Principles and Applications of Macroeconomics International Edition 6th Edition by Marc Lieberman – Test Bank
Original price was: $35.00.$24.97Current price is: $24.97.
Solution Bank For Concepts and Usage of Macroeconomics International Edition 6th Edition by Marc Lieberman
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ISBN-101285118251
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ISBN-13978-1111822354Discover how contemporary macroeconomic coverage aspects, choices, and functions influence you every day with the practical, accessible representation in MACROECONOMICS. Crafted by acclaimed economists Hall and Lieberman, this freshly updated text offers a presentation as up-to-date as the latest news. Enhanced new cutting-edge examples throughout this edition as well as updated mini-cases clearly demonstrate core macroeconomic principles and functions in action. This edition’s concise chapters focus on today’s most significant macroeconomic theories and events. The latest insights from leading economists help prepare readers with a solid foundation in macroeconomics essential for success, regardless of the profession.
Summary
Chapter 11
MONOPOLISTIC COMPETITION AND OLIGOPOLYVariety of Options
1. If a market has a pair of vendor, nonetheless fewer sellers than under perfect competition, it is often referred to as
a. a monopoly
b. competitive
c. imperfect competitors
d. an efficient market
e. optimalANS: C PTS: 1 DIF: Challenge: Easy
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: The Concept of Imperfect Competition KEY: Bloom’s: Information2. Monopolistic competition exists when there is one large company in an otherwise fully competitive market.
a. True
b. FalseANS: B PTS: 1 DIF: Challenge: Reasonable
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information3. A significant difference between monopolistic competition and perfect competition is the degree of product differentiation. Pure competition has none and differentiation always exists in monopolistic competition.
a. True
b. FalseANS: A PTS: 1 DIF: Challenge: Reasonable
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information4. Monopolistically competitive firms are similar to fully competitive firms in the sense that both face horizontal demand curves for their product.
a. True
b. FalseANS: B PTS: 1 DIF: Challenge: Reasonable
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information5. When there are numerous buyers and sellers, no significant barriers to entry, and a differentiated product, the market structure is termed
a. an oligopoly
b. perfect competition
c. monopolistic competition
d. a monopoly
e. unbalanced monopolyANS: C PTS: 1 DIF: Challenge: Easy
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information6. All of the following, except one, are characteristics of monopolistic competition. Which is the exception?
a. There is a large number of sellers.
b. Each seller faces a horizontal demand curve for its product.
c. There are no significant barriers to entry or exit.
d. Sellers produce differentiated products.
e. There is a large number of buyers.ANS: B PTS: 1 DIF: Challenge: Reasonable
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information7. All of the following, except one, are sources of product differentiation. Which is the exception?
a. product quality
b. location
c. price
d. consumer tastes
e. customers’ perceptionsANS: C PTS: 1 DIF: Challenge: Reasonable
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information8. Each of the following, except one, is a feature of a monopolistically competitive market. Which is the exception?
a. differentiated products
b. no significant barriers to entry
c. many buyers
d. a standardized product
e. many sellersANS: D PTS: 1 DIF: Challenge: Easy
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information9. A major difference between a perfectly competitive market and a monopolistically competitive market is that, in the latter,
a. there are more sellers of the good
b. there are just a few large sellers
c. there are no barriers to entry or exit
d. there is only one seller of the good
e. the product is not standardizedANS: E PTS: 1 DIF: Challenge: Easy
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Information10. A firm in a monopolistically competitive market is similar to a monopolist in the sense that it
a. must overcome significant barriers to entry
b. faces a downward-sloping demand curve
c. produces a large share of the market output
d. depends on the actions of other firms
e. produces the same product as its competitors doANS: B PTS: 1 DIF: Challenge: Reasonable
NAT: BUSPROG: Analytic STA: DISC: Monopolistic competitors
TOP: Monopolistic Competitors KEY: Bloom’s: Comprehension
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