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ch 10-13 study guide
Ch 13
| Term | Definition |
|---|---|
| The government grants a pharmaceutical company, the exclusive right to market and sell a COVID-19 vaccine for a specific amount of time. This is an ex | Patent |
| Two conditions allow a single seller to become a monopolist. These two conditions are that the firm must | Have something you need to sell, and it must have a way to prevent competitors from entering the market |
| The typical result of monopoly is ____ prices and _____ output than we find in a competitive market | Higher; lower |
| Balls used in professional baseball are scuffed up with a special mud to make them easier to grip. One company is a soul supplier because because only this company knows where the mud can be obtained which barrier to entry exist in the baseball mud | Control of Resources |
| Market created, and government created barriers | Create Monopolies |
| Why do copyright expire after a period of time? | So that in the long run, creative works are readily cheaply available |
| The profit maximizing rule for monopolist | MR = MC |
| Willow Park is a community in Texas with only one gas station. The price of gasoline in Willow Park is most likely. | Higher than big cities in Texas |
| New York City Pizza and Chicago Pizza are the only restaurants in a small town after COVID-19. Both keep offering dine-in meals because neither has an incentive to switch to takeout only. This is an example of what? | Nash equilibrium |
| Which of the following is not a characteristic of an oligopoly? | Low barriers to entry |
| Airline and airline B, or the two largest airlines in the country, the chief executive officer of Aaron, a the chief executive officer of airline B and says why don't we both race price 25% across-the-board next week this is an example of | Collusive behavior |
| Where the firms pursuit with dominant strategy that results in a non-cooperation were all players are worse off is a | Prisoners dilemma |
| If one were discussed while the term monopolistic competition is used, the best description would be the industry is monopolistic because | Has product differentiation, but is competitive because it has many firms |
| Which of the following is the best example of the firm operating in a monopolistic competitive market? | Applebee's a casual dining restaurant |
| Which of the following statements best describes the price and output conditions under monopolistic competition | Marginal revenue will equal marginal cost if the short run at a profit maximizing level of output |
| If all firms in a monopolistically, competitive industry have demanding cost curves like those shown we would expect in the long run | New firms will enter the industry |
| if a Competitive market firm is incurring losses, then at the profit maximizing output | Price is below the average total cost curve |
| A new firm natural Springs just entered the bottle, water industry the bottle water industry is a monopolistically competitive thus it can be expected that | Profits of existing firms will fall |
| The demand for a monopolistically, competitive firm is a downward sloping because of | Product differentiation |
| One drawback to advertising that could easily | Raise cost, but not increase demand |
Created by:
Orrin_Douglas