Professional Documents
Culture Documents
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
MphoMothusi
UFSLearn
SuccessPortal
EduTechBuddy
MyAccount
Onlinetests ReviewTestSubmission:Quiz5:2016
Yourecentlyleftthetest''Quiz5:2016''withoutsubmittingit.ReturntothetestandclickSaveandSubmitor
contactyourinstructorforassistance.
ReviewTestSubmission:Quiz5:2016
User
MphoMothusi
Course
EMIC2714BFNON
Test
Quiz5:2016
Started
5/8/164:37AM
Submitted
5/8/166:34AM
DueDate
5/8/1611:59PM
Status
Completed
AttemptScore
4outof20points
TimeElapsed
1hour,57minutes
Results
Displayed
AllAnswers,SubmittedAnswers,CorrectAnswers,Feedback,IncorrectlyAnswered
Questions
Question1
0outof1points
Aneconomististoldthatconcentrationinthecementindustryhasincreased.Hecan
safelyconcludethat
SelectedAnswer:
Answers:
Alloftheabovearecorrect.
cementproductionmusthavefallenintheindustry.
competitioninthecementindustryhasdecreased.
therearefewercementproducersthanbefore.
Alloftheabovearecorrect.
Question2
1outof1points
Ifincomeincreases,thenthe
SelectedAnswer:
Answers:
Budgetlineshiftstotheright
Budgetlinerotatescounterclockwise
Budgetlinerotatesclockwise
Budgetlineshiftstotheright
Opportunitysetcontracts
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 1/7
5/8/2016
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
Question3
0outof1points
RefertoExhibit4.4.Oneofthethingsthelabourunionprobablycandotoconvince
managementthatthesupplycurveisS'SinsteadofSSis
SelectedAnswer:
Answers:
makeacrediblethreatofastrike.
makeacrediblethreatofastrike.
askworkerstotakeacutinfringebenefits.
trytomaximizethewagebilltotheunion.
trytomaximizemembershipintheunion.
Question4
0outof1points
Ifamonopolistmustlowerthepriceonallunitsinordertosellanadditionalunit,
SelectedAnswer:
Answers:
pricewillalwaysbegreaterthanmarginalrevenue
itisimpossibleforthemonopolisttomaximizeprofit
themonopolistwillalwaysloseprofitwhenitincreasesquantity
themonopolistwillalwaysloserevenuewhenitincreasesquantity
pricewillalwaysbegreaterthanmarginalrevenue
pricewillalwaysbelessthanmarginalrevenue
Question5
0outof1points
AccordingtoExhibit3.9,whatwillbethepricechargedbyaperfectlycompetitivefirm?
SelectedAnswer:
Answers:
P2
P4
P3
P2
P1
Question6
1outof1points
ConsidertwogoodsXandYavailableforconsumption.AssumethatthepriceofX
changeswhilethepriceofYremainsfixed.Forthesetwogoods,thepriceconsumption
curveillustratesthe
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 2/7
5/8/2016
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
SelectedAnswer:
Answers:
utilitymaximizingcombinationsofXandYforeachpriceofX.
relationshipbetweenthepriceofXandconsumptionofY.
utilitymaximizingcombinationsofXandYforeachpriceofX.
relationshipbetweenthepriceofYandtheconsumptionofX.
utilitymaximizingcombinationsofXandYforeachquantityofX.
Question7
0outof1points
TotalindustrysalesareR80million.Thetopfourfirms,AD,accountforsalesofR7
million,R3.2million,R0.8millionandR0.4million,respectively.Whatisthefourfirm
concentrationratio?
SelectedAnswer:
0.14
Answers:
0.85
0.14
0.01
0.93
Question8
0outof1points
Refertoexhibit4.7,themonopsonistwillemploy
SelectedAnswer:
Answers:
L1atawageofW1.
L2atawageofW2.
L2atawageofW3.
L1atawageofW1.
L1atawageofW3.
Question9
1outof1points
Thetaskofeconomicregulationisto
SelectedAnswer:
Answers:
approximatetheresultsofthecompetitivemarket.
protectmonopolyprofits.
approximatetheresultsofthecompetitivemarket.
replacecompetitionwithgovernmentownership.
increasecompetitionwithinthemarket.
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 3/7
5/8/2016
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
Question10
0outof1points
Whichofthefollowingstatementsisnotcorrect?
Selected
Answer: Thegovernmentshouldalwaysintervenetoimprovemonopolyinefficiency.
Answers: Thegovernmentmayuseantitrustlawstopreventamergerifthe
governmentbelievesthemergerwillreducecompetitionandincreaseprices.
Byregulatinganaturalmonopolywherepriceequalsaveragetotalcost,the
monopolyearnszeroprofits.
Anadvantageofprivateownershipoverpublicownershipisthatprivate
businessownerstendtofireinefficientmanagers.
Thegovernmentshouldalwaysintervenetoimprovemonopolyinefficiency.
