Economics MCQs

A. A colluding industry
B. A merged industry
C. A concentrated industry
D. A natural monopoly

A. Price leadership
B. Price concentration
C. Collusion
D. Game theory,

A. Maximized its total revenue
B. Set price equal to its average cost
C. Equated marginal revenue and marginal cost
D. Maximized the difference between marginal revenue and marginal cost.

A. Produced less and charged a higher price
B. Produced more and charged a higher price
C. Produced more and charged a lower price
D. Produced less and charged a lower price.

A. Perfectly competitive firms
B. A cartel
C. A monopoly
D. Monopolistically competitive firms.

A. By producing differentiated products
B. Because of barriers to exit from the industry
C. By virtue of size alone
D. Because of barriers to entry into the industry

A. The difference between total revenue and total costs.
B. Anything greater than the normal opportunity cost of investing
C. The opportunity costs of all inputs
D. A rate of profit that is just sufficient to keep owners and investors satisfied

A. Always equal to one.
B. Half as steep as the demand curve
C. The same as the slope of the demand curve
D. Twice as steep as the demand curve

A. There are many eu and government health controls on cosmetic products
B. There are a very large number of firms in the industry
C. Firms spend a large amount of money on advertising
D. Profit margins are very high for both producers and retailers

A. Immediate run
B. Intermediate run
C. Long run
D. Short run