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5 Written questions

5 Matching questions

  1. what does the demand curve of a monopoly look like?
  2. What is another name for economies of scale?
  3. A monopoly like perfect competition mazimizes profits at a point where MR=MC? T or F
  4. The short run supply curve of an individual firm in a perfectly competitive mkt. is identical with what?
  5. At what point on the ATC curve is equilibrium?
  1. a At the lowest point on the ATC curve.
  2. b True
  3. c Downward sloping
  4. d The portion of the MC curve above the minimum of the AVC curve
  5. e Economies of Mass production

5 Multiple choice questions

  1. The price will fall.
  2. Price is set in elastic region at the price that the industry believes the customer is willing to pay...NOT where MR=MC which is where price is set in perfect competition.
  3. delivery of first-class mail
  4. earning profits, generating losses, breaking even.
  5. behave more like a perfectly competitive firm

5 True/False questions

  1. Is a stock market a perfectly competitive market?MR=MC Profit is maximized by producing the quantity for which the marginal cost is equal to the marginal revenue


  2. A perfectly competitive INDUSTRY has what kind of demand curvethe firm is earning zero economic profits and is covering explicit and implicit costs


  3. Is selling at higher rates to business travelers price discrimination?Normal rate of return


  4. How does a monopoly affect income inequality?Whe it was created by the government


  5. What does price regulation do to 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