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American Military University - ECON 201 / ECON201 Final Exam

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Question 1 of 29 One defining characteristic of pure monopoly is that: • A. The monopolist is a price taker • B. The monopolist uses advertising • C. The monopolist produces a product with no close substitutes • D. There is relatively easy entry into the indust...

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  • January 7, 2022
  • 16
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • american military university econ 201 econ201 final exam

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Question 1 of 29
One defining characteristic of pure monopoly is that:



•
A. The monopolist is a price taker


•
B. The monopolist uses advertising


•
C. The monopolist produces a product with no close substitutes


•
D. There is relatively easy entry into the industry, but exit is difficult




Question 2 of 29
Which is a barrier to entry?



•
A. Close substitutes


•
B. Diseconomies of scale


•

, C. Government licensing


•
D. Price-taking behavior




Question 3 of 29
Other things equal, which reduces competition in an industry?



•
A. Patent laws


•
B. Freedom of entry for new firms


•
C. An increase in the number of producers


•
D. An increase in the number of buyers




Question 4 of 29
The representative firm in a purely competitive industry:



•

, A. Will always earn a profit in the short run


•
B. May earn either an economic profit or a loss in the long run


•
C. Will always earn an economic profit in the long run


•
D. Will earn an economic profit of zero in the long run




Question 5 of 29
An example of a monopolistically competitive industry would be:



•
A. Steel


•
B. Soybeans


•
C. Electricity


•

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