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Question : 18.2   The Oligopolists’ Dilemma A) P = MC. B) MR = MC. C) : 1226297

Economics

 

18.2   The Oligopolists’ Dilemma

 

A) P = MC.

B) MR = MC.

C) P < ATC. D) P = MR. E) MC = ATC.   2) When firms in an oligopoly successfully collude and do not cheat on a cartel agreement, they can make a long-run economic profit similar to A) perfect competition. B) monopoly. C) monopolistic competition. D) non-colluding oligopolies. E) the firms in regulated industries.   3) If firms in an oligopolistic industry successfully collude and form a cartel, what price and output will result? A) the monopoly price and output B) the competitive price and output C) the monopolistically competitive price and output D) a price higher than the monopoly price and, because there is more than one firm in the industry, more output than the monopoly amount E) a price lower than the competitive price and, because there are only a few firms in the industry, less output than the competitive amount 4) When oligopolies operate like firms in perfect competition, the firms produce at the point where the A) price is less than the marginal cost. B) marginal cost equals the price. C) price exceeds the marginal cost by the greatest amount. D) price equals the average total cost. E) marginal cost equals the average total cost.   5) If firms in an oligopolistic industry consistently cut their price to sell more output, what price and output will result? A) the monopoly price and output B) the competitive price and output C) the monopolistically competitive price and output D) a price lower than the competitive price and less output than the competitive amount E) a price lower than the competitive price and more output than the competitive amount   6) The range in which a duopoly's output falls is less than or equal to the output level in ________ and more than or equal to the output level in ________. A) monopolistic competition; monopoly B) monopolistic competition; perfect competition C) perfect competition; monopoly D) monopoly; monopolistic competition E) monopoly; perfect competition 7) In an oligopoly, output is A) less than the output in monopoly. B) greater than the output in perfect competition. C) in all circumstances the same as the output in perfect competition. D) somewhere between the output in monopoly and that in perfect competition outcomes. E) in all circumstances the same as the output in monopoly.   8) The possible alternatives for an oligopoly range from the monopoly case with ________ to the perfectly competitive case with ________. A) high output; low output B) low prices; high prices C) low profits; high profits D) low output; high output E) no cooperation among the firms; much cooperation among the firms 9) The above figure shows the market demand curve for long-distance land-based telephone calls. Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry. If the firms in the industry operate as perfect competitors, there are ________ minutes of calls made per hour. A) between 0 and 3 million B) more than 3 million and less than or equal to 5 million C) more than 5 million and less than or equal to 7 million D) more than 7 million and less than or equal to 9 million E) more than 9 million   10) The above figure shows the market demand curve for long-distance land-based telephone calls. Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry. If the firms in the industry operate as a monopoly, there are ________ minutes of calls made per hour. A) between 0 and 3 million B) more than 3 million and less than or equal to 5 million C) more than 5 million and less than or equal to 7 million D) more than 7 million and less than or equal to 9 million E) more than 9 million 11) The above figure shows the market demand curve for long-distance land-based telephone calls. Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry. If the firms in the industry operate as perfect competitors, the price of a call is ________ per minute and if the firms in the industry operate as a monopoly, the price of a call is ________ per minute. A) 2 cents; more than 3 cents and less than 4 cents B) more than 3 cents and less than 4 cents; more than 3 cents and less than 4 cents C) 1 cents; 2 cents D) 2 cents; either equal to 4 cents or more than 4 cents E) either equal to 4 cents or more than 4 cents; 2 cents      

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July 1, 2023
    

 

 

51.              Consider the reaction and its equilibrium constant:

S2Cl2(g) + Cl2(g) 2SCl2(g)  Keq = 4

Examine the figure, and determine if the system is at equilibrium. If it is not, in which direction will it proceed to reach equilibrium?

A)The reaction is at equilibrium.

B)The reaction is not at equilibrium, it will shift to the left.

C)The reaction is not at equilibrium, it will shift to the right.

D)It is not possible to tell if the reaction is at equilibrium.

E)To reach equilibrium, the value of Keq must change.

 

52.              Consider the reaction CO(g) + H2O(g) CO2(g) + H2(g), represented by the following diagram:

What is the composition of this system when the reaction reaches equilibrium?

A)3 CO, 3 H2O, 7 CO2, 7 H2D)8 CO, 8 H2O, 2 CO2, 2 H2

B)1 CO, 1 H2O, 4 CO2, 4 H2E)4 CO, 6 H2O, 4 CO2, 6 H2

C)2 CO, 2 H2O, 8 CO2, 8 H2

 

53.              The reaction S2Cl2(g) + Cl2(g) 2SCl2(g) has an equilibrium constant of K = 8.  The image shows a partially reacted system.  What is the composition of this system when the reaction reaches equilibrium?

