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Multiple Choice Quiz
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1
The primary reason owners buy sports teams in the U.S. is to
A)entertain the fans.
B)earn profits.
C)provide jobs for athletes.
D)promote the competitive spirit.
2
A cartel is a group of firms that formally agrees to coordinate its production and pricing decisions in a manner that
A)increases market shares.
B)eliminates competitors.
C)maximizes the profits from each member firm.
D)maximizes joint profits.
3
A cartel can be described as a
A)competitively shared market.
B)purely competitive monopoly.
C)jointly shared monopoly.
D)disorganized monopoly market.
4
Laws that prohibit the formation of cartels in most U.S. industries are known as
A)antitrust laws
B)tariffs.
C)usury laws.
D)common laws.
5
The primary source of revenue in professional sports is
A)ticket sales.
B)the merchandising of souvenirs and novelties.
C)concessions and parking.
D)TV and radio broadcast rights.
6
Relative to a competitive market, a cartel will cause prices to
A)fall and output to rise.
B)fall and output to fall.
C)rise and output to fall.
D)rise and output to rise.
7
Firms in a cartel will produce a level of output such that
A)MR equals MC for each firm.
B)joint MR equals joint MC.
C)joint MC equals market demand.
D)MR equals joint total costs.
8
A monopsony will hire workers up to the point where
A)S=D
B)MRP>MCL
C)MRP<MCL
D)MRP=MCL
9
If a basketball player contributes more to her team's total revenues that she receives in wages, the team is experiencing
A)monopsony profit.
B)monopoly profit.
C)competitive profit.
D)economic losses.
10
What is the term for a work stoppage initiated by the management of a firm?
A)strike
B)walk out
C)lock out
D)boycott





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