15. Alex is playing volume his music at full volume in his dorm room. The other

Question

15. Alex is playing volume his music at full volume in his dorm room. The other people living on his floor find this to be nuisance, but Alex does not care. Alex's music playing is an example of a: (Points : 5)
negative externality.
positive externality.
normative externality.
Pareto externality.


16. Calculate the Herfindahl index with the following data on market share: Breyer's 20%, Haagen Dazs 15%, Ben & Jerry's 12%, Edy's 17%, Healthy Choice 10%, and X Store brand 26%. (Points : 5)
78
100
1778
1834


17. In a monopolistically competitive market: (Points : 5)
firms produce differentiated products.
there are barriers to entry.
firms produce homogeneous products.
the demand for any firm's product is perfectly elastic.


18. The best example of a public good is: (Points : 5)
peanut butter.
insurance.
textbooks.
national defense.


19. In the long run, the monopolistic competitor will most likely: (Points : 5)
be earning zero economic profit.
be operating at the lowest point on its average total cost curve.
Produce where MR equals price.
All of the above.


20. An industry that has many sellers offering slightly differentiated products is called: (Points : 5)
perfectly competitive.
monopolistically competitive.
oligopolistic.
monopolistic.

Explanation / Answer

15. negative externality. 16. 78 17. firms produce differentiated products. 18. national defense. 19. All of the above. 20. monopolistically competitive.

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