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5 Written Questions

5 Matching Questions

  1. What is equal to Price in a perfectly competitive mkt.?
  2. Where do monoplys set price?
  3. Is a stock market a perfectly competitive market?
  4. Where on a graph doe sa monoploly set price to maximize profit?
  5. How do you figure total cost in any industry?
  1. a YES
  2. b P=MR=AR=D
  3. c Price minus ATC=profit per unit
  4. d Above MC yet in the elastic region
  5. e ATC x Q

5 Multiple Choice Questions

  1. perfect (pure) competition, monopoly,monopolistic competition, oligopoly
  2. economies of scale, x-inefficiency, the need for monopoly preserving expenditures, and the VERY long-run prespective
  3. An exclusive right of inventors to produce and sell a new product or machine for 20 years from the time of application
  4. MR=MC Profit is maximized by producing the quantity for which the marginal cost is equal to the marginal revenue
  5. NO

5 True/False Questions

  1. What are welfare losses?the loss to consumers is greater than the gain in profits for the monopoly and total surplus is less under monopoly than under perfect competition

          

  2. In a monopoly what are the barriers to entry?the loss to consumers is greater than the gain in profits for the monopoly and total surplus is less under monopoly than under perfect competition

          

  3. A firm that is producing at the lowest possible average cost is always:productively efficient

          

  4. compa red to a fir m und er PC, a m onopo list producesa smaller quantity,charges a higher price, and earns a positive economic profit

          

  5. In a perfectly competitive mkt. if TR=TC what is happening?Company is generating economic profits

          

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