Monopolistic competition means:
<a market situation where competition is based entirely on product differentiation and advertising.
many firms producing differentiated products.
Monopolistic competition is characterized by a:
<few dominant firms and low entry barriers.
large number of firms and substantial entry barriers.
Under monopolistic competition, entry to the industry is:
<completely free of barriers.
more difficult than under pure competition but not nearly
Which of the following is not a basic characteristic of monopolistic competition?
<The use of trademarks and brand names.
Recognized mutual interdependence.
A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from:
<the likelihood of collusion.
The monopolistic competition model assumes that:
<allocative efficiency will be achieved.
firms will engage in nonprice competition.
A monopolistically competitive firm’s marginal revenue curve:
<is downsloping and coincides with the demand curve.
is downsloping and lies below the demand curve.
In the long run, the price charged by the monopolistically competitive firm attempting to maximize profits:
<must be less than ATC.
will be equal to ATC.
Which of the following is correct for a monopolistically competitive firm in long-run equilibrium?
<MC = ATC.
P exceeds minimum ATC.
In the long run, economic theory predicts that a monopolistically competitive firm will:
<earn an economic profit.
Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. This firm’s profit-maximizing price will be:
Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. The profit-maximizing output for this firm will be:
Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic:
<loss of $320.
profit of $480.
In short-run equilibrium, the monopolistically competitive firm shown will set its price:
Which of the following is not characteristic of long-run equilibrium under monopolistic competition?
<Price equals minimum average total cost.
Price equals minimum average total cost.
If some firms leave a monopolistically competitive industry, the demand curves of the remaining firms will:
shift to the right.
In long-run equilibrium, monopolistic competition entails:
<an efficient allocation of resources.
an underallocation of resources due to excess capacity.
Refer to the data. If columns (1) and (3) of the demand data shown are this firm’s demand schedule, the profit-maximizing level of output will be:
Refer to the data. If columns (1) and (3) of the demand data shown are this firm’s demand schedule, the profit-maximizing price will be:
Refer to the data. If columns (1) and (3) of the demand data shown are this firm’s demand schedule, economic profit will be:
Refer to the data. Suppose that entry into the industry changes this firm’s demand schedule from columns (1) and (3) shown to columns (2) and (3). Economic profit will:
<fall by $10.
decline to zero.
Refer to the data. Suppose that entry into this industry changes this firm’s demand schedule from columns (1) and (3) shown to columns (2) and (3). We can conclude that this industry is:
<a pure monopoly.
Refer to the data. With the demand schedule shown by columns (2) and (3), in long-run equilibrium:
<price will equal average total cost.
price will equal average total cost.
An important similarity between a monopolistically competitive firm and a pure monopolist is that both:
<realize an economic profit in the long run.
face demand curves that are less than perfectly elastic.
In the long run a monopolistically competitive firm:
<earns an economic profit.
produces where P = ATC.
A significant benefit of monopolistic competition compared with pure competition is:
<less likelihood of X-inefficiency.
greater product variety.
Product variety is likely to be greater in:
<monopolistic competition than in pure competition.
monopolistic competition than in pure competition.
The more elastic a monopolistic competitor’s long-run demand curve, the:
<greater its excess capacity.
lower its average total cost at its profit-maximizing level of output.
The mutual interdependence that characterizes oligopoly arises because:
<the products of various firms are homogeneous.
each firm in an oligopoly depends on its own pricing strategy and that of its rivals.
The copper, aluminum, cement, and industrial alcohol industries are examples of:
Oligopoly is more difficult to analyze than other market models because:
<the number of firms is so large that market behavior cannot be accurately predicted.
of mutual interdependence and the fact that oligopoly outcomes are less certain than in other market models.
Which of the following is an illustration of differentiated oligopoly?
<The aluminum industry.
The soft drink industry.
Differentiated oligopoly exists where a small number of firms are:
<producing goods that differ in terms of quality and design.
producing goods that differ in terms of quality and design.
Homogeneous oligopoly exists where a small number of firms are:
<producing virtually identical products.
producing virtually identical products.
Clear-cut mutual interdependence with respect to the price-output policies exists in:
Concentration ratios measure the:
<geographic location of the largest corporations in each industry.
percentage of total industry sales accounted for by the largest firms in the industry.
If the four-firm concentration ratio for industry X is 80:
<the four largest firms account for 80 percent of total sales.
the four largest firms account for 80 percent of total sales.