A)1 S2Cl2, 3 Cl2, 10 SCl2D)4 S2Cl2, 6 Cl2, 4 SCl2

B)2 S2Cl2, 4 Cl2, 8 SCl2E)5 S2Cl2, 7 Cl2, 2 SCl2

C)3 S2Cl2, 5 Cl2, 6 SCl2

 

54.              The value of the equilibrium constant at a given temperature for the reaction:

2HI(g) H2(g) + I2(g)

is 0.200.  If [HI] = 0.200 M, [H2] = 0.200 M, and [I2] = 0.200 M, determine if the reaction is at equilibrium. If it is not, in which direction will it proceed to reach equilibrium?

A)The reaction is at equilibrium.

B)The reaction is not at equilibrium, it will shift to the left.

C)The reaction is not at equilibrium, it will shift to the right.

D)It is not possible to tell if the reaction is at equilibrium.

E)To reach equilibrium, the value of Keq must change.

 

55.              The value of the equilibrium constant at a given temperature for the reaction:

CO(g) + H2O(g) CO2(g) + H2(g)

is 16.  If [CO] = 4.0 M, [H2O] = 4.0 M, [CO2] = 4.0 M, and [H2] = 4.0 M, determine if the reaction is at equilibrium. If it is not, in which direction will it proceed to reach equilibrium?

A)The reaction is at equilibrium.

B)The reaction is not at equilibrium, it will shift to the left.

C)The reaction is not at equilibrium, it will shift to the right.

D)It is not possible to tell if the reaction is at equilibrium.

E)To reach equilibrium, the value of Keq must change.

 

56.              The value of the equilibrium constant at a given temperature for the reaction:

N2(g) + 3H2(g) 2NH3(g)

is 224.  If [N2] = 10.0 M, [H2] = 10.0 M, and [NH3] = 10.0 M, determine if the reaction is at equilibrium.  If it is not, in which direction will it proceed to reach equilibrium?

A)The reaction is at equilibrium.

B)The reaction is not at equilibrium, it will shift to the left.

C)The reaction is not at equilibrium, it will shift to the right.

D)It is not possible to tell if the reaction is at equilibrium>

E)To reach equilibrium, the value of Keq must change.

 

57.              Consider the following reaction at a specific temperature:

2HI(g) H2(g) + I2(g)

If [HI] = 0.447 M, [H2] = 0.200 M, and [I2] = 0.200 M at equilibrium, calculate the value of the equilibrium constant under these conditions.

A)  0.200    B)  0.0400    C)  0.0895    D)  0.407    E)  0.0447

 

58.              Consider the following reaction at a specific temperature:

CO2(g) + H2(g) CO(g) + H2O(g)

If [CO2] = 3.60 M, [H2] = 4.00 M, [CO] = 1.18 M, and [H2O] = 2.40 M at equilibrium, calculate the value of the equilibrium constant under these conditions.

A)  0.471    B)  0.197    C)  5.08    D)  2.12    E)  0.444

 

59.              Consider the following reaction at a specific temperature:

2HI(g) H2(g) + I2(g)

If [HI] = 1.17 M, [H2] = 1.37 M, and [I2] = 0.100 M at equilibrium, calculate the value of the equilibrium constant under these conditions.

A)  1.17    B)  1.26    C)  0.100    D)  10.0    E)  8.54

 

60.              Consider the following reaction at a specific temperature:

CO2(g) + H2(g) CO(g) + H2O(g)

If [CO2] = 1.80 M, [H2] = 2.00 M, [CO] = 0.590 M, and [H2O] = 1.20 M at equilibrium, calculate the value of the equilibrium constant under these conditions.

A)  0.471    B)  0.197    C)  5.08    D)  2.12    E)  0.444

 

 

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July 1, 2023
    

 

 

31.The goods and services that count toward GDP are:

A. defined in terms of the location of production, not the citizenship of the producer.

B. anything produced within a country's borders, regardless of who owns it.

C. things made in one country, even if the majority of it is owned by someone else.

D. All of these statements are true.

32.The goods and services that count toward GDP are:

A. defined in terms of the location of production, not the citizenship of the producer.

B. defined in terms of the citizenship of the producer, not the location of production.

C. defined in terms of citizens producing within a country's borders.

D. defined in terms of total production of companies owned by citizens, regardless of the actual location of production.

33.An example of a good or service that would not count in the U.S. GDP would be:

A. a car made by Toyota in Tennessee.

B. a car made by Ford in Michigan.

C. sneakers made by Nike in Indonesia.

D. sneakers made by New Balance in Ohio.

34.An example of a good or service that would not count in the U.S. GDP would be:

A. a t-shirt made by The Gap in Cambodia.

B. a t-shirt made by Organi-tee in Oregon.

C. a TV made by Toshiba in Georgia.

D. a bottle of water made by Poland Springs in Maine.

35.An example of a good or service that would count in the U.S. GDP would be:

