5 Written questions
5 Matching questions
- What happens to price in the longrun if firms are making economic profits in a perfectly competitive mkt.?
- A demand curve faced by a monopolist is the same as the MR curve. T or F
- Price discrimination conditions
- What does the U.S. Postal service have a monopoly on?
- In a monopoly how can total economic profit be found?
- a delivery of first-class mail
- b this is false
- c More firms enter and this pushes the price down
- d no reale, monoploy power, market segregation
- e By subtracting total cost from total revenue or (PxQ) - (ATCxQ)
5 Multiple choice questions
- NO they do not
- 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]
- The price will rise.
- Yes they do
- public ownership or regulation
5 True/False questions
How do you figure total cost in any industry? → ATC x Q
Market segregation → Original purchaser cannot resale product because their is no market for it:resale is impossible
A monopoly like perfect competition mazimizes profits at a point where MR=MC? T or F → Where marginal revenue is equal to marginal costs.
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.
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.