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Question 1 1. Which company did the Justice Department require be broken up in the early 1980s because they had become too powerful of a monopoly?
Question 2 2. How do barriers to entry affect the number of producers in an industry?
Question 3 3. Which of the following statements describes how prices work under monopolistic competition?
Question 4 4. Which of the following is true if competitors in an oligopoly try to beat each other with lower prices?
Question 5 5. Why does internet piracy cause the supply curve to shift to the left?
Question 6 6. If the price of printers increased by 10% and the quantity demanded of printer paper fell by 2%, what is the cross elasticity of demand equal and what does it tell us?
Question 7 7. How is price elasticity of demand measured?
Question 8 8. If a new clothing brand becomes more popular because some recent movie stars endorsed the clothing line, how will it affect the market equilibrium for the clothing brand?
Question 9 9. Why would a country wish to pursue open trade policies?
Question 10 10. Why would you want your country to be assigned the Most Favored Nation status?
Question 11 11. Which of the following is a consequence of a price floor?
Question 12 12. When the United States and Canada can import and export products across its border with no restrictions, it is called _____.
Question 13 13. According to microeconomics, how are consumers MOST likely to behave in the marketplace?
Question 14 14. What is a producer surplus?
Question 15 15. Which is NOT an example of a resource supplied by a household?
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