The Herfindahl index for a pure monopolist is:
The four-firm sales concentration ratio for an industry measures the:
<geographic concentration of firms.
extent to which the four largest firms dominate the production of a good.
Assume six firms comprising an industry have market shares of 30, 30, 10, 10, 10, and 10 percent. The Herfindahl index for this industry is:
<is the analysis of how people (or firms) behave in strategic situations.
is the analysis of how people (or firms) behave in strategic situations.
Game theory is best suited to analyze the pricing behavior of:
Game theory can be used to demonstrate that oligopolists:
<rarely consider the potential reactions of rivals.
can increase their profits through collusion.
The kinked-demand curve of an oligopolist is based on the assumption that:
<competitors will follow a price cut but ignore a price increase.
competitors will follow a price cut but ignore a price increase.
If an oligopoly is faced with a kinked-demand curve that is relatively elastic above, and relatively inelastic below, the going price, then it will:
<increase total revenue by increasing price but lower total revenue by decreasing price.
decrease total revenue by either increasing or decreasing price.
The kinked-demand curve model of oligopoly is useful in explaining:
<the way that collusion works.
why oligopolistic prices might change only infrequently.
The kinked-demand curve model helps to explain price rigidity because:
<there is a gap in the marginal revenue curve within which changes in marginal cost will not affect output or price.
there is a gap in the marginal revenue curve within which changes in marginal cost will not affect output or price.
OPEC provides an example of:
<an unwritten, informal understanding.
an international cartel.
The likelihood of a cartel being successful is greater when:
<firms are producing a differentiated, rather than a homogeneous, product.
cost and demand curves of various participants are very similar.
Cartels are difficult to maintain in the long run because:
<they are illegal in all industrialized countries.
individual members may find it profitable to cheat on agreements.
If the firms in an oligopolistic industry can establish an effective cartel, the resulting output and price will approximate those of:
a purely competitive producer.
a pure monopoly.
One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases?
<A rather large number of firms producing a differentiated product.
A very small number of firms producing a homogeneous product.
Suppose firms in a collusive oligopoly decide to establish their prices at a level that discourages new rivals from entering the industry. This is called:
A breakdown in price leadership leading to successive rounds of price cuts is known as:
a price war.
Secret conspiracies to fix prices are examples of:
Advertising can enhance economic efficiency when it:
<increases brand loyalty.
expands sales such that firms achieve substantial
Advertising can impede economic efficiency when it:
<increases entry barriers.
increases entry barriers.
The conclusion that oligopoly is inefficient relative to the competitive ideal must be qualified because:
<industry price leaders often select a price equal to marginal cost.
over time oligopolistic industries may promote more rapid product development and greater improvement of production techniques than if they were purely competitive.
The corporal lines up the boys for inspection. He gives them all green head ties and tells them to shoot anyone who is not wearing one. Sheku has packed too much ammunition, and he falls over.How can the terms social class and social status be defined in the following way? ›
The terms social class and social status can be defined in the following way: social class is the hierarchical stratification of people in social groups; social status is similar, but less tied to wealth.What does your textbook recommend regarding the last step of practicing delivery for a speech? ›
What does your textbook recommend regarding the last step of practicing delivery for a speech.... rehearse under conditions as close as possible to the actual speech situation.What is based on a person's use of voice and body rather than on the use of words? ›
Nonverbal communication: “Communication based on a person's use of voice and body, rather than on the use of words.”How does Chapter 13 end? ›
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.What happened at the end of Chapter 13? ›
When you complete your Chapter 13 repayment plan, you'll receive a discharge order that will wipe out the remaining balance of qualifying debt. In fact, a Chapter 13 bankruptcy discharge is even broader than a Chapter 7 discharge because it wipes out certain debts in Chapter 7 bankruptcy.What are 3 things that define social class? ›
Most sociologists define social class as a grouping based on similar social factors like wealth, income, education, and occupation.What is social class answer? ›
social class, also called class, a group of people within a society who possess the same socioeconomic status. Besides being important in social theory, the concept of class as a collection of individuals sharing similar economic circumstances has been widely used in censuses and in studies of social mobility.What is an example of social class status? ›
A social class is a grouping of people into a set of hierarchical social categories, the most common being the upper, middle and lower classes. Membership in a social class can for example be dependent on education, wealth, occupation, income, and belonging to a particular subculture or social network.What are three 3 tips for effective speech delivery? ›
- Stand tall—do not hold or lean on the podium.
