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5 Written questions

5 Matching questions

  1. What happens to price in the longrun if firms are making economic profits in a perfectly competitive mkt.?
  2. A demand curve faced by a monopolist is the same as the MR curve. T or F
  3. Price discrimination conditions
  4. What does the U.S. Postal service have a monopoly on?
  5. In a monopoly how can total economic profit be found?
  1. a delivery of first-class mail
  2. b this is false
  3. c More firms enter and this pushes the price down
  4. d no reale, monoploy power, market segregation
  5. e By subtracting total cost from total revenue or (PxQ) - (ATCxQ)

5 Multiple choice questions

  1. NO they do not
  2. AN industry inwhich economies of scale are so great that a single firm can produce the product at a lower average totalo cost then would be possible if more then one firm produced the product]
  3. The price will rise.
  4. Yes they do
  5. public ownership or regulation

5 True/False questions

  1. How do you figure total cost in any industry?ATC x Q


  2. Market segregationOriginal purchaser cannot resale product because their is no market for it:resale is impossible


  3. A monopoly like perfect competition mazimizes profits at a point where MR=MC? T or FWhere marginal revenue is equal to marginal costs.


  4. In what are of elasticity of demand curve will a monoploist want to operate?In some price and quantity region within the elastic region of elasticisty but.


  5. In a Monoply short run supply curve is equivalent to what?Long run supply curve and marginal costs so MC=short and long run supply curve.


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