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The main difference between perfect competition and monopolistic competition is:

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•             Question 1. The main difference between perfect competition and monopolistic competition is:


•             Question 2Which of the following industries is most likely to represent the monopolistic competition market structure?


•             Question 3If firms are earning economic profit in a monopolistically competitive market, which of the following is most likely to happen in the long run?


•             Question 4 In the Kinked Demand curve model, price tends to settle at the kink because


•             Question 5A Cartel is defined to be:


•             Question 6 X and Y are related goods. When the price of X increased by 30%, demand for Y increaed by 45%. The cross-price elasticity of demand is


•             Question 7Which of the following may change the supply curve?


•             Question 8X and Y are substitute goods. X is put on sale “buy one get one free”. This will lead to


•             Question 9Economic surplus is


•             Question 10A price discriminating firm will charge the lowest price when price elasticity of demand is


•             Question 11P = MC holds for


•             Question 12Oligopolies tend to


•             Question 13In the short run, a monopolist may


•             Question 14The best defense of oligopolist in our economy is


•             Question 15During recessionary periods, the sale of ground beef goes up. This indicates that


•             Question 16In both monopolistic competition and oligopoly market structures  


•             Question 17In the short run, a monopolistically competitive firm  


•             Question 18If the price elasticity of demand is 1.56, a 50% sale on a product will


•             Question 19When estimated, exponents of the Cobb-Douglas production function indicates


•             Question 20The cross-price elasticities of X and Y are -.67. X was put on sale for two weeks, and it is no longer on sale. This will indicate


•             Question 21Panel consensus is an example of


•             Question 22A monopolistically competitive firm maintains its market share through


•             Question 23When two or more explanatory variables are highly correlated, the condition is known as


•             Question 24When a multiple regression equation is estimated, the F-test indicates


•             Question 25Suppose a demand equation was estimated using the Regression technique. The explanatory variables included in the equation were price of own good, price of substitute good, income of consumers and expected future price. What test will be used to test if each of the explanatory variables were statistically significant?


•             Question 26A 50% reduction of price of X led to a 75% decrease in demand of Y. This indicates


•             Question 27Compared to competition, a monopolist


•             Question 28Most public utilities in our economy enjoy a good degree of monopoly because of


•             Question 29Assume an industry is composed of 6 firms with the current market shares of 13%, 20%, 6%, 21%, 18% and 22%. The HHI of this industry is


•             Question 30Assume the following Cobb-Douglas Production Function of an idustry:


•             Question 31The Sherman Act specifically prohibits


•             Question 32The long run ATC is flatter in shape because


•             Question 33Incorrect rejection of a true hypothesis is called


•             Question 34Assume when the price of X is $30.00, quantity demanded of X 100. Price of X doubles to $60.00 and the quantity demanded is 100. Price elasticity of demand of X is


•             Question 35An imperfectly competitive firm


•             Question 36Assume the following inverted demand function of a firm in the short run: P = 20 – Q. Now assume the total cost function of this firm is : TC = 50 + 32Q – 4Q2


The above cost function yields the MC function as 32- 8Q


(a)          What is the profit-maximixing price and output of this firm?


(b). Is this firm earning a profit or incurring a loss? What is the amount of short-run profit or loss? Explain fully. Show your work in this space? DO NOT COPY/PASTE OR LEAVE THIS PAGE WITHOUT FINISHING YOUR WORK.


•             Question 37Assume the following demand and supply equations of a popular product sold in a monopolitically competitive market:


Qd: 10 – 2p Qs: 7+ 8p


(a).         What is the equilibrium price and the equilibrium quantity?


(b).         Now assume a firm decides to charge a price of 1.5. What will be the new price and new quantity?


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