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ECO 550 Final Exam


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ECO 550 Final Exam

  1. “Conscious parallelism of action” among oligopolistic firms is an example of ____.
  2. A(n) ____ is characterized by a relatively small number of firms producing a product.
  3. Some industries that have rigid prices.  In those industries, we tend to
  4. In the Cournot duopoly model, each of the two firms, in determining its profit-maximizing price-output level, assumes that the other firm's ____ will not change.
  5. A cartel is a situation where firms in the industry
  6. Some market conditions make cartels MORE likely to succeed in collusion.  Which of the following will make collusion more successful?
  7. ____ as practiced by public utilities is designed to encourage greater usage and therefore spread the fixed costs of the utility's plant over a larger number of units of output.
  8. The demand curve facing the firm in ____ is the same as the industry demand curve.
  9. In natural monopoly, AC continuously declines due to economies in distribution or in production, which tends to found in industries which face increasing returns to scale.  If price were set equal to marginal cost, then:
  10. Regulatory agencies engage in all of the following activities except _______.
  11. When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation.
  12. Of the following, which is not an economic rationale for public utility regulation?
  13. Long distance telephone service has become a competitive market. The average cost per call is $0.05 a minute, and it’s declining.  The likely reason for the declining price for long distance service is:
  14. Uncertainty includes all of the following except ____.
  15. A firm in pure competition would shut down when:
  16. Under asymmetric information,
  17. Experience goods are products or services
  18. In the purely competitive case, marginal revenue (MR) is equal to:
  19. A "search good" is:
  20. Theoretically, in a long-run cost function:
  21. In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by:
  22. Break-even analysis usually assumes all of the following except:
  23. A ____ total cost function implies that marginal costs ____ as output is increased.
  24. In the linear breakeven model, the difference between selling price per unit and variable cost per unit is referred to as:
  25. In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent.  The size that is becoming more predominant is presumed to be least cost. This is called:

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