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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. At what point on the ATC curve is equilibrium?
  3. A perfectly competitive firm should always...
  4. Does a monopoly set price to maximize profit?
  5. When is a mon0poly not illegal?
  1. a At the lowest point on the ATC curve.
  2. b Where P=ATC on Demand curve
  3. c Whe it was created by the government
  4. d Produce the quantity where its marginal cost equals its marginal revenue
  5. e Yes they do

5 Multiple choice questions

  1. Zero economic profits (normal rate of return) this is where MR=MC
  2. Selling the same product to different buyers at different prices (ex: discounts for the elderly)
  3. Ability to control output nad price
  4. De Beers
  5. When MR=MC

5 True/False questions

  1. In a perfectly competitive mkt. if TR<TC what is happening?Company is generating economic profits


  2. monopolist will expand production only within the elastic portion of demand curve (why?behave more like a perfectly competitive firm


  3. In a monopoly what is equal to price?Above MC yet in the elastic region


  4. 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.


  5. what are the characteristics of pure competition (perfect competition)?large number of buyers and sellers, homogenous (standardized) product, no barriers to new firms entering mkt., firms are price takers and have a perfectly elastic demand.


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