PHI 445 Week 3 Quiz

Topics: Economics, Competition, Monopoly Pages: 2 (385 words) Published: October 28, 2014

The file PHI 445 Week 3 Quiz includes right solutions on the following questions: 1. Question : The common definition of price fixing is: 2. Question : Efficiency comes about in perfectly competitive free markets when: 3. Question : When a company sells a buyer certain goods only on condition that the buyer also purchases other goods from the firm, this is known as: 4. Question : Which of the following are characteristics of a perfectly free economy? 5. Question : When a buyer purchases a good, each additional item of a certain type is 6. Question : In a perfectly free competitive market, no buyer or seller has the power to significantly affect the price of a good. 7. Question : In a perfectly free economy, all buyers and sellers are utility maximizers: Each tries to get as much as possible for as little as possible. 8. Question : In a monopoly, there is only one seller, but other sellers can enter the market. 9. Question : Proponents of the Antitrust view argue that prices and profits in highly concentrated industries are higher than they should be. By breaking up large corporations into smaller units, they claim, higher levels of competition will emerge in those industries. 10. Question : Monopolistic markets and their high prices and profits violate capitalist justice because the seller charges more than the goods are worth. Thus, the prices the buyer must pay are unjust. 11. Question : Environmental damage inevitably threatens the welfare of human beings as well as plants and animals. Threats to the environment come from two sources: pollution and resource depletion. 12. Question : We cannot rely on market mechanisms to ensure adequate conservation for future generations, however. The needs of future generations are so heavily discounted by markets that they hardly affect prices at all. 13. Question : The oil wells are not expected to disrupt the sensitive econ...

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