. .Document Preview:1 Marks: 1 Under an average-cost pricing policy: Choose one answer. a. a regulatory agency picks a price equal to a natural monopolys marginal cost. b. a regulatory agency picks a price equal to a natural monopolys average fixed cost. c. a regulatory agency picks a price at which a natural monopolys demand curve intersects its average cost curve. d. firms earn economic profits greater than zero. Question 2 Marks: 1 The Telecommunication Act of 1996: Choose one answer. a. eliminated price controls for cable TV service. b. all answers are correct! c. made it possible for cable-TV firms to provide telephone service. d. opened local telephone service to competition. Question 3 Marks: 1 The Celler-Kefauver Act of 1950: Choose one answer. a. closed down a loophole in the Sherman Act by outlawing mergers through the purchase of another firms physical assets. b. banned tying contracts. c. established the FTC. d. closed down a loophole in the Clayton Act by outlawing mergers through the purchase of another firms physical assets. Question 4 Marks: 1 Recall the application on Name Brands Verses Store Brands on page 579.? In stores that introduce store brands at a lower price, usually the price of the name brand:?Choose one answer. a. fell, but stayed above the price of the store brand. b. was unaffected. c. fell below that of the store brand substitute. d. rose. Question 5 Marks: 1 Which of the following is an example of tie-in sales? Choose one answer. a. In order to buy Microsoft Windows, you must also purchase Internet Explorer. b. Prices are set just low enough to prevent other firms from entering the market. c. Bus rides are cheaper for senior citizens than for other people. d. Two companies merge to form one company. Question 6 Marks: 1 The merits of a patent system is: Choose one answer. a. all answers are correct! b. the patent system may precipitate the development of new Attachments: 2302exam-3.docx
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