wings and Things, a monopolisticcompetitor, are:Question 8 A franchise might be worth $1 million or more because:Question 9 The fastfood, bottled water, and cereal markets are all examples of:Question 10 An increase in marginal cost causes a profitmaximizing, monopolistically competitivefirm to:Question11Refertotheaccompanyinggraph.Tomaximizeprofit,themonopolisticallycompetitive firm shown will charge a price per unit of:Question 12 Sart Bimpson, an economics student, believes that a beer sold by one particularshack on the beach is completely different from an identical beer produced by the same factoryand sold by the luxury hotel adjacent to the shack. The response that would best describe Sart’sbelief is:Question 13 Which of the following is evidence of market power?

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Question 14 Both perfectly competitive and monopolistically competitive industries have manyfirms, in fact so many that, in the long run:Question 15 If the marginal revenue curve lies above the demand curve for a firm:Question 16 Which of the following is always associated with monopolistic competition?Question 17You shop atthelocaldrugstore because itis convenient.This situationis bestdescribed as:Question 18 A generic product would be best described as one that is:Question19Whichofthefollowingstatementsbestdescribesfirmsundermonopolisticcompetition?Question 20 The shortrun equilibrium for a monopolistically competitive firm is at price = $29,average total cost = $22, and marginal cost = marginal revenue = $18. Which of the following istrue?Version B QuizQuestion 1 A monopolistically competitive firm usually charges more than a perfectly competitivefirm because:Question 2 If barriers to entry are high and products are somewhat differentiated:Question 3 Excess capacity best describes the fact that:Question 4 Monopolistically competitive firms:Question 5 Which of the following market structures describes an industry in which all firmsproduce differentiated output and there are few barriers to entry?Question 6 Refer to the accompanying graph. The maximum longrun economic profit earned bythis monopolistically competitive firm is:Question 7 If positive economic profit exists in monopolistic competition, there is:Question8Thetheoryofmonopolisticcompetitionpredictsthat,inlongrunequilibrium,amonopolistically competitive firm will:
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Document Details

University
Liberty University
Course
ECON 213
Subject
Economics

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