华东师大微观经济学试卷(A卷)2019-6 w answers

华东师范大学期末试卷（A）ECNU Final Exam (A)

2018——2019学年第2学期2nd Semester, 2018-2019 课程名称Course Name：

学生姓名Student Name：学号Student ID：

专业Major：年级/班级Class：

课程性质：公共必修√、公共选修、专业必修、专业选修

1 Multiple Choice (Pick one answer for each question. 5 points each)

1) ________ are sources of market failure.

A) Private goods B) Competitive activities C) Externalities D) All of the above are correct.

2) Assume that the price underestimates the value that society places on the flu vaccine. If firms produce where P = MC, firms will be producing ________ the socially efficient amount of flu vaccine.

A) exactly

B) more than

C) less than

D) sometimes more than and sometimes less than

3) Suppose you know that the breakfast cereal industry is characterized by significant ʺbarriers to entryʺ. Which of the following is a correct inference?

A) Economic profits in the breakfast cereal industry are likely to persist, ceteris paribus.

B) The breakfast cereal industry could be an unregulated, perfectly competitive industry.

C) The government must be artificially restricting entry into the breakfast cereal industry.

D) The breakfast cereal industry is producing a type of public good.

4) Which model of oligopoly results in the greatest efficiency?

A) oligopoly competition in price with differentiated products

B) oligopoly competition in price with homogeneous products

C) oligopoly competition in quantity with homogeneous products

D) oligopoly competition with collusion

5) All of the following are characteristics of monopolistically competitive industries EXCEPT:

A) There are no barriers to entry B) Strategic behavior C) Product differentiation D) A large number of firms

6) Refer to the above table. Firm Aʹs dominant strategy is

A) to advertise.

B) to not advertise.

C) dependent on what Firm B does.

D) indeterminate from this information, as no information is provided on Firm Aʹs risk preference.

7) When a sales tax is imposed on the sellers,

A) only sellers pay the tax

B) sellers and buyers share the tax according to their price elasticities

C) only buyers pay the tax

D) none of the above

8) Private goods are ________ in consumption and their benefits are ________.

A) rival; excludable

B) nonrival; excludable

C) nonrival; nonexcludable

D) rival; nonexcludable

9) You own the only stall selling orange juice in a school cafeteria. Your cost for producing one cup of orange juice is $1. Currently, you are charging the same price for one cup of orange juice from every student. If the demand function is p=11-q. What is your profit maximizing price?

A) $10

B) $9

C) $6

D) $1

10) (continuing the last question) You discover that students after PE class buy more orange juice from you. On the other hand, students after a class on calculus appear to be neutral to buying the orange juice. What type of pricing strategy should you use to maximize your profit?

A) charging uniform price

B) practice first degree price discrimination

C) practice second degree price discrimination

D) practice third degree price discrimination