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The monopolist determines the price and quantity combination

The monopolist determines the price and quantity combination that maximizes short-ru… Show more Question 1 The monopolist determines the price and quantity combination that maximizes short-run profits by Question 1 options: determining the price by finding the highest price at which sales can be made and then using the demand curve to find the appropriate quantity. finding the quantity where marginal cost and marginal revenue are equal and then using the demand curve to find price. finding the quantity where average revenue and average total cost are furthest apart. finding the point where marginal revenue and demand intersect. This gives the price and quantity that maximizes profits. Question 2 A group of firms that try to work together to earn monopoly profits is called a(n) Question 2 options: monopoly. cartel. natural monopoly. public enterprise. Question 3 A monopolist has four distinct groups of customers. Group A has an elasticity of demand of 0.2, B has an elasticity of demand of 0.8, C has an elasticity of demand of 1.0, and D has an elasticity of demand of 2.0. The group paying the highest price for the product will be Question 3 options: D. B. C. A. Question 4 A barrier to entry is Question 4 options: the situation when the government produces a good instead of relying on private firms to produce the good. a restriction on the profits that a monopoly can make. a restriction on starting a business. a term used to explain why monopolies always make economic profits. Question 5 If a monopolist produces at a point where marginal revenue is more than marginal cost then Question 5 options: the firm should increase output. the firm should reduce output. the firm is maximizing profits. we do not know if the firm should increase or reduce without more information. Question 6 Considering the spectrum of market structures and moving from pure competition to pure monopoly we can say that: Question 6 options: entry barriers get lower but exit gets more difficult entry gets harder and the number of firms dwindles entry becomes harder but exit becomes easier none of the above Question 7 Monopolies misallocate resources because Question 7 options: price does not equal marginal cost. price does not equal average total cost. profits are usually positive. marginal cost does not equal average total cost. Question 8 Total consumer surplus in a market is measured as the Question 8 options: area bounded below the market clearing price and above the market supply curve. vertical distance from the horizontal (quantity) axis to the market clearing price. horizontal distance from the vertical (price) axis to the equilibrium quantity. area bounded above the market clearing price and beneath the market demand curve. Question 9 Which of the following is not a restriction the government imposes to keep potential entrants out of a market? Question 9 options: Patents Copyrights Imperfect capital markets Tariffs Question 10 To induce an increase in the quantity demanded of its product, a monopolist must reduce the Question 10 options: quality of its product and thereby generate a downward movement along its ATC curve. quality of its product and thereby generate a downward shift its ATC curve. price of its product and thereby generate a rightward shift in its demand curve. price of its product and thereby generate a rightward movement along its demand curve. Question 11 A patent provides legal protection for an invention for Question 11 options: 9 years. 3 years. 20 years. 5 years. Question 12 Refer to the above table. Given the demand and cost schedules, what is the profit-maximizing price for this monopolist? Question 12 options: 20 7 3 24 Question 13 For a monopolist the reason that marginal revenue is less than price is Question 13 options: due to the U-shaped average revenue curve. due to the perfectly elastic demand curve that the monopolist faces. because of the lack of competition in the market. because the monopolist must lower the price of the good in order to sell an additional unit. Question 14 Entry barriers are most significant in Question 14 options: pure monopoly. monopolistic competition. pure competition. oligopoly. Question 15 Refer to the above table. Given the demand and cost schedules, what does profit equal for this monopolist? Question 15 options: 68 220 500 152 Question 16 Successive downward movements along the demand curve for the product of a monopolist always generate successive Question 16 options: decreases in the additional per-unit revenues earned by the monopolist. increases in the monopolist’s average total costs. increases in the monopolist’s marginal revenue. decreases in the additional per-unit costs incurred by the monopolist. Question 17 The market structure where there is a single supplier of a good or service for which there is no close substitute is Question 17 options: the most economically efficient market structure. a price searcher. a monopoly. a tariff. Question 18 Some industries exist where, in order to enter the industry a firm must incur a large fixed cost before being able to start producing. Which of the following statements is true? Question 18 options: The government always produces these goods. This creates barriers to entry and firms will earn monopoly profits. This situation usually means that the government steps in and provides firms with startup costs. This industry will attract a lot of firms. Question 19 Which of the following statements is true about the price that a monopolist charges? Question 19 options: Too much of the good is being produced in a competitive market and not enough is being produced in a monopoly. Due to the way that prices are set. The value that society places on the last unit produced in a monopoly is greater than its cost. The price is the same as the price that would be charged if there was perfect competition. The difference between the price charged by a monopolist and a perfect competitor is due to differences in costs. Question 20 Refer to the above figure. Profits for this firm are Question 20 options: negative. zero. positive. undetermined without more information. • Show less

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