4) Expected economic profit per unit is equal to ECO 365 Final Exam
15) If a firm in a perfectly competitive market experiences a technological breakthrough,
16) A significant difference between monopoly and perfect competition is that
17) A monopoly firm is different from a competitive firm in that
19) As long as marginal cost is below marginal revenue, a perfectly competitive firm should
20) Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly power makes sense as long as the marginal
21) In the Flint Hills area of Kansas, proposals to build wind turbines to generate electricity have pitted environmentalist against environmentalist. Members of the Kansas Sierra Club support the turbines as a way to reduce fossil fuel usage, while local chapters of the Nature Conservancy say they will befoul the landscape. The Sierra Club argues that wind turbines
22) When negative externalities are present, market failure often occurs because
23) A merger between a textile mill and a clothing manufacturing company would be considered a
24) A merger between a baby food company and a life insurance company would be considered a
25) From the point of view of consumer and producer surplus, what problem may be created when a country subsidizes the cost of energy to consumers to help alleviate the burden of higher energy costs? ECO365 Final Exam
26) Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person’s income to provide the same level of coverage as before. What can be said about deadweight loss in each case?
27) The U.S. textile industry is relatively small because the US imports most of its clothing. A clear result of the importation of clothing is
28) Countries can expect to gain from international trade as long as they
29) Which of the following is an example of the law of one price?
30) The fact that U.S. managers’ salaries are substantially greater than those of comparable managers in Japan may be related to
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