Question 13.13.   If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will  increase.        become less elastic.        not be affected.        decrease. Question 14.14.   In an oligopolistic market there are  many buyers.        few buyers.        few sellers.        many sellers. Question 15.15.   A low concentration ratio means that  there is a low probability of entering the industry.        there is a low probability of success in the industry.        each firm accounts for a small market share of the industry.        each firm accounts for a large market share of the industry. Question 16.16.   A major reason that firms form a cartel is to  reduce the elasticity of demand for the product.        enlarge the market share for each producer.        minimize the costs of production.        maximize joint profits. Question 17.17.   Which of the following is a land resource?  A farmer        An oil-drilling rig        A machine for detecting earthquakes        Natural gas

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Question 13.13.   If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will 

increase.

       become less elastic.

       not be affected.

       decrease.

Question 14.14.   In an oligopolistic market there are 

many buyers.

       few buyers.

       few sellers.

       many sellers.

Question 15.15.   A low concentration ratio means that 

there is a low probability of entering the industry.

       there is a low probability of success in the industry.

       each firm accounts for a small market share of the industry.

       each firm accounts for a large market share of the industry.

Question 16.16.   A major reason that firms form a cartel is to 

reduce the elasticity of demand for the product.

       enlarge the market share for each producer.

       minimize the costs of production.

       maximize joint profits.

Question 17.17.   Which of the following is a land resource? 

A farmer

       An oil-drilling rig

       A machine for detecting earthquakes

       Natural gas

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