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Q 1/10
Score 0
Which of the following can be deduced from the above information?
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The US airline industry is a natural monopoly
The four firm concentration ratio is 64.5 per cent
The US airline industry is monopolistically competitive
There are low sunk costs in the US airline industry.
The US airline industry is highly concentrated
Q 2/10
Score 0
Super normal profits being made by a perfectly competitive firm in the very short run would disappear in the long run because of
60
firms engaging in large scale advertising
high sunk costs
allocative inefficiencies
differentiated goods
freedom of entry into this market
10 questions
Q.
Which of the following can be deduced from the above information?
1
60 sec
3.4.4
Q.
Super normal profits being made by a perfectly competitive firm in the very short run would disappear in the long run because of
2
60 sec
3.4.2
Q.
A profit maximising monopolist facing constant average costs experiences a decrease in demand. Other things being equal, which of the following is likely to happen?
3
60 sec
3.3.4
Q.
Assuming that demand is price inelastic, which of the following strategies shown in the grid would maximise the revenue of the two firms?
4
60 sec
3.4.4
Q.
A firm in long run equilibrium under monopolistic competition will be
5
60 sec
3.4.3
Q.
In May 2009, British Airways (BA) quoted the following prices for a flight from London to Toronto, Canada. The most likely explanation of this pricing strategy is:
6
60 sec
3.4.5b
Q.
A firm engaged in ‘satisficing’ behaviour is most likely to:
7
60 sec
3.2.1d
Q.
A profit-maximising firm will produce at the productively and allocatively efficient level of output in which of the following market conditions?
8
60 sec
3.4.1
Q.
The diagram shows the costs and revenues for a profit maximising firm in a market. The most likely outcome for the firm, assuming no change in costs or demand, is to
9
60 sec
3.3.4
Q.
Game theory can be used to illustrate which of the following examples of competitive behaviour?
