A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic.

Luke 15:11-32
June 7, 2021
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June 7, 2021
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A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic.

1. Fred takes Betty to dinner at a very expensive and exclusive restaurant. The menu does not mention prices. The server takes their order, and both Betty and Fred enjoyed the meal immensely. When the bill comes, Fred refuses to pay because the menu had no prices and because he and the server never engaged in language indicating an offer and acceptance. The server said, “Are you ready to order?” and when Fred said “Yes,” the server merely asked, “What may I get you tonight?”

Fred must pay based on a promissory estoppel theory.

Fred must pay based on expressed contract theory.

Fred is correct because no contract was formed.

Fred must pay based on an implied-in-fact contract theory.

2. The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will:

Be equal to the average total cost of diamonds.

Exceed the marginal cost of diamonds but equal to the average total cost of diamonds.

Be equal to the marginal cost of diamonds.

Exceed both the marginal cost and the average total cost of diamonds

3. Jay stops at the shopping mall to purchase a new pair of jeans from the Diesel store.  He is the ultimate consumer in a pipeline from the producer through intermediaries, including the clothing store.  This pipeline is actually a__________.

marketing tunnel

consumer market

marketing channel

distribution matrix

4. A monopoly firm is different from a perfectly competitive firm in that:

A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic.

A monopolist can influence market price whereas a perfectly competitive firm cannot.

A competitive firm has a u-shaped average cost curve whereas a monopolist does not.

There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product.

5. A 911 emergency response service needs operators who are bilingual in English and Spanish. A few applicants of Spanish origin are rejected due to poor English-speaking skills. They file a complaint on the grounds of discrimination based on nationality. Their complaint is squashed. Here, the defense of the federal government is on the grounds of:

Circumstantial evidence

Inculpatory evidence

Exclusionary rule

Bona fide occupational qualifications

6. In order to focus your presentation on people, you should______.

avoid using presentation software or other technology

use a lot of “I” statements

make individuals and groups the subject of your sentences

include as many photographs as possible in your slides

7. Which of the following is typically included in the drafting stage of writing an effective business message?

Setting a positive and other-oriented tone

Sending the message to be proofread

Double-checking everything

Identifying the primary message and key points

8. Marketing refers to__________.

the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

the process of identifying target market segments for a product or service

the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers

the production of products or services that will generate the highest return on investment

9. Lori is using secondary research to develop a business report. How can she write her report in a way that demonstrates originality in thought?

Cite all her research sources

Use the most current documentation guidelines

Generate her own conclusions and recommendations

Adopt a methodical approach to decision making

10. Annie, an employee who often attributes her team failures to bad luck, attributes other teams’ failures to personal shortcomings. Which of the following cognitive biases do Annie’s attributions exemplify?

Self-deception bias

Belief bias

In-group bias

Hindsight bias

11. When does the straw man fallacy occur?

When a person tries to disprove a claim based on its source.

When a person falsifies or overstates an adversary’s position.

When a person considers only 2 alternatives even when other options are available.

When a decision maker dismisses an alternative that fails to solve the issue completely.

12. Which of the following types of unemployment is considered to be the most controllable through demand-side macroeconomic policy?

Cyclical unemployment

Natural unemployment

Structural unemployment

Frictional unemployment

13. Microeconomics and macroeconomics are:

Interrelated because both are often taught by the same instructors

Interrelated because what happens in the economy as a whole is based on individual decisions

Virtually identical, though one is much more difficult than the other

Not related because they are taught separately

14. Article 6 of the Treaty on European Union called the Maastricht Treaty states the EU is “founded” on:

specific performance

stare decisis


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