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Title: The economists of the Federal Trade Commission suggested rejection of Coke’s merger with Dr. Pepper as it could:

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Question 1     A set of producers is competitive if:

Question 2        The economists of the Federal Trade Commission suggested rejection of Coke’s merger with Dr. Pepper as it could:

Question 3        Which of the following conditions define a perfectly competitive market?       

Question 4        Suppose a legislation passed by the government encourages domestic oil exploration thereby reducing petroleum imports substantially. If the cost of production is uniform for all producers, which of the following will be observed in the petroleum market?

 

Question 5        Suppose the cost of raw materials used by the cotton industry rises to a larger extent compared to the increase in demand in the market. Which of the following situations will arise?

 

Question 6        When the existing firms in a competitive industry have different operating costs:

 

Question 7        Which of the following is true in a perfectly competitive market?

uestion 8        Which of the following products witnessed a high growth in the number of producers within a few years of market introduction, but was followed by a fast and substantial shakeout?Answer           

Question 9        Assume that the world price of Good A is $8 per unit while its domestic price is $6, and the marginal cost incurred by domestic producers for producing one unit of Good A is $5. If the government imposes a tax of $3 per unit on domestic producers, which of the following situations will be observed?

Question 10        Refer to Table 5-1. Suppose initially 3,200 units are demanded at a price of $3 per unit. What will be the quantity of output supplied by each type of firm in the market?

Question 11        Assume that recent oil exploration coupled with a fall in demand reduced petroleum imports of a nation to zero. We can expect:

Question 12        Economists consider the model of perfect competition useful because:

 

Question 13        Assume that the government of a nation prohibits producers from extracting crude oil from some domestic oil fields. Which of the following will be witnessed in the market for crude oil?

Question 14        Suppose beer producers in Munich became aware of the low price of one barrel of beer in the domestic market relative to that in the United States. What will be the impact of this price difference?

Question 15        If the cost of production incurred by two producers in a competitive industry differs, the long-run supply curve:                Question 16        Refer to Figure 6-1. Which of the following conclusions can be drawn from this figure? The following figure shows the demand, marginal revenue, and marginal cost curves for a profit maximizing monopolist.Figure 6-1              Question 17        Bundling of products becomes _____, if the valuations of different customer groups are _____.Answer                       less profitable; positively correlated                Question 18        _____ allow exclusive use of an identifier, such as a brand name, and can be renewed indefinitely.Answer                          Question 19        Tying products can be a profitable strategy for facilitating price discrimination only when:                                  Question 20        X-inefficiency implies:                Question 21        Refer to Figure 6-6. A monopoly provider of cruise services recognizes the opportunity to price discriminate and will charge the highest price to individual _____. The following figure depicts the demand curves for vacation cruises of four individuals A, B, C, and D.Figure 6-6              Question 22        _____ is the practice of using extra resources to compete for obtaining monopoly, and leads to _____.Answer                           Rent seeking; a deadweight loss            Question 23        When a monopolist’s marginal cost of production is zero:                Question 24        Refer to Figure 6-2. What is the consumer surplus under monopoly?                           Question 25        Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?                Question 26        When a monopolist faces a fixed marginal cost of production, profit is maximized if:Answer                           the slope of the tangent to the total revenue curve is equal to the slope of the total cost curve.            Question 27        Refer to Table 6-1. Identify the profit maximizing production level for this monopolist. The following table shows the price and revenue for a monopolist at different levels of production. The monopolist incurs no marginal cost of production.Table 6-1             Question 28        Refer to Figure 6-4. Calculate the profit earned by the monopolist when the marginal cost of production is $15 per unit. The following figure depicts the demand, marginal revenue (MR), and marginal cost (MC) for a monopolist.Figure 6-4     Question 29        You and your friend go out shopping for television sets for your respective apartments. You find the one you want to buy and pay extra money to have it delivered during the weekend. Your friend is unwilling to pay extra and will wait for the television to be delivered as per the store’s usual practice. Which of the following conclusions can be drawn from this information?                                   Question 30        The practice of charging different prices on the basis of varying customer preferences is known                  


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Title: The economists of the Federal Trade Commission suggested rejection of Coke’s merger with Dr. Pepper as it could:

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    • Posted Date: Apr 27, 2012 at 10:13:06 PM

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