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5 Written Questions

5 Matching Questions

  1. A perfectly competitive firm should always...
  2. Where is the MR curve in relation to the damnd curve on a monopoly graph?
  3. When does a natural monopoly exist?
  4. What are the two major public policies toward natural monopolies:
  5. Where on a graph doe sa monoploly set price to maximize profit?
  1. a Produce the quantity where its marginal cost equals its marginal revenue
  2. b public ownership or regulation
  3. c MR curve is always below the demand curve
  4. d Whne a large firm can produce a product at a lower per unit cost than can a smaller firm.
  5. e Price minus ATC=profit per unit

5 Multiple Choice Questions

  1. Seperation of buyers into distinct classes (ex: elderly, children, business travelers, non-business travelers
  2. Above MC yet in the elastic region
  3. NO
  4. a smaller quantity,charges a higher price, and earns a positive economic profit
  5. only one firm can survive

5 True/False Questions

  1. Where is profit maximizing price in a monopoly?It is at the point where marginal revenue equals marginal cost (MR=MC) pg. 208)

          

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

          

  3. How do you figure profit in a monopoly?TR - TC or (P- ATC) xQ

          

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

          

  5. What is price descrimination?Yes

          

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