Teman teman PE G, berikut adalah soal dan jawaban kuis 2 kita. dan asis terakhir bisa di download disini
soal dan jawaban ini diambil dari Parkin edisi 10 ya..
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KUIS 2 Pengantar Ekonomi1
Asdos: Venty
1. Ernie's Earmuffs produces 200 earmuffs per
year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's
total variable cost?
A)
$2,400 B)
$2,000 C) $1,600 D)
$800
2. Are the short-run average total cost
curve and the long-run average cost both U-shaped for the same reasons? If so,
carefully explain these reasons. If not, explain why each curve is U-shaped.
Answer: The curves are U-shaped for quite different
reasons. In the short run, the firm's plant, that is, its _ _ _ , is _ _ _. Therefore the only way to
increase output is by increasing the quantity of the variable factor, _ _ _. Initially as _ _ _ increases, there are gains from
specialization and division of labor, which leads the _ _ _ to rise and the average total cost to fall as
more workers are employed. Eventually, however, the firm runs up against its
capital constraint and workers must share tools and building space. As this
happens, decreasing marginal returns begin and average total cost eventually
begins to rise.
In
the long run, both _ _ _
and _ _ _
are _ _ _.
As a firm expands its use of both factors, gains from specialization of both
labor and capital cause average total costs to fall. Eventually, however, the
business becomes so large it is difficult to coordinate and control. When this
happens, average total cost begins to rise.
3. What are economies of scale? What is the
main source of economies of scale? Explain the difference between increasing
marginal returns and economies of scale.
4. If the minimum efficient scale of a
firm is small relative to the demand for the good, then
A)
many small firms can compete in the market.
B)
several large firms will enter the market thereby reducing competition.
C)
there will be no economic profits for any small firms, so no new firms will
ever enter the market.
D)
the firms already in the market have lower average total cost than any new firm
entering the market.
5. In perfect competition, restrictions on
entry into an market
A)
apply to both capital and labor. B) apply to
labor but not to capital.
C)
apply to capital but not to labor. D) do not exist.
6. The market for lawn services is perfectly competitive. Larry's Lawn Service cannot increase its total revenue by raising its price because ________.
A)
Larry's supply of lawn services is perfectly inelastic
B)
the demand for Larry's services is perfectly inelastic
C)
Larry's supply of lawn services is inelastic
D)
the demand for Larry's services is perfectly elastic
7. When there are diminishing marginal
returns to labor, the marginal product of the last worker hired must be
negative. TRUE / FALSE.
Explain briefly!
8. Entry by competitive firms decreases the
market price, while exit by competitive firms increases the market price.
Explain why firms enter or exit an industry and why these price changes occur.
9.
The above diagram shows the cost curves
for a perfectly competitive wheat farmer. At what price does the wheat farmer
shut down?
10. The
existence of economies of scale can create ________.
A) a natural
monopoly B)
a government monopoly
C) a legal
monopoly D)
a market in which many firms make identical products
11. One
difference between perfectly competitive markets and single-price monopoly
markets is that
A)
marginal revenue equals marginal cost for perfectly competitive firms, but not
for monopolists.
B)
marginal revenue equals price for perfectly competitive firms, but not for
single-price monopolists.
C)
marginal cost equals average variable cost for perfectly competitive firms but
not for monopolists.
D)
All the above answers are correct.
12. A
deadweight loss occurs whenever
A) the total
benefit of a good does not equal its total cost.
B) the marginal
social benefit of a good does not equal its marginal social cost.
C) there is
perfect price discrimination.
D) there is no
consumer surplus.
13. Which
of the following markets will have the largest deadweight loss?
A) A market that
consists of perfectly competitive firms.
B) A market that
consists of a single-price monopoly.
C) A market that
consists of a perfect price discriminating monopoly.
D) None of the
above. There is no deadweight loss as long as firms produce at the level of
output where marginal revenue equals marginal cost.
14. A
single-price monopolist is inefficient because
A) MR = MC. B)
P > ATC.
C) it creates a
deadweight loss. D)
it increases producer surplus.
15. Which
of the following is necessary for a monopolist to price discriminate between
groups?
A)
The groups are identifiable.
B)
The groups have different willingness to pay.
C)
A customer from one group cannot resell to a customer in another group.
D)
All of the above conditions are necessary for the monopolist to price
discriminate.
16. In
order to be able to price discriminate and maximize profit, a monopolist must
be able to do all of the following EXCEPT
A) identify and
separate different buyer types B) sell a
product that cannot be resold.
C)
identify competitors D)
determine the output where marginal revenue equals marginal cost.
17. A
monopoly always operates on the elastic portion of its demand curve. TRUE/FALSE
18. Firms
in monopolistic competition can achieve product differentiation by
A) expanding
plant size. B)
exploiting economies of scale in production.
C) advertising
special characteristics. D) setting the price
equal to average revenue.
19. The
Firefox, Internet Explorer, and Opera browsers are an example of ________.
A) products
produced in monopoly industries
B) products
produced in perfectly competitive industries
C) product
differentiation
D) homogeneous
products
20. A
monopolistically competitive firm is similar to
A)
a monopoly in the short run because it can make an economic profit in the short
run and is similar to a perfectly competitive firm in the long run because it
cannot make a positive economic profit.
