AP Micro: Monopoly

AP Micro: Monopoly

11th - 12th Grade

50 Qs

quiz-placeholder

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AP Micro: Monopoly

AP Micro: Monopoly

Assessment

Quiz

11th - 12th Grade

Practice Problem

Medium

Created by

Jason Lee

Used 182+ times

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50 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A single-price monopolist is currently producing in the inelastic portion of its market demand curve. In order to maximize profits, the monopolist should change the price and quantity in which of the following ways? 

P=Increase; Q=Increase
P=Increase; Q=Decrease
P=Decrease; Q=Decrease
P=No Change; Q=Increase

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the goal of government regulators of a natural monopoly is to reduce deadweight loss without subsidizing the monopolist, government regulators would set a price equal to:

Average variable cost
Average total cost
Average fixed cost
Marginal cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The profit-maximizing combination of output and price for a single-price monopoly is:

Q1 & P1
Q2 & P3
Q1 & P4
Q3 & P2

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

If the monopolist could engage in perfect price discrimination, the monopolist’s total output and the price charged for the last unit of output sold would be:

Q1 & P1
Q2 & P3
Q1 & P2
Q3 & P2

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A firm with market power engages in price discrimination to:

earn a higher profit
increase consumer surplus
decrease deadweight loss
make its demand more elastic 

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Compared to a perfectly competitive industry with the same demand and cost curves, a monopoly’s price and quantity will be which of the following? 

P=Higher; Q=Same
P=Lower; Q=Same
P=Lower; Q=Higher
P=Higher; Q=Lower

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

For the firm shown in the graph above, the short- run, profit-maximizing strategy would be to set output at:

Q1, price at P3, and earn an economic profit 
Q1, price at P1, and suffer a loss 
Q2, price at P2, and earn an economic profit 
Q2, price at P2, and earn only a normal profit 

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