CIS 175 WEEK 6 QUIZ 6

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CIS 175 Week 6 Quiz 6

This quiz consist of 30 multiple choice questions. The first 15 questions cover the material in Chapter 8. The second 15 questions cover the material in Chapter 9.

1.     The government's regulation of pollution 

2.     With a natural monopoly,

3.     To maximize profits, a monopolist produces the output level at which

4.     Which of the following is a private barrier to entry? 

5.     For a firm, at the output level at which marginal revenue equals marginal cost,

6.     If a firm sells 100 units of output at a price of $5 and each unit costs $3 to produce, the firm is earning a

7.     Monopolization of a previously competitive market leads to

8.     A firm's total revenue equals its

9.     Which of the following is a negative consequence of allowing competition in an industry that is a natural monopoly?

10.   Imperfect competition can best be described as a situation in which

11.   A major objective of firms in all types of market structures is

12.   A pure monopoly industry has a 4-firm concentration ratio equal to

13.   Patents and copyright laws

14.   The "agency problem" is caused by

15.   Concentration ratios are used to measure the

16.   Professional baseball enjoys an exemption from ________ laws that make cartels illegal in most other industries.

17.   In a resource market,

18.   To maximize joint profits, a cartel will set the market price and output such that

19.   Under which of the following conditions will a monopsony hire an additional worker? When

20.   Over the past twenty years, free agency in professional sports has

21.   A monopsony will hire ______ workers at a _____ wage than an employer in a competitive labor market.

22.   Professional sports clubs differ from most other business firms in their

23.   If a cartel discovers that its marginal cost is greater than marginal revenue, the cartel should

24.   The difference between a worker's contribution to the firm's receipts and the wage is

25.   Which of the following is a work stoppage initiated by workers?

26.   Which of the following is a work stoppage initiated by management?

27.   Which of the following best characterizes a cartel arrangement?

28.   In the resource market, professional sports clubs must face the

29.   Firms that coordinate their actions to maximize joint profits are said to have formed a(n)

30.   A monopsony exists whenever there