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5 Written questions

4 Matching questions

  1. Are coupons price discriminators?
  2. Does a monopoly set price to maximize profit?
  3. Is a natural monopoly illegal?
  4. Does a monopoly firm always earn an economic profit?
  1. a NO they do not
  2. b Yes
  3. c No
  4. d Yes they do

5 Multiple choice questions

  1. In perfect competition if profits are being made other firms will enter the industry bringing prices down. In a monoply no new firms can enter due to barriers, therefore the monoply will continue to make profits.
  2. TR - TC or (P- ATC) xQ
  3. earning profits, generating losses, breaking even.
  4. It is above the MR curve and is the SAME as the demand curve because the firm and the industry are one.
  5. Where marginal revenue is equal to marginal costs.

5 True/False questions

  1. WHo had/has a monopoly on diamonds?De Beers

          

  2. Why are pure monoplies a rarity?Few goods and services rarely have only one producer

          

  3. What does the U.S. Postal service have a monopoly on?delivery of first-class mail

          

  4. When does a natural monopoly exist?Whne a large firm can produce a product at a lower per unit cost than can a smaller firm.

          

  5. Where is profit maximizing price in a monopoly?It is at the point where marginal revenue equals marginal cost (MR=MC) pg. 208)

          

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