How often Market structures: perfect competition to monopoly is asked
5 of 5
papers asked it
avg 14 marks · last Oct 2017
Where it was asked
What costs marks here
Marker’s traps come from memos. We don’t have one for this module yet.
A memo tells us what the markers actually rewarded and penalised. With one, this section fills in for every student — help us get one.
The questions
Oct/Nov 2017, QB.252 marks · multiple choice
This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Complete the following statement about market structures: in a perfectly competitive market, there are ______ so that no single firm can influence the market price, meaning firms in such a market are ______; a monopolist, by contrast, is a ______, and its supply equals the market supply.
Oct/Nov 2017, QB.272 marks · multiple choice
This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. What is the price elasticity of demand facing a single firm operating in a perfectly competitive industry?
Oct/Nov 2017, QB.282 marks · multiple choice
This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. A diagram of a perfectly competitive firm shows a U-shaped average cost curve (AC) and a rising marginal cost curve (MC), together with a horizontal price line where average revenue equals marginal revenue (AR = MR) at R10. The MC curve crosses the AC curve at point E3, where quantity equals 1 200 units and average cost equals R13. Based on this diagram, what is this firm making?
Oct/Nov 2017, QB.292 marks · multiple choice
This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Complete the following statement: in the long run, ______ will ______ the industry so that the market supply curve shifts to the ______ until prices ______ sufficiently to allow all firms to make a normal profit only.
May/Jun 2017, QB252 marks · multiple choice
This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Fill in the blanks: 'In a perfect competition there are ____ buyers and sellers, so that all sellers and buyers are ____, while in a monopolistic market there are ____, making sellers ____.'
May/Jun 2017, QB262 marks · multiple choice
This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). A firm operating in a perfectly competitive market sells its goods for R10 per unit. If its average fixed cost is R5 and its average variable cost is R7, which one of the following statements is correct?
May/Jun 2017, QB272 marks · multiple choice
This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). A table shows the total cost of production for a firm in a perfectly competitive market: at 100 units the total cost is R10 000, at 101 units it is R10 200, at 102 units it is R10 320, and at 103 units it is R10 400. If the market price of the good is R200, how many units should the firm produce in order to maximise its profits?
May/Jun 2017, QB282 marks · multiple choice
This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). A diagram shows the short-run conditions of a firm in a perfectly competitive market, with unit revenue and cost on the vertical axis and quantity on the horizontal axis. The horizontal price line AR = MR sits at 145, and the marginal cost (MC) curve crosses it at equilibrium point E1, corresponding to a quantity of 725 units. The average cost (AC) curve reaches its minimum value of 115 at point M, which lies directly below E1 on the AC curve. Based on this diagram, this firm is making:
May/Jun 2017, QB292 marks · multiple choice
This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Continuing from the same short-run diagram of a perfectly competitive firm (price line AR=MR at 145, equilibrium E1 at 725 units, minimum AC of 115 at point M), fill in the blanks: 'In the long run ______ will ____ the industry so that the market supply curve shifts to the ____, until prices ______ sufficiently so that all firms make a normal profit only.'
May/Jun 2016, Q551.43 marks · multiple choice
Identify which one of the following is not a requirement for or characteristic of perfect competition.
May/Jun 2016, Q561.43 marks · multiple choice
Consider the following characteristics: (i) influence over market price; (ii) product differentiation; (iii) complete information; (iv) agreements between sellers to control supply. Which of these characteristics are not associated with perfect competition?
May/Jun 2016, Q571.43 marks · multiple choice
If a firm faces a perfectly elastic demand for its product, which of the following relationships holds?
May/Jun 2016, Q581.43 marks · multiple choice
In a perfectly competitive industry, the market price is R20. An individual firm produces output at which MC = R25. What should the firm do to maximise short-run profits or minimise losses?
May/Jun 2016, Q591.43 marks · multiple choice
Explain why perfectly competitive firms earn normal profit only in the long run.
May/Jun 2016, Q601.43 marks · multiple choice
Complete the statement: if a firm in a perfectly competitive industry raises its price above market price ___.
May/Jun 2016, Q611.43 marks · multiple choice
A firm sells its product in a perfectly competitive market at a price of R120 per unit. Its cost structure is as follows: total cost at zero units produced is R48; the marginal cost of the first unit is R32; total variable cost at two units is R100; total cost at three units is R216; marginal cost of the fourth unit is R104; average cost at five units is R88; and total variable cost at six units is R564. What is the total cost of producing one unit?
May/Jun 2016, Q621.43 marks · multiple choice
Using the same cost structure for the firm selling its product at R120 per unit, how many units must the firm produce in order to maximise profits?
May/Jun 2016, Q631.43 marks · multiple choice
Using the same cost structure, what is the marginal cost of the sixth unit?
May/Jun 2016, Q641.43 marks · multiple choice
Refer to a diagram plotting revenue and cost against quantity per period, showing MC, AC and AVC curves, with marked points a, b, c, d and e corresponding respectively to prices P5, P4, P3, P2 and P1 at quantities Q5, Q4, Q3, Q2 and Q1. Which statement is incorrect?