B)
a perfectly competitive firm in the short run because it cannot make an
economic profit in the short run and is similar to a monopoly in the long run
because it can make an economic profit.
C)
a monopoly because it can make an economic profit in both the short run and
long run.
D)
a perfectly competitive firm because its economic profit is equal to zero in
both the short run and long run.
21. Disney
and Fox must decide when to release their next films. The revenues received by
each studio depends in part on when the other studio releases its film. Each
studio can release its film at Thanksgiving or at Christmas. The revenues
received by each studio, in millions of dollars, are depicted in the payoff
matrix above. Which of the following statements correctly describes Fox's
strategy given what Disney's release choice may be?
A)
If Disney chooses a Thanksgiving release, Fox should choose a Christmas
release.
B)
If Disney chooses a Christmas release, Fox should choose a Thanksgiving
release.
C)
Fox should release on Christmas regardless of what Disney does.
D)
Both answers A and B are correct.
22. Antitrust
laws attempt to
A) support prices at high levels so
firms can earn profits. B) establish minimum
wages.
C) prevent monopolies or collusion. D)
enforce fair trade laws.
23. What
is a natural oligopoly? How does it arise? Give an example.
24. "If
firms in an oligopoly enter into a collusive agreement to operate as a
monopoly, the industry produces the most output and if they operate as perfect
competitors, the industry produces the least output." TRUE/FALSE. Why?
25. Why
do most collusive agreements have difficulty surviving?
1.
C
2.
Are the short-run average total cost
curve and the long-run average cost both U-shaped for the same reasons? If so,
carefully explain these reasons. If not, explain why each curve is U-shaped.
Answer: The curves are U-shaped for quite different
reasons. In the short run, the firm's plant, that is, its capital, is fixed.
Therefore the only way to increase output is by increasing the quantity of the
variable factor, labor. Initially as labor increases, there are gains from
specialization and division of labor, which leads the marginal product to rise
and the average total cost to fall as more workers are employed. Eventually,
however, the firm runs up against its capital constraint and workers must share
tools and building space. As this happens, decreasing marginal returns begin
and average total cost eventually begins to rise.
In
the long run, both labor and capital are variable. As a firm expands its use of
both factors, gains from specialization of both labor and capital cause average
total costs to fall. Eventually, however, the business becomes so large it is
difficult to coordinate and control. When this happens, average total cost
begins to rise.So, the short-run average total cost is U-shaped because more
workers must make do with the same amount of plant. The long-run average cost
curve is U-shaped because the very scale of the firm's operations make it
difficult to control efficiently and effectively.
3.
Economies of scale are
when a firm increases its plant size and labor employed by the same percentage
and its output increases by a larger percentage so that its average total cost
decreases. Economies of scale result because of specialization. When a firm
increases its capital stock, the capital can be more specialized and hence
produce more output than less specialized, more generalized capital. Similarly,
when a firm increases its labor force, it can hire more specialists, each of
whom is better at doing his or her assigned task than a less specialized
individual. As a result of specialization, the firm's average product increases
so that its average total cost decreases.
Increasing
marginal returns apply to the case where a firm has increased only the
amount of labor it uses while keeping capital fixed. If increasing marginal
returns occur, an additional worker is more productive than the previous worker
hired. In this case, the marginal product of the new worker exceeds the
marginal product of the previous worker. Economies of scale apply when a firm
increases both the amount of labor it uses and the amount of
capital it uses. If there are economies of scale, when a firm increases labor
and capital by the same percentage, its output increases by a larger
percentage.
4.
A
5.
D
6.
D
7.
False
8.
Competitive firms will enter an industry
where economic profits exist in an attempt to make an economic profit. As new
firms enter, the supply increases and the supply curve for the product shifts
rightward. The increase in supply drives the price lower. Firms exit an
industry when economic losses are incurred. As they leave, supply decreases and
the supply curve shifts leftward. The decrease in the supply forces the price
higher. Entry and exit continue until the remaining firms in the industry are
making zero economic profit.
9.
$2
10.
A
11.
D
12.
B
13.
B
14.
C
15.
D
16.
C
17.
True
18.
C
19.
C
20.
A
21.
D
22.
C
23.
A
natural oligopoly is an industry in which a small number of large firms can
supply the entire market at a lower price than could a larger number of smaller
firms. Natural oligopoly arises when economies of scale and limited market
demand create natural barriers to entry. For example, suppose the minimum
efficient scale for a taxi company is 30 rides per day and the ATC at
this level of output is $10 per ride. If the quantity of taxi rides demanded at
$10 is 60 rides per day, there is only room in the market for two taxi
companies. With more taxi companies, either the price would have to fall below
$10 per ride or the ATC would have to rise above $10 per ride. In both
cases the firms would incur an economic loss and would exit until only two
firms are left.
24. The statement is
incorrect; it reverses the outcomes. If the firms in an oligopoly operate as a
monopoly, the industry produces the least output and if they operate as
perfect competitors, the industry produces the most output.
25. Most collusive
agreements have difficulty surviving because each firm individually can
increase its profits by lowering its price and increasing its output. Because
of this fact, the incentive to cheat on the agreement is great for all firms.
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