1. EQ # 11 – AGEC 105 – October 28, 2013 (6 points)
This graph pertains to a firm labeled as a monopolistic competitor.
(1/2pt) 1. If the demand curve were to intersect the quantity axis, the quantity demanded would be equal to _________ units.
(1pt) Which of the following is (are) true about monopolistic competition? List all that apply.
(a) There is product differentiation.
(b) There a few sellers.
(c) The food retailing industry is an example of this market structure.
(d) No firm can influence market prices.
(1pt) According to the graph, how much should this monopolistic competitor produce and what should be the price charged? P
$3.25
$3.00
$2.75 Q MR D MC

2. 1. The graph depicts the situation for a monopsonist. (0
1. The graph depicts the situation for a monopsonist. (0.5pt) (a) What is the name of the unlabeled curve in the diagram? (1pt) (b) For the monopsonist, how much of the input should be used assuming profit maximization and how much should be paid for the corresponding unit? (0.5pt) (c) What is the degree of monopsonistic exploitation?
PINPUT ?
$3.50 S
$2.50
MRP or MVP
$2.25
800
1,000
QINPUT

3. 5. The _____________ Act of 1922 was the principal legislation exempting cooperatives from anti-trust laws. 6. TRUE or FALSE. Federal marketing orders were created in 1937 by way of the Agricultural Marketing Agreement Act. 7. The _____________ Act of 1914 continues to be instrument in investigating monopoly and other restrictive businesses. RANDOM QUESTION If you have 1,000 pennies, 1,000 nickels, 1,000 dimes, and 1,000 half dollars, then how much do you have altogether?

4. Random Question
Who said: “I’m President of the United States, and I’m not going to eat any more broccoli”?