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Eco 365 Week 3 Knowledge Check New

  • Date Submitted: 10/07/2015 03:16 AM
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ECO 365 Week 3 Knowledge Check NEW

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ECO 365 Week 3 Knowledge Check
1. In a monopolistically competitive market,
A. firms produce differentiated products
B. there are barriers to entry
C. firms produce homogeneous products
D. the demand for any firm's product is perfectly elastic
2. Strategic decision making is most important in
A. competitive markets
B. monopolistically competitive markets
C. oligopolistic markets
D. monopolistic markets
3. The general monitoring problem implies that
A. profit maximization should always be considered to be a firm's goal
B. there is a cost of supervising employees so that they work toward the owner's goals rather than their own
C. government must intervene to protect national goals
D. competition will ensure common goals among the owners and managers of a firm
4. Lazy monopolists are characterized by the tendency to
A. maximize profits at the cost of losing market share
B. pay too much to protect their monopoly positions
C. earn enough profits to keep their shareholders happy without trying too hard to hold costs down
D. minimize losses so that the dividends of shareholders are maximized
5. Judgment by performance means that the competitiveness of a market is determined by
A. the actual behavior of firms in the market
B. the structure of the industry
C. . the number of firms in the market
D. technological considerations
6. Consumers tend to accept the market restrictions imposed by suppliers because
A. governments prevent them from organizing
B. they see themselves as laborers and therefore benefit from restrictions
C. their costs of organizing are higher than the cost of collusion by the suppliers
D. when combined, their losses are small for the group as a whole
7. The fact that U.S. managers' salaries are about four times higher than those of comparable...


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