Question11
0outof1points
Ifmywagerateincreases,utilitymaximizationrequiresthatmyquantityoflabour
supplied
SelectedAnswer:
increaseifthesubstitutioneffectdominatestheincomeeffect
Answers:
increase
decrease
increaseiftheincomeeffectdominatesthesubstitutioneffect
increaseifthesubstitutioneffectdominatestheincomeeffect
increaseifthesubstitutioneffectequalstheincomeeffect
Question12
0outof1points
Foratypicalpersonwhoiscurrentlyearningalowwagerate,the
Selected
Answer:
Answers:
substitutioneffectofawagerateincreaseusuallyisstrongerthanthe
incomeeffect
substitutioneffectofawagerateincreaseusuallyisstrongerthanthe
incomeeffect
substitutioneffectofawagerateincreaseusuallyisweakerthanthe
incomeeffect
incomeeffectofawagerateincreaseisusuallyzero
substitutioneffectofawagerateincreaseisusuallyzero
substitutionandincomeeffectsofawagerateincreasetendtoworkin
thesamedirection
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 4/7
5/8/2016
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
Question13
0outof1points
GovernmentwantstomaximizeitstaxrevenueanditcanonlyplaceaR2perunittax
ononeoftwogoods.Itshouldplacethetax(ontheproduction)ofthegoodwhose
demandcurvehasthe
SelectedAnswer:
Answers:
higherpriceelasticityofdemand.
higherpriceelasticityofdemand.
lowerpriceelasticityofdemand.
greaterlength.
shorterlength.
aorc
Question14
0outof1points
Themarketshares(inpercentageterms)forthe12firmsthatcompriseanindustryare
15,12,11,10,8,7,7,6,6,6,6,and6.TheHerfindahlindexis__________andthe
fourfirmconcentrationratiois__________.
SelectedAnswer:
Answers:
93248percent
93248percent
1,03227percent
1,00048percent
95024percent
noneoftheabove
Question15
1outof1points
Thepropertythatimpliesthatindifferencecurvesareconvextotheoriginis:
SelectedAnswer:
Answers:
Diminishingmarginalrateofsubstitution
Moreisbetter
Completeness
Transitivity
Diminishingmarginalrateofsubstitution
Question16
0outof1points
Whichofthefollowingisfalse?
Selected
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 5/7
5/8/2016
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
Answer:
Oneofthecostsofa(singleprice)monopolististhatitdoesnotproduce
thequantityofoutputatwhichP=MC.
Answers: Oneofthecostsofa(singleprice)monopolististhatitdoesnotproduce
thequantityofoutputatwhichP=MC.
Thirddegreepricediscriminationissometimesreferredtoasdiscrimination
amongbuyers.
Aperfectlypricediscriminatingmonopolistisresourceallocativeefficient.
Pricediscriminationoccurswhenthesellerchargesdifferentpricesforthe
productitsells,andthepricedifferencesdonotreflectcostdifferences.
noneoftheabove
Question17
0outof1points
RefertoExhibit4.18.Whatisthesociallyefficientpriceandquantity?
SelectedAnswer:
Answers:
price=Gquantity=B
price=Fquantity=A
price=Gquantity=B
price=Gquantity=A
price=Dquantity=A
Question18
0outof1points
Amonopolistdoesnothaveatypicalsupplycurvebecause
Selected
Answer:
ofalltheabove.
Answers:
numerousdemandcurvescouldhaveidenticalmarginalrevenueatagiven
pointonamonopolist'smarginalcostcurve.
amonopolistisnotapricetaker.
thereisnouniquecorrespondencebetweenpriceandrevenuewhenthe
marketdemandcurveshifts.
ofalltheabove.
Question19
0outof1points
Amonopolistproduces
Selected
Answer: lessthanthesociallyefficientquantityofoutputbutatahigherpricethanin
acompetitivemarket.
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 6/7
5/8/2016
ReviewTestSubmission:Quiz5:2016EMIC2714BFNON
Answers: morethanthesociallyefficientquantityofoutputbutatahigherpricethan
inacompetitivemarket.
lessthanthesociallyefficientquantityofoutputbutatahigherpricethanin
acompetitivemarket.
thesociallyefficientquantityofoutputbutatahigherpricethanina
competitivemarket.
possiblymoreorpossiblylessthanthesociallyefficientquantityofoutput,
butdefinitelyatahigherpricethaninacompetitivemarket.
Question20
0outof1points
Amonopsonistwantstopurchasemorelabour.Whichofthefollowingstatementsis
true?
Selected
Answer: Thewageratethatthemonopsonisthastopayfutureworkersislowerthan
itpayscurrentworkerssincethereisnootherplacetowork.
Answers: Thewageratethatthemonopsonisthastopayfutureworkersislowerthan
itpayscurrentworkerssincethereisnootherplacetowork.
Thewageratethatthemonopsonisthastopayfutureworkerswillbethe
samerateitpayscurrentworkers.
Thewageratethatthemonopsonisthastopayfutureworkersishigherthan
whatitwillcontinuetopaycurrentworkers.
Themonopsonistwillhavetoraisethewagerateforcurrentandadditional
employees.
Sunday,May8,20167:05:49PMCAT
OK
https://learn.ufs.ac.za/webapps/assessment/review/review.jsp?attempt_id=_1616752_1&course_id=_8775_1&content_id=_466446_1&outcome_id=_142446 7/7