Which of the following is NOT a characteristic of Oligopolies?

Advertising is Extremely Important

Which of the following is NOT an example of price discrimination?

Mr. Fitz chooses to buy chili dogs at 7am rather than 7pm

Two rivals achieve a less desirable outcome

What The Heck Is Excess Capacity?

Diff b/w monopolistic competition output and min ATC output

Normal Profit = Zero Economic Profit

Mr. Fitzgerald is still an awesome teacher, True

Liam's Favorite Teacher

Mr. Fitzgerald, Qiu Laoshi (邱老師), Ms. Turner

Monopolies are NOT efficient

True, Mr. Fitzgerald is an awesome teacher

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Advanced Placement Microeconomics Unit 4 Quiz GET HYPE!

20 termsStudBud Administration82 plays

This is the most hype Quiz in existence. Mr. Fitzgerald if you're reading this I just want to let you know that this Quiz is going to be awesome. This Quiz is about Monopolies, Monopolistic Competition, and Oligopolies. Created by Liam Moore.

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Which of the following is NOT a characteristic of Oligopolies?
Similar Products
High Barriers to Entry
Controlled By a Small Number of Firms
Advertising is Extremely Important
2
White's Dominant Strategy (assume higher number is better)
No Dominant Strategy
Confess
Don't Confess
Cry
3
Which of the following is NOT an example of price discrimination?
Mr. Fitz chooses to buy chili dogs at 7am rather than 7pm
"BOYZ NIGHT" Bob gets in for free but Janet has to pay fp!
Bob buys 12 RCs for $3, Lil Pump buys 1 RC at a time for $1
J and Luke get a "$.01 off" coupon but only Luke uses it
4
The selling of the same good at different prices to different consumers
Price Differentiation
Price Comparison
Game Theory
Price Discrimination
5
Mustard's Dominant Strategy (assume higher number is better)
Confess
Don't Confess
No Dominant Strategy
All Real Numbers
6
Prisoner's Dilemma
Two rivals achieve a less desirable outcome
Two rivals achieve the desirable outcome
People in jail working on AP Micro hw and cry b/c it is hard
7
Which of the following is NOT a characteristic of Monopolies?
Single Producer
Close Substitutes
High Barriers to Entry
High Market Power
8
Which type of imperfect competition uses Game Theory?
Oligopolies
Monopolies
Monopolistic Competition
9
What The Heck Is Excess Capacity?
Diff b/w monopolistic competition output and min MC output
Diff b/w monopoly output and min MC output
Diff b/w monopoly output and min ATC output
Diff b/w monopolistic competition output and min ATC output
10
Which characteristic is a part of monopoly but NOT a part of monopolistic competition?
Differentiated Products
Patents and Copyrights
Deadweight Loss Exists
Possibility of Profit in the Short Run
11
MOST important thing to consider for a competitive firm in deciding to shut down in short run
Do not produce if the TFC is not covered by revenue
Compare TR to TC
Compare P to ATC
Compare AVC to MR
12
Normal Profit = Zero Economic Profit
False
Mr. Fitzgerald is still an awesome teacher
True
13
Liam's Favorite Teacher
Mr. Fitzgerald
Qiu Laoshi (邱老師)
Ms. Fudge
Ms. Turner
14
Monopolies are NOT efficient
True
Mr. Fitzgerald is an awesome teacher
False
15
Which type of imperfect competition has excess capacity?
Perfect Competition (don't choose this one)
Monopolistic Competition
Oligopolies
Monopolies
16
Profit Maximization Level for Monopolies
MRP=MRC
MR=MC
S=D
MSB=MSC
17
Which of the following is NOT a characteristic of Monopolistic Competition?
Differentiated Products
Relatively Large Number of Firms
Advertisements are CRUCIAL to SURVIVE #TheJungle
High Barriers to Entry
18
Your Microeconomics AP Test Score Thanks to This Amazing Quiz Created by Liam
5
funf
cinco
五
19
Deadweight Loss occurs in
Monopolistic Competition as P>MC
Monopoly Markets b/c P>MC
Oligopoly Markets b/c P>MC
All of the above
20
Where would a monopolist want to set prices?
MR=D
MR=AC
MR=AR
MR=MC

Advanced Placement Microeconomics Unit 4 Quiz GET HYPE! Flashcards | StudBud

Advanced Placement Microeconomics Unit 4 Quiz GET HYPE!

20 termsStudBud Administration82 plays

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Which of the following is NOT a characteristic of Oligopolies?
Similar Products
High Barriers to Entry
Controlled By a Small Number of Firms
Advertising is Extremely Important
2
White's Dominant Strategy (assume higher number is better)
No Dominant Strategy
Confess
Don't Confess
Cry
3
Which of the following is NOT an example of price discrimination?
Mr. Fitz chooses to buy chili dogs at 7am rather than 7pm
"BOYZ NIGHT" Bob gets in for free but Janet has to pay fp!
Bob buys 12 RCs for $3, Lil Pump buys 1 RC at a time for $1
J and Luke get a "$.01 off" coupon but only Luke uses it
4
The selling of the same good at different prices to different consumers
Price Differentiation
Price Comparison
Game Theory
Price Discrimination
5
Mustard's Dominant Strategy (assume higher number is better)
Confess
Don't Confess
No Dominant Strategy
All Real Numbers
6
Prisoner's Dilemma
Two rivals achieve a less desirable outcome
Two rivals achieve the desirable outcome
People in jail working on AP Micro hw and cry b/c it is hard
7
Which of the following is NOT a characteristic of Monopolies?
Single Producer
Close Substitutes
High Barriers to Entry
High Market Power
8
Which type of imperfect competition uses Game Theory?
Oligopolies
Monopolies
Monopolistic Competition
9
What The Heck Is Excess Capacity?
Diff b/w monopolistic competition output and min MC output
Diff b/w monopoly output and min MC output
Diff b/w monopoly output and min ATC output
Diff b/w monopolistic competition output and min ATC output
10
Which characteristic is a part of monopoly but NOT a part of monopolistic competition?
Differentiated Products
Patents and Copyrights
Deadweight Loss Exists
Possibility of Profit in the Short Run
11
MOST important thing to consider for a competitive firm in deciding to shut down in short run
Do not produce if the TFC is not covered by revenue
Compare TR to TC
Compare P to ATC
Compare AVC to MR
12
Normal Profit = Zero Economic Profit
False
Mr. Fitzgerald is still an awesome teacher
True
13
Liam's Favorite Teacher
Mr. Fitzgerald
Qiu Laoshi (邱老師)
Ms. Fudge
Ms. Turner
14
Monopolies are NOT efficient
True
Mr. Fitzgerald is an awesome teacher
False
15
Which type of imperfect competition has excess capacity?
Perfect Competition (don't choose this one)
Monopolistic Competition
Oligopolies
Monopolies
16
Profit Maximization Level for Monopolies
MRP=MRC
MR=MC
S=D
MSB=MSC
17
Which of the following is NOT a characteristic of Monopolistic Competition?
Differentiated Products
Relatively Large Number of Firms
Advertisements are CRUCIAL to SURVIVE #TheJungle
High Barriers to Entry
18
Your Microeconomics AP Test Score Thanks to This Amazing Quiz Created by Liam
5
funf
cinco
五
19
Deadweight Loss occurs in
Monopolistic Competition as P>MC
Monopoly Markets b/c P>MC
Oligopoly Markets b/c P>MC
All of the above
20
Where would a monopolist want to set prices?
MR=D
MR=AC
MR=AR
MR=MC