- Come out from behind the podium during the speech. Makes an impact especially at the conclusion of the speech. ...
- Use gestures. Be sure gestures can be seen.
- Make eye contact. It is easy with a podium to look down especially if you have notes or outlines.
Enunciate words clearly. Don't mumble or garble them. Speak with appropriate loudness and speed. Consider audience, place and topic.What are the 4 types of speeches? ›
The four basic types of speeches are: to inform, to instruct, to entertain, and to persuade. These are not mutually exclusive of one another.What are the two most commonly used types of voice? ›
The two main types of voice in writing are the authorial voice and character voice.When faced with an inquiry you can t answer during a question and answer session? ›
T F When faced with an inquiry you can't answer during a question-and-answer session, you should usually try to bluff your way through the answer so as to preserve your credibility on the topic.What is it called when you use your voice to type? ›
Dictation is an assistive technology tool that can help people with writing challenges. With dictation technology, people can write sentences by speaking them. Dictation is sometimes called “speech-to-text,” “voice-to-text,” or “speech recognition” technology.How do I prepare for Chapter 13? ›
- Step 1: Collect your documents.
- Step 2: Analyze your debt.
- Step 3: Take inventory of the property you have.
- Step 4: Create a budget and figure out the status of your income.
- Step 5: Take the first credit counseling course.
- Step 6: Fill out and complete your bankruptcy forms.
Ending Your Plan Early
There are only two ways to pay off a Chapter 13 bankruptcy early: pay 100% of the allowed claims filed in your case, or. qualify for a hardship discharge.
Chapter 13 allows debtors to repay all, or a significant portion, of their debts in 3-5 years under a court-ordered plan. The most common debts discharged in a Chapter 13 proceeding are medical bills, credit card debt and personal loans.How will I know when my Chapter 13 is over? ›
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.What will I lose in Chapter 13? ›
A Chapter 13 bankruptcy can remain on your credit report for up to 10 years, and you will lose all your credit cards. Bankruptcy also makes it nearly impossible to get a mortgage if you don't already have one.
If a debtor fails to keep up with payments under their repayment plan in a Chapter 13 bankruptcy, the bankruptcy trustee may file a motion to dismiss their case. This means that their debts would not be discharged because the case would be considered unsuccessful.What is the difference between social class and social status? ›
Social class encompasses both socioeconomic status (SES) and subjective social status (SSS). Although social class may often be included in psychological studies, it is often treated as a control variable as opposed to a main variable, or a moderator or mediator of a relationship.What are 3 consequences of social class? ›
"Class affects whether someone is going to be accepted into a particular kind of school, their likelihood of succeeding in that school, the kinds of jobs they have access to, the kinds of friends they make" — in essence, the degree of status, power and perks people enjoy or lack in their daily lives.What are the 5 elements of social class? ›
The major components of social structure are statuses, roles, social networks, groups and organizations, social institutions, and society.What determines social status? ›
Socioeconomic status is the position of an individual or group on the socioeconomic scale, which is determined by a combination of social and economic factors such as income, amount and kind of education, type and prestige of occupation, place of residence, and—in some societies or parts of society—ethnic origin or ...What percentage is upper middle class? ›
Sociologists Dennis Gilbert, Willam Thompson and Joseph Hickey estimate the upper middle class to constitute roughly 15% of the population.How do you measure social status? ›
- Education. Education should be measured in single years completed up to 5 or more years of college, and should also include collection of information on whether the individual obtained a high school diploma or equivalent. ...
- Income. ...
- Occupation. ...
- Family size and relationships.
The boys strip off their clothes probably to relieve themselves from the heat, their actions symbolize the taking off of their home, Ralph's "grey shirt still stuck to him [Ralph]" showing that the humanity has not left him as of yet (1). The author was very descriptive of the way Ralph and Piggy took off their shirts.Why are Ishmael and his friends initially headed to Mattru Jong? ›
The boys are planning to walk to Mattru Jong, a village about 16 miles away, to compete in their friend's talent show. They're going to rap and dance on stage because all three of them love American hip hop music.What happened in Chapter 14 of the long way home? ›
One afternoon, the corporal chooses a few rebel prisoners for a contest. He chooses Ishmael and other young soldiers for a throat slitting competition. The first to kill in the least amount of time wins. Ishmael quickly and deftly uses his bayonet to slice his prisoner's Adam's apple in a zigzag.
2. What color handkerchiefs did rebels wear in Chapter 4? Red.