The _____ is both a forum where farmers decide what their dues will purchase, and an organization ...

The _____ is both a forum where farmers decide what their dues will purchase, and an organization that informally coerces payments from them.
 a. beekeeper's cooperative
  b. government cooperative
  c. beekeeper's association
  d. farmer's association

QUESTION 2

For a monopolistically competitive firm in long run equilibrium:
 a. marginal revenue equals marginal cost and price equals average cost.
 b. the economic profits it is earning will soon be competed away by entry.
  c. accounting profits are zero and price equals marginal cost.
 d. marginal revenue equals marginal cost and average total cost is minimized.

QUESTION 3

Farmers can avoid the free rider problem associated with the benefits received from beekeepers by:
 a. forming local associations who contract with beekeepers.
  b. excluding non payers from using the services provided by beekeepers.
  c. fixing a low charge for the service provided by beekeepers.
  d. contracting with selective beekeepers and giving them a share of farm output.

QUESTION 4

Which of the following is not true of long run equilibrium under monopolistic competition?
 a. Price equals marginal cost.
 b. Price equals average cost.
 c. Price equals minimum average total cost.
  d. None of the above.

QUESTION 5

How can the government cut the cost of negotiation among car owners regarding LoJack installation?
 a. The government can impose a quota on the import of LoJacks.
  b. The government can invite public opinion on LoJacks.
  c. The government can limit the number of companies producing LoJacks.
  d. The government can randomly select cars to install LoJacks.

QUESTION 6

Compared to a monopolistic competitor, a monopoly producer who was currently earning economic profits:
 a. would face a more elastic demand curve.
 b. would face a less elastic demand curve.
 c. could continue to earn economic profits for a longer period of time.
  d. would be characterized by both (b) and (c).

QUESTION 7

According to economists, an individual who tries to derive utility from the consumption of a good without paying for it is called:
 a. a utility maximizer.
  b. a free rider.
  c. an opportunist.
  d. a profit maximizer.