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5 Written Questions

5 Matching Questions

  1. In a monoply where is the market demand curve?
  2. a monopolist that faces a market with very elastic demand will do what?
  3. At what point on demand curve is Socially optimal price?
  4. compa red to a fir m und er PC, a m onopo list produces
  5. What are charcteristics fo a monopoly?
  1. a a smaller quantity,charges a higher price, and earns a positive economic profit
  2. b behave more like a perfectly competitive firm
  3. c It is above the MR curve and is the SAME as the demand curve because the firm and the industry are one.
  4. d 1.One seller-firm and the industry are the same2.Unique product/no substitutes3.major barriers to mkt.entry4.Price Makers who pick price that will max profits5. downward sloping demand
  5. e Where P=MC on Demand curve

5 Multiple Choice Questions

  1. MR=MC Profit is maximized by producing the quantity for which the marginal cost is equal to the marginal revenue
  2. public ownership or regulation
  3. Continue operations
  4. earning profits, generating losses, breaking even.
  5. Increases income inequality

5 True/False Questions

  1. What is price descrimination?Yes


  2. In a perfectly competitive mkt. if TR>TC what is happening?the firm is earning zero economic profits and is covering explicit and implicit costs


  3. Why are pure monoplies a rarity?Anti-Trust laws


  4. A firm that is producing at the lowest possible average cost is always:To reduce costs.


  5. WHo had/has a monopoly on diamonds?No


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