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5 Written questions

5 Matching questions

  1. Patent
  2. In a perfectly competitive mkt. if TR<TC what is happening?
  3. In what are of elasticity of demand curve will a monoploist want to operate?
  4. A monopoly like perfect competition mazimizes profits at a point where MR=MC? T or F
  5. A monopoly firm can sell as much as it wants at any price if likes? T or F
  1. a In some price and quantity region within the elastic region of elasticisty but.
  2. b False
  3. c Company is generating economic losses
  4. d True
  5. e An exclusive right of inventors to produce and sell a new product or machine for 20 years from the time of application

5 Multiple choice questions

  1. Original purchaser cannot resale product because their is no market for it:resale is impossible
  2. P > MR and/or MR < P
  3. When MR=MC
  4. limits the price that a monopoist is allowed to charge
  5. Yes

5 True/False questions

  1. In a monopoly what are the barriers to entry?1.Legal barriers-franchising, licensing, patents 2.Economies of Scale3. Contorl of important inputs4. pricing and other strategic barriers


  2. A firm in a perfectly competitive industry has what kind of demand curve?perfectly elastic demand curve


  3. A demand curve faced by a monopolist is the same as the MR curve. T or Fthis is false


  4. Where is profit maximizing output on a graph of a monopoly?It is at the point where marginal revenue equals marginal cost (MR=MC) pg. 208)


  5. Are monopolys efficient?NO, because the monopoly will produce less so they can charge a higher price.


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