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<strong>CIS</strong> <strong>175</strong> <strong>Week</strong> 6 <strong>Quiz</strong> 6<br />
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<strong>CIS</strong> <strong>175</strong> <strong>Week</strong> 6 <strong>Quiz</strong> 6<br />
This quiz consist of 30 multiple choice questions. The first 15 questions cover the material in Chapter 8. The<br />
second 15 questions cover the material in Chapter 9.<br />
1. The government's regulation of pollution<br />
2. With a natural monopoly,<br />
3. To maximize profits, a monopolist produces the output level at which<br />
4. Which of the following is a private barrier to entry?<br />
5. For a firm, at the output level at which marginal revenue equals marginal cost,<br />
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<br />
a<br />
7. Monopolization of a previously competitive market leads to<br />
8. A firm's total revenue equals its<br />
9. Which of the following is a negative consequence of allowing competition in an industry that is a<br />
natural monopoly?<br />
10. Imperfect competition can best be described as a situation in which<br />
11. A major objective of firms in all types of market structures is<br />
12. A pure monopoly industry has a 4-firm concentration ratio equal to<br />
13. Patents and copyright laws<br />
14. The "agency problem" is caused by<br />
15. Concentration ratios are used to measure the<br />
16. Professional baseball enjoys an exemption from ________ laws that make cartels illegal in<br />
most other industries.<br />
17. In a resource market,<br />
18. To maximize joint profits, a cartel will set the market price and output such that<br />
19. Under which of the following conditions will a monopsony hire an additional worker? When<br />
20. Over the past twenty years, free agency in professional sports has<br />
21. A monopsony will hire ______ workers at a _____ wage than an employer in a competitive<br />
labor market.<br />
22. Professional sports clubs differ from most other business firms in their<br />
23. If a cartel discovers that its marginal cost is greater than marginal revenue, the cartel should<br />
24. The difference between a worker's contribution to the firm's receipts and the wage is<br />
25. Which of the following is a work stoppage initiated by workers?<br />
26. Which of the following is a work stoppage initiated by management?<br />
27. Which of the following best characterizes a cartel arrangement?<br />
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)<br />
30. A monopsony exists whenever there
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