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ECO 365 Week 3 Knowledge Check

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ECO 365 Week 3 Knowledge Check -

1. in a monopolistically competitive market,

  • firms produce differentiated products
  • there are barriers to entry
  • firms produce homogeneous products
  • the demand for any firm's product is perfectly elastic


2. Strategic decision making is most important in

  • competitive markets
  • monopolistically competitive markets
  • oligopolistic markets
  • monopolistic markets

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3. The general monitoring problem implies that

  • profit maximization should always be considered to be a firm's goal
  • there is a cost of supervising employees so that they work toward the owner's goals rather than their own
  • government must intervene to protect national goals
  • competition will ensure common goals among the owners and managers of a firm


4. Lazy monopolists are characterized by the tendency to

  • maximize profits at the cost of losing market share
  • pay too much to protect their monopoly positions
  • earn enough profits to keep their shareholders happy without trying too hard to hold costs down
  • minimize losses so that the dividends of shareholders are maximized


5. Judgment by performance means that the competitiveness of a  market is determined

  • the actual behavior of firms in the market
  • the structure of the industry
  • the number of firms in the market
  • technological considerations


6. Consumers tend to accept the market restrictions imposed by suppliers because

  • governments prevent them from organizing
  • they see themselves as laborers and therefore benefit from restrictions
  • their costs of organizing are higher than the cost of collusion by the suppliers
  • when combined, their losses are small for the group as a whole


7. The fact that U.S. managers' salaries are about four times higher than those of comparable managers in Japan, where banks control firms more closely, is probably

  • an example of the monitoring problem in the United States
  • an example of X-inefficiency in Japan
  • due to the fact that the U.S. economy is much less competitive
  • due to the fact that there are more natural monopolies in the United States