ECN 201 CBT PRACTICE

1. Which of the following contributes to the existence of oligopoly in an industry_________?

2. Which would be most characteristic of oligopoly__________?

3. If an oligopolist incurs losses in the short run, then in the long run________

4. The relationship between wages and leisure time for a worker is_________

5. The statement C = D = 10 utils implies______

6. The analysis of monopoly indicates that the monopolist________

7. A barrier to entry that significantly contributes to the establishment of a monopoly would be_____

8. Which would be defining characteristics of pure monopoly________

9. Which of the following contributes to the existence of oligopoly in an industry______?

10. In indifference curve analysis, the consumer will be in equilibrium at the point where the____

11. What is the situation called whenever firms in an industry reach an agreement to fix prices, divide up the market, or otherwise restrict competition__________?

12. If monopolistic firms enter the industry in the long run________

13. In the short run, a typical monopolistically competitive firm will earn________

14. The concern that monopolistically competitive firms express about product attributes, services to consumers, or brand names are aspects of______

15. Which would be most characteristic of monopolistic competition_________?

16. At present output a monopolist determines that its marginal cost is N18 and its marginal revenue is N21. The monopolist will maximize profits or minimize losses by_______?

17. When the monopolist is maximizing total profits or minimizing losses________?

18. Which of these is not assumed property of the ordinal preference function__________?

19. In long-run equilibrium, the pure monopolist (as opposed to the perfectly competitive firm) can make pure profits because of_.

20. Profit must be equal to zero for a typical firm in the long run equilibrium because_

21. The monopolist is a_______

22. The relationship between wages and leisure time for a worker is_______

23. The legal combination of two firms into a single firm is called _______

24. The slope of the demand curve for an input such as labour will be________

25. The slope of the indifference curve measures the_______

26. The demand curve a monopolistically competitive firm faces is_______

27. The demand curve for the pure monopolist is_______

28. The demand for input is called ________

29. The demand for input is called ________

30. _________ occurs when two or more firms secretly agree to control prices, production or other aspect of the market

31. There is no definite relationship between the supply of factors and the____of factors

32. The net cost of a monopoly is called________

33. The price that someone is willing to pay for an additional unit of a good is related to its ________

34. The price that someone is willing to pay for an additional unit of a good is related to its ____ profit is achieved by the monopoly when the price is greater than marginal cost

35. With the help of__________theory we are able to expound both value in use and value in exchange

36. Which of the following utilizes an ordinal scale of measurement_.

37. _______ reflects the maximum amount of good Y the consumer would be willing to give up obtaining an additional unit of X

38. The true__________exists where there is only one seller of a product for which no close substitute is available

39. The utility approach assumes that consumer satisfaction is measurable on a(an)______scale

40. The__________of a firm is the total amount of money that the firm receives by selling a certain quantity of output