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5 Written Questions

5 Matching Questions

  1. In what are of elasticity of demand curve will a monoploist want to operate?
  2. Where is profit maximizing output on a graph of a monopoly?
  3. Is selling cheaper in bulk a price discrimination?
  4. If the monoplist increases output, what will the price do?
  5. At what point on the ATC curve is equilibrium?
  1. a At the lowest point on the ATC curve.
  2. b In some price and quantity region within the elastic region of elasticisty but.
  3. c Yes
  4. d The price will fall.
  5. e It is at the point where marginal revenue equals marginal cost (MR=MC) pg. 208)

5 Multiple Choice Questions

  1. Whne a large firm can produce a product at a lower per unit cost than can a smaller firm.
  2. More firms enter and this pushes the price down
  3. no reale, monoploy power, market segregation
  4. Monopolys charge a higher price and customers are willing to pay it due to low elasticity of demand.
  5. the good is supplied by the government or by a firm owned by the government

5 True/False Questions

  1. A monopoly restricts output and charges higher price relative to what would occur if a market were perfectly competitive. T or Fbehave more like a perfectly competitive firm

          

  2. At what point of Demand curve does a monopoly operate?Downward sloping

          

  3. When is a mon0poly not illegal?No

          

  4. In a monopoly why does the MR curve lie below the Demand curve?1.Legal barriers-franchising, licensing, patents 2.Economies of Scale3. Contorl of important inputs4. pricing and other strategic barriers

          

  5. A monopoly like perfect competition mazimizes profits at a point where MR=MC? T or FFalse

          

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