A. a bag of coffee made in Vermont by Green Mountain Coffee Roasters.

B. a bag of coffee made in Colombia by Dunkin' Donuts.

C. a bag of coffee made in Canada by Starbucks.

D. All of these would count in U.S. GDP.

36.An example of a good or service that would count in the U.S. GNP would be:

A. a bag of coffee made in Vermont by Green Mountain Coffee Roasters.

B. a bag of coffee made in Colombia by Dunkin' Donuts.

C. a bag of coffee made in Canada by Starbucks.

D. All of these would count in U.S. GNP.

37.An American citizen works for a U.S.-owned architectural firm located in Mexico. This architect will:

A. contribute toward U.S. GDP since he's a U.S. citizen.

B. contribute toward U.S. GDP since he's working for a U.S. firm.

C. contribute toward Mexico's GDP since he's working in Mexico.

D. contribute toward both Mexico's and U.S. GDP.

38.Suzi is a British citizen who works for Yankee Candles in Massachusetts. Suzi's work will be included in:

A. U.S. GDP since she's working for a U.S. firm.

B. U.S. GDP since she's working for a firm located in the U.S.

C. England's GDP since she's a British citizen.

D. both the U.S. and England's GDP.

39.Sally is a U.S. citizen who works for an Italian company at the branch office located in Tulsa, Oklahoma. Sally's work will contribute toward:

A. U.S. GDP since Sally's a citizen.

B. U.S. GDP since the location of her office is in the U.S.

C. Italian GDP since she's working for an Italian firm.

D. both the U.S. and Italy's GDP.

40.Clarence is a Japanese citizen working for Toyota at the manufacturing plant located in Tennessee. Clarence's work will contribute toward:

A. U.S. GDP since the location of the plant is in the U.S.

B. Japan's GDP since he's a Japanese citizen.

C. Japan's GDP since it's a Japanese firm.

D. both the U.S. and Japan's GDP.

 

default image
July 1, 2023
    

 

 

31.The goods and services that count toward GDP are:

A. defined in terms of the location of production, not the citizenship of the producer.

B. anything produced within a country's borders, regardless of who owns it.

C. things made in one country, even if the majority of it is owned by someone else.

D. All of these statements are true.

32.The goods and services that count toward GDP are:

A. defined in terms of the location of production, not the citizenship of the producer.

B. defined in terms of the citizenship of the producer, not the location of production.

C. defined in terms of citizens producing within a country's borders.

D. defined in terms of total production of companies owned by citizens, regardless of the actual location of production.

33.An example of a good or service that would not count in the U.S. GDP would be:

A. a car made by Toyota in Tennessee.

B. a car made by Ford in Michigan.

C. sneakers made by Nike in Indonesia.

D. sneakers made by New Balance in Ohio.

34.An example of a good or service that would not count in the U.S. GDP would be:

A. a t-shirt made by The Gap in Cambodia.

B. a t-shirt made by Organi-tee in Oregon.

C. a TV made by Toshiba in Georgia.

D. a bottle of water made by Poland Springs in Maine.

35.An example of a good or service that would count in the U.S. GDP would be:

A. a bag of coffee made in Vermont by Green Mountain Coffee Roasters.

B. a bag of coffee made in Colombia by Dunkin' Donuts.

C. a bag of coffee made in Canada by Starbucks.

D. All of these would count in U.S. GDP.

36.An example of a good or service that would count in the U.S. GNP would be:

A. a bag of coffee made in Vermont by Green Mountain Coffee Roasters.

B. a bag of coffee made in Colombia by Dunkin' Donuts.

C. a bag of coffee made in Canada by Starbucks.

D. All of these would count in U.S. GNP.

37.An American citizen works for a U.S.-owned architectural firm located in Mexico. This architect will:

A. contribute toward U.S. GDP since he's a U.S. citizen.

B. contribute toward U.S. GDP since he's working for a U.S. firm.

C. contribute toward Mexico's GDP since he's working in Mexico.

D. contribute toward both Mexico's and U.S. GDP.

38.Suzi is a British citizen who works for Yankee Candles in Massachusetts. Suzi's work will be included in:

A. U.S. GDP since she's working for a U.S. firm.

B. U.S. GDP since she's working for a firm located in the U.S.

C. England's GDP since she's a British citizen.

D. both the U.S. and England's GDP.

39.Sally is a U.S. citizen who works for an Italian company at the branch office located in Tulsa, Oklahoma. Sally's work will contribute toward:

A. U.S. GDP since Sally's a citizen.

B. U.S. GDP since the location of her office is in the U.S.

C. Italian GDP since she's working for an Italian firm.

D. both the U.S. and Italy's GDP.

40.Clarence is a Japanese citizen working for Toyota at the manufacturing plant located in Tennessee. Clarence's work will contribute toward:

A. U.S. GDP since the location of the plant is in the U.S.

B. Japan's GDP since he's a Japanese citizen.

C. Japan's GDP since it's a Japanese firm.

D. both the U.S. and Japan's GDP.

 

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