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5 Written questions

5 Matching questions

  1. Is selling cheaper in U.S. then in RUssia price discrimination?
  2. When is a mon0poly not illegal?
  3. Patent
  4. Where is profit maximizing output on a graph of a monopoly?
  5. Why can't a firm in a perfectly competitive industry charge a price above the market-clearing price?
  1. a Yes
  2. b An exclusive right of inventors to produce and sell a new product or machine for 20 years from the time of application
  3. c Numerous competitors produce the same product and charge the MARKET price
  4. d Whe it was created by the government
  5. e It is at the point where marginal revenue equals marginal cost (MR=MC) pg. 208)

5 Multiple choice questions

  1. No
  2. negatively sloped
  3. NO they do not
  4. Where P=MC on Demand curve
  5. Company is generating economic losses

5 True/False questions

  1. Monopoly powerOriginal purchaser cannot resale product because their is no market for it:resale is impossible


  2. What is another name for zero economic profit?Selling the same product to different buyers at different prices (ex: discounts for the elderly)


  3. What happens to price in the longrun if firms are making economic losses in a perfectly competitive mkt.?Firms leave the industry and the price goes up


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


  5. WHY do costs differ between perfect competion industry and monpoly industry?P x Q


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