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Economics and Competitive Firm

A monopoly firm is different from a competitive firm in that C. Monopolist can influence market price while a competitive firm cannot 18) The difference between a perfectly competitive firm and a unapologetically competitive firm is that a unapologetically competitive firm faces a D. Onward-sloping demand curve and price exceeds marginal cost in equilibrium 19) As long as marginal cost is below marginal revenue, a perfectly competitive firm should A. Increase production 20) Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly power makes sense as long as the marginal C. Infinite of advertising exceeds the marginal cost of advertising 21) In the Flint Hills area of Kansas, proposals to build wind turbines to generate electricity have pitted environmentalist against environmentalist.

Members of the Kansas Sierra Club support the turbines as a way to reduce fossil fuel usage, while local chapters of the Nature Conservancy say they will befoul the landscape. The Sierra Club argues that wind turbines B. Reduce negative externalities elsewhere in the economy 22) When negative externalities are present, market failure often occurs because A. The marginal external cost resulting from the activity is not reflected in the market price 23) A merger between

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a textile mill and a clothing manufacturing company would be considered a B. Arterial merger 24) A merger between a baby food company and a life insurance company would be 25) The fact that U. S. Managers’ salaries are substantially greater than those of comparable managers in Japan may be related to A. An increase in the demand for Coos 26) Suppose people freely choose to spend 40 percent of their income on health care, UT the government decides to tax 40 percent of a person’s income to provide the same level of coverage as before. What can be said about deadweight loss in each case? A.

Taxing income results in deadweight loss, while purchasing health care on one’s own does not result in deadweight loss. 27) The U. S. Textile industry is relatively small because the US imports most of its clothing. A clear result of the importation of clothing is D. The price of clothing is lower than it would be without imports 28) Countries can expect to gain from international trade as long as they B. Specialize according to their comparative advantage 29) Which of the following is an example of the law of one price?

D. Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency. 30) From the point of view of consumer and producer surplus, what problem may be created when a country subsidizes the cost of energy to consumers to help alleviate the burden of higher energy costs? C. It encourages the consumption of too much fuel at the expense of other goods.

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