MicroEconomics Quiz 3 [ 100+ Quiz with Answers ]

MicroEconomics

QUIZ NO. 3

Multiple Choice— Select the option that best completes the sentence or provides the answer to the question.
  1. Which of the following is a necessary condition for a monopoly to arise?




  2. A typical shop in Bavaria would offer about a hundred brands of local beer. The local beer industry in Bavaria would likely constitute:




  3. Creation of a trade union will typically lead to:




  4. Consider a small town build around a coal mine which is perfectly competitive in its product market and is the sole employer in the town. Suppose that employment is controlled by a trade union seeking to maximize the total wage bill of its members. Then wages will be determined by:




  5. Cournot oligopoly is characterized by:





  6. The net result of the Prisoner's Dilemma, when applied to a situation involving two oligopolists, is that




  7. A profit-maximizing monopolist practicing price discrimination will charge the lowest price in the market where demand




  8. A monopolist's marginal revenue curve lies below average revenue, because:




  9. Which of the following could constitute a case of strategic entry deterrence?




  10. Monopolistic competition differs from perfect competition in that:



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