May/Jun 2016, Q651.43 marks · multiple choice
Complete the statement: a perfectly competitive industry is in equilibrium in the long run if ___.
May/Jun 2015, Q481.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine the shape of the demand curve for the product faced by the individual firm under perfect competition.
May/Jun 2015, Q491.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which condition must exist for perfect competition to exist in a market.
May/Jun 2015, Q501.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements is correct under conditions of perfect competition.
May/Jun 2015, Q511.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which one of the following statements about profit maximisation under perfect competition is correct.
May/Jun 2015, Q521.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Under perfect competition, determine which part of the firm's cost curves represents the firm's supply curve.
May/Jun 2015, Q531.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what normal profit implies about a firm's costs and revenues.
May/Jun 2015, Q541.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram shows the price, marginal cost (MC), average cost (AC) and average variable cost (AVC) curves facing a perfectly competitive firm in the short run. The horizontal price line is drawn at R20. The AVC curve reaches its minimum of R8 at an output of 60 units per day. The MC curve intersects the AVC curve at R8 and output 60, intersects the AC curve at R12 and output 80, and intersects the price line at R20 and output 100. Determine where the firm will maximise profit in the short run.
May/Jun 2015, Q551.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same diagram (price R20; AVC minimum R8 at 60 units; MC=AC=R12 at 80 units; MC=Price=R20 at 100 units), determine the total revenue of the profit-maximising firm in the short run.
May/Jun 2015, Q561.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same diagram (price R20; AVC minimum R8 at 60 units; MC=AC=R12 at 80 units; MC=Price=R20 at 100 units), determine the firm's profit-maximising output in the short run.
May/Jun 2015, Q571.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Under perfect competition, determine the condition under which the industry will be in equilibrium in the long run.
May/Jun 2015, Q581.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements about monopoly: (a) the demand curve for its product is the same as the market demand curve for the product of the industry; (b) the firm faces a perfectly elastic demand curve; (c) the monopolistic firm can continue to earn economic profits in the long run, as long as the demand for its product remains intact. Determine which combination of these statements is/are correct.
May/Jun 2015, Q591.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine which of the following is NOT an important feature of monopolistic competition.
May/Jun 2015, Q601.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine under which market structure collusion is possible.
Oct/Nov 2014, Q491.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which of the following statements about perfect competition is true?
Oct/Nov 2014, Q501.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. What is the shape of the demand curve facing a perfectly competitive firm for its product?
Oct/Nov 2014, Q511.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Refer to a diagram with MC and MR on the vertical axis and quantity (Q) on the horizontal axis, showing a U-shaped marginal cost (MC) curve and a horizontal marginal revenue (MR) line, with output level Q1 marked where the declining, initial portion of the MC curve intersects the MR line (before MC reaches its minimum and rises again to cross MR a second time). At Q1 in this diagram, what is the situation of the perfectly competitive firm?
Oct/Nov 2014, Q521.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Refer to a diagram with price (P) on the vertical axis and quantity (Q) on the horizontal axis, showing a U-shaped average cost (AC) curve and a rising marginal cost (MC) curve, together with a horizontal price line at P1 which also represents MR = AR. The MC curve crosses the price line at output A on its declining portion, the AC curve reaches its minimum near outputs B and C, and the AC curve again equals the price line further out at output D. Which one of outputs A, B, C or D indicates the firm's profit-maximising output?
Oct/Nov 2014, Q531.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Under perfect competition, if the price of a firm's product is higher than its average cost, what is the firm doing?
Oct/Nov 2014, Q541.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Under perfect competition, what does the rising part of the firm's marginal cost curve above the minimum of average variable cost represent?
Oct/Nov 2014, Q551.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. At what level do firms operating under monopoly set their equilibrium price?
Oct/Nov 2014, Q561.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which one of the following statements about market structure is correct?
Oct/Nov 2014, Q571.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Under which condition does a monopoly maximise profit?
Oct/Nov 2014, Q581.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which of the following is NOT a characteristic of a monopoly?
Oct/Nov 2014, Q591.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which of the following statements is NOT a feature of a monopolistic competition?
Oct/Nov 2014, Q601.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Refer to a monopoly diagram with price per unit (P) on the vertical axis and quantity per period (Q) on the horizontal axis, showing a downward-sloping demand/average-revenue curve (D = AR), a marginal revenue curve (MR) below it, and an upward-sloping supply/marginal-cost curve (S = MC). The monopoly equilibrium (Em) occurs at monopoly price Pm and monopoly quantity Qm where MR = MC, while the competitive equilibrium (Ec) occurs at competitive price Pc and competitive quantity Qc where D = S. Area A lies above Pc between the vertical axis and Qm up to Pm; area B lies between Em, Ec and the demand curve near Qm; and area C lies below Pc between the S curve, Ec and Qm. Which area(s) represent the social costs of the monopoly?
Oct/Nov 2014, Q611.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Referring to the same monopoly diagram described above (with Pm, Qm, Pc, Qc, D=AR, MR and S=MC), at which output and price combination will the monopoly make maximum profit?
The full Spot Map and the marks by year.