Frequent Exam Questions without Answers
Perfect and Imperfect Competition
Chapter 13 ― Question 1
The demand curve for a perfect competitor is identical
- with its marginal revenue curve
- with its marginal cost curve
- with its supply curve
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Chapter 13 ― Question 2
How competitive is perfect competition?
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Chapter 14 ― Question 1
For a monopolistic firm marginal revenue is
- equal to price
- below price
- above price
- unrelated to price
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Chapter 14 ― Question 2
Explain the prisoners' dilemma by using an example of a duopoly.
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Chapter 14 ― Question 16
There are 10 firms in an industry. 5 have a market share of 15 percent each, the other five 5 a market share of 5 each.
1) What is the concentration ratio in the industry?
2) And what is its Herfindahl index?
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