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Gillespie: Foundations of Economics

Unit 15

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

Barriers to entry:

a) Do not exist in monopoly

b) Cannot exist in oligopoly

c) Do not exist in monopolistic competition

d) Do exist in perfect competition

Question 2

Which best describes price discrimination?

a) Charging different prices for different products

b) Charging the same prices for different products

c) Charging the same prices for the same products

d) Charging different prices for the same products

Question 3

For a firm operating in two markets and price discriminating the profit maximising condition is:

a) Marginal revenue in A = Price B

b) Marginal revenue in A = Marginal revenue B = Price A = Price B

c) Marginal revenue in A = Marginal revenue B = Marginal cost

d) Marginal revenue in A = Marginal revenue B = Average cost

Question 4

If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge:

a) The higher price in market A

b) The higher price in market B

c) The same price in both markets

d) Cannot tell which price will be higher

Question 5

In perfect price discrimination:

a) Consumer surplus is maximised

b) Produce surplus is zero

c) Community surplus is maximised

d) Consumer surplus is zero

Question 6

A benefit to consumers of price discrimination is that:

a) Some products are produced that would not otherwise be produced

b) Producer surplus increases

c) Consumer surplus decreases

d) Firms' profits increase

Question 7

In perfect price discrimination:

a) The demand curve is the marginal cost curve

b) The average revenue equals the average cost

c) The marginal cost is the average cost curve

d) The demand curve is the marginal revenue

Question 8

In price discrimination abnormal profits are made if:

a) Average revenue is greater than average variable cost

b) Average revenue is greater than average cost

c) Average revenue is greater than marginal revenue

d) Average revenue is greater than average fixed cost

Question 9

Barriers to entry:

a) Enable abnormal profits to be made in the long run

b) Enable losses to be made in the long run

c) Enable abnormal profits to be made in the short run only

d) Occur in perfect competition

Question 10

If the price elasticity is -0.3 this means:

a) Demand is upward sloping

b) Demand is price elastic

c) A price fall would increase revenue

d) Demand is price inelastic

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Oxford University Press, Online Resource Centre, Unit 15.