21) If an industry has an HHI of 2,500, the market structure is that of
A) a monopoly.
B) monopolistic competition.
C) an oligopoly.
D) perfect competition.
E) either monopoly or perfect competition, depending on the existence or absence of barriers to entry.
22) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, the efficient scale for one firm is ________ units per hour.
A) 2,000
B) 4,000
C) 8,000
D) 10,000
E) more than 10,000
23) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, the lowest price at which a firm could stay in business in the long run is ________ per unit and the quantity demanded in the market at that price is ________ units per hour.
A) $20; 4,000
B) $10; 8,000
C) $10; 4,000
D) $20; 2,000
E) $20; 8,000
24) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, the figure shows a ________ can profitably operate.
A) natural monopoly in which 1 firm
B) natural oligopoly in which 2 firms
C) natural oligopoly in which 3 firms
D) natural oligopoly in which 4 firms
E) natural oligopoly in which 5 or more firms
25) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, economies of scale limit the market to ________ firm(s).
A) 1
B) 2
C) 3
D) 4
E) 8
26) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, the efficient scale for one firm is ________ units per hour.
A) 2,000
B) 4,000
C) 8,000
D) 6,000
E) 10,000
27) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, the lowest price at which a firm could stay in business in the long run is ________ per unit and the quantity demanded in the market at that price is ________ units per hour.
A) $15; 6,000
B) $10; 8,000
C) $10; 6,000
D) $25; 2,000
E) $10; 4,000
28) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, the figure shows a ________ can profitably operate.
A) natural monopoly in which 1 firm
B) natural monopoly in which 2 firms
C) natural oligopoly in which 3 firms
D) natural oligopoly in which 2 firms
E) natural oligopoly in which 8 firms
29) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the market have the same ATC curve, economies of scale limit the market to ________ firm(s).
A) 1
B) 2
C) 3
D) 4
E) 8
30) In the figure above, ________ firms will share the market and the ________.
A) 2; efficient scale is 80 units
B) 2; efficient scale is 40 units
C) 3; efficient scale is 40 units
D) 2; lowest possible price is $20
E) 2; lowest possible price is $15
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more