[Solved] Product Differentiation Includes All,except One,of the Following

What is meant by the term "allocative efficiency"? A)When a firm is producing an output that equals minimum AC. B)When a firm is producing an output and charging a price that equals minimum AC. C)When a firm is charging a price equal to MC. D)When a firm has achieved its MES.

All of the following,except one,are oligopoly industries.Which is the exception? A)The manufacture of automobiles. B)The manufacture of cigarettes. C)The provision of accounting services. D)The provision of long-distance telephone services.

All of the following statements,except one,are correct concerning the cartel variant of oligopoly theory.Which is the exception? A)An effective cartel restricts the supply of the product being sold. B)The individual members of the cartel must agree to and respect quotas on their output. C)The primary threat to the success of a cartel is government regulation. D)The output and the price of the cartel are often similar to that of a monopoly.

All of the following statements,except one,are correct about game theory analysis.Which is the exception? A)It has led some economists to conclude that the likelihood of cheating is a more effective barrier to collusion than government legislation. B)It emphasizes the importance of mutual interdependence. C)It is an attempt to explain firm behaviour. D)It shows that it is rational for each firm to trust the other. E)It is able to predict a likely outcome of two firms engaged in considering a specific action.

Most economic theory is based on the assumption that firms have one goal.Which of the following is that goal? A)Profit maximization. B)Continued growth of the corporation's sales and size of operations. C)The achievement of management autonomy in decision making. D)Development of state-of-the art technology. E)Enhancement of the company's image and the management's pride.

Table 11.2 -Refer to Table 11.2 to answer this question.What output will this firm produce? A)700. B)760. C)820. D)880.

Table 11.2 -Refer to Table 11.2 to answer this question.If the firm produces its profit-maximizing output,how much excess capacity will it have? A)60. B)120. C)300. D)More information is needed to answer the question.

Which of the following would measure excess capacity? A)The difference between what is being produced and the level of production that maximizes profits. B)The difference between what is being produced and economic capacity. C)The difference between what is being produced and the level of production that minimizes short-run marginal cost. D)The difference between the level of production that minimizes short-run average cost and that achieves economic capacity.

Which of the following statements is correct when comparing a monopoly market and an oligopoly market? A)The price and quantity would be the same in both markets. B)Both price and quantity would be lower in the monopoly market than in the oligopoly market. C)The price would be lower and the quantity would be higher in the monopoly market than in the oligopoly market. D)The price would be higher and the quantity would be lower in the monopoly market than in the oligopoly market.

All,except one,of the following statements about the kinked demand curve theory of oligopoly are correct.Which is the exception? A)It explains why the prices charged by rival firms are often similar. B)It explains why rival firms that charge similar prices may not be in collusion. C)It explains why the prices charged by rival firms sometimes go for months,or even years,without changing. D)It explains,particularly well,how the prevailing price in the industry first got established.