ECON 301
Laguardia Community College
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ECON 301- Chapter 5, 6,7,13 & 14 Questions and Answers
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TRUE/FALSE
1. Control of a scarce resource or input can serve as an entry barrier.
ANS: T PTS: 1
2. A monopoly firm can sell as much output as it wants at whatever price it sets.
ANS: F PTS: 1
3. Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive
industries.
ANS: F PTS: 1
4. A profit-maximizing mo
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ECON 301-Chapter 13—Monopoly and Antitrust . Questions and Answers
- Exam (elaborations) • 36 pages • 2021
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ECON 301-Chapter 13—Monopoly and Antitrust . Questions and Answers 
 
TRUE/FALSE 
1. Control of a scarce resource or input can serve as an entry barrier. 
ANS: T PTS: 1 
2. A monopoly firm can sell as much output as it wants at whatever price it sets. 
ANS: F PTS: 1 
3. Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive 
industries. 
ANS: F PTS: 1 
4. A profit-maximizing monopolist will choose to operate along the inelastic portion of its dem...
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ECON 301-Chapter 14—Monopolistic Competition and Product Differentiation. Questions and Answers
- Exam (elaborations) • 30 pages • 2021
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ECON 301-Chapter 14—Monopolistic Competition and Product Differentiation. Questions and Answers 
 
TRUE/FALSE 
1. Monopolistic competition is more similar to monopoly than any other industry model. 
ANS: F PTS: 1 
2. Monopolistic competition differs from perfect competition only with regard to the number of firms 
participating in the market. 
ANS: F PTS: 1 
3. Monopolistic competition is a market structure characterized by many small firms selling a 
homogeneous product. 
ANS: F PTS: 1 
4. Mo...
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01-Chapter 7—Market Efficiency and Welfare . Questions and Answers
- Exam (elaborations) • 29 pages • 2021
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01-Chapter 7—Market Efficiency and Welfare . Questions and Answers 
 
TRUE/FALSE 
1. If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays 
$40, she receives a consumer surplus of $35. 
ANS: T PTS: 1 
2. If James is willing to sell an extra concert ticket for $40 and actually sells it for $100, his consumer 
surplus is $60. 
ANS: F PTS: 1 
3. If the world supply of diamonds decreases, diamonds become more valuable, and therefore, the 
consumer surpl...
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ECON 301-Chapter 5—Bringing Supply and Demand Together. QUESTIONS and ANSWERS
- Exam (elaborations) • 43 pages • 2021
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ECON 301-Chapter 5—Bringing Supply and Demand Together. QUESTIONS and ANSWERS 
 
TRUE/FALSE 
1. If the market for Rolex watches is in equilibrium, the quantity of Rolex watches demanded will equal 
the quantity of Rolex watches supplied. 
ANS: T PTS: 1 
2. Price reductions will usually result whenever the quantity supplied exceeds the quantity demanded at 
the current price. 
ANS: T PTS: 1 
3. If the soccer ball market is in equilibrium at a price of $22 per ball, an increase in the supply of ...
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ECON 301-Chapter 6—Elasticities. Questions and Answers
- Exam (elaborations) • 39 pages • 2021
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ECON 301-Chapter 6—Elasticities. Questions and Answers 
 
TRUE/FALSE 
1. Price elasticity is a measure of the relative responsiveness of the change in quantity demanded to a 
change in price. 
ANS: T PTS: 1 
2. Price elasticity is a measure of the relative responsiveness of the change in price to a change in 
quantity demanded. 
ANS: F PTS: 1 
3. Moving along an inelastic portion of a demand curve, the change in quantity demanded will always be 
proportionally less than the change in price. 
A...
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