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5 Written questions

5 Matching questions

  1. What are charcteristics fo a monopoly?
  2. What is another name for economies of scale?
  3. Is a natural monopoly illegal?
  4. In a perfectly competitive mkt. if (price)AR >AVC or equal to what should the firm do?
  5. In a monopoly what is equal to price?
  1. a AR/Average Revenue
  2. b continue business
  3. c No
  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 Economies of Mass production

5 Multiple choice questions

  1. delivery of first-class mail
  2. Produce the quantity where its marginal cost equals its marginal revenue
  3. Yes
  4. It is at the point where marginal revenue equals marginal cost (MR=MC) pg. 208)
  5. Whe it was created by the government

5 True/False questions

  1. In economies of scale why can't a new firm compete even if they try?only one firm can survive


  2. Is selling cheaper in bulk a price discrimination?Selling the same product to different buyers at different prices (ex: discounts for the elderly)


  3. If the monoplist increases output, what will the price do?The price will fall.


  4. In a perfectly competitive mkt. a firm oculd be doing what in the shortrun?Company is generating economic losses


  5. Where do monoplys set price?Ability to control output nad price


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