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5 Written questions

5 Matching questions

  1. At what point on demand curve is fair market price for a monopoly?
  2. Where is the MR curve in relation to the damnd curve on a monopoly graph?
  3. A firm sells grapefuit at $1.50 a pound what is the firms marginal revenue?
  4. A firm that is producing at the lowest possible average cost is always:
  5. compa red to a fir m und er PC, a m onopo list produces
  1. a productively efficient
  2. b a smaller quantity,charges a higher price, and earns a positive economic profit
  3. c MR curve is always below the demand curve
  4. d Where P=ATC on Demand curve
  5. e equals $1.50 because in a perfectly comp. industry P=AR=MR=D

5 Multiple choice questions

  1. not earn an economic profit but be allocatively efficient and productively efficient
  2. More firms enter and this pushes the price down
  3. To reduce costs.
  4. Selling the same product to different buyers at different prices (ex: discounts for the elderly)
  5. AR/Average Revenue

5 True/False questions

  1. A monopoly firm can sell as much as it wants at any price if likes? T or FTrue


  2. What does the U.S. Postal service have a monopoly on?limits the price that a monopoist is allowed to charge


  3. 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.


  4. What laws make monopolys illegal?Anti-Trust laws


  5. Assume that a perfectly competive firm that produces widgets is in long-run equilibrium. Then suddenly the market demand for widgets increases. The firm willZero economic profits (normal rate of return) this is where MR=MC