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micro 141-150
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141. Which market structures have ease of entry and exit in the long run?
(A) perfect competition and monopoly
(B) perfect competition and monopolistic competition
(C) monopolistic competition and oligopoly
(D) oligopoly and natural monopoly
(E) all market structures
142. The government is needed to step in and regulate an electric natural monopoly. What must be done to ensure allocative efficiency?
(A) Regulate the natural monopoly to the point where P < MC.
(B) Regulate the natural monopoly to the point where P > MC.
(C) Regulate the natural monopoly to the point where P = MC.
(D) Regulate the natural monopoly to the point where P > TFC.
(E) none of the above
143. Marginal utility refers to
(A) the change in total utility as a result of the consumption of an additional unit of a good
(B) the change in a firm’s total cost from hiring an additional unit of labor
(C) the change in saving caused by change in disposable income
(D) the additional cost of production for one more unit of output
(E) the additional cost incurred for the consumption of the next unit of a good
144. Peter loves French fries, and his friends dared him to eat nothing but French fries all day long. He greatly enjoyed eating 50 French fries, but when he consumed another 50 fries, he enjoyed them less and less because his stomach began to hurt. What does this scenario represent?
(A) marginal utility
(B) law of diminishing marginal utility
(C) MC = MB
(D) MB > MC
(E) A, B, and D
145. The key difference between accounting profit and economic profit is
(A) accounting profit includes the opportunity cost of capital
(B) economic profit includes the opportunity cost of capital
(C) economic profit is a key component of GDP
(D) economic profit is usually higher than accounting profit
(E) accounting profit is always higher than economic profit
Use the following graph to answer questions 146 and 147.
146. The diagram represents which type of market structure?
(A) monopolistic competition
(B) perfect competition
(C) natural monopoly
(D) monopoly
(E) oligopoly
147. At which point is the graph showing profit maximization?
(A) MR = MC
(B) AC = P
(C) MC = AC
(D) the area between MC and AC
(E) It is not showing profit maximization.
148. An airline may identify a specific group of people and charge them a different rate. This is known as
(A) a monopolistic competition
(B) price discrimination
(C) diseconomies of scale
(D) constant returns to scale
(E) illegal by current federal laws
149. Price discrimination might be successful if
(A) the firm can prevent resale to other consumers and identify and separate groups of consumers
(B) the firm does not have a monopoly on the pricing power of the good or service
(C) the firm has a monopoly on pricing power but cannot prevent resale to other consumers
(D) the firm does not have economies of scale
(E) the firm is operating within government regulations
150. Suppose you pick up the latest edition of The Economist and read that company Z, a producer of cigarettes, recently purchased 8 out of the 10 biggest farms that produce tobacco. Since you are a very good AP Economics student, you realize immediately that company Z is attempting to
(A) increase profits
(B) establish an oligopoly through collusive pricing
(C) maximize profits where marginal revenue equals marginal cost
(D) establish a monopoly through majority control of a factor of production
(E) none of the above
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