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5 Written questions

5 Matching questions

  1. Is selling at higher rates to business travelers price discrimination?
  2. At what point of Demand curve does a monopoly operate?
  3. Are monopolys efficient?
  4. A monopoly like perfect competition mazimizes profits at a point where MR=MC? T or F
  5. A perfectly competitive firm should always...
  1. a Produce the quantity where its marginal cost equals its marginal revenue
  2. b NO, because the monopoly will produce less so they can charge a higher price.
  3. c Yes
  4. d Where P exceeds ATC.
  5. e True

5 Multiple choice questions

  1. At the poin where price and quantity meet the Demand curve.
  2. perfectly elastic demand curve
  3. ATC x Q
  4. Monopolys charge a higher price and customers are willing to pay it due to low elasticity of demand.
  5. NO they do not

5 True/False questions

  1. What laws make monopolys illegal?No


  2. In a perfectly competitive market where is equilibrium?Company is generating economic losses


  3. What does price regulation of natural monopolies NOT lead to?Whne a large firm can produce a product at a lower per unit cost than can a smaller firm.


  4. A perfectly competitive INDUSTRY has what kind of demand curveProduce the quantity where its marginal cost equals its marginal revenue


  5. What are charcteristics fo a monopoly?1.One seller-firm and the industry are the same2.Unique product/no substitutes3.major barriers to mkt.entry4.Price Makers who pick price that will max profits5. downward sloping demand