
Unit 4 Review
Quiz
•
Social Studies
•
11th - 12th Grade
•
Practice Problem
•
Hard

Lawrence Rothweiler
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12 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is a source of Monopoly Power?
Scarcity
Elasticity of Demand
Barriers to Entry
Low Profits
Free Markets
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following statements is true for a monopolist at the profit maximizing output level?
Price exceeds marginal revenue
Marginal cost exceeds price
Demand is price elastic
Price equals MC, whic equals ATC
The demand curve intersects the supply curve
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following statements is true for a perfectly competitive firm but not true for a monopoly
The Firm's price is equal to its average revenue
The firm cannot affect the market price for its good
It is difficult for other firms to enter the industry
The demand for the firms product is unit elastic
The firm must lower its price in order to sell more of its product
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Most economists argue that a monopoly is inefficient because it
Has no incentive to minimize its costs
produces too little output and sets a price above marginal cost
earns too much profit by charging consumers any price it wants
produces too much output and this wastes scarce resources
usually produces unsafe products if not regulated by government
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A profit-maximizing monopolist selects its output level in the
inelastic region of its demand curve
range of output where MR is rising
elastic region of its demand curve
range of output where TC is falling
range of output where MC is falling
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Assume there is a monopolistically competitive firm in long-run equilibrium. If this firm were to realize productive efficiency, it would
have more economic profit.
be under producing.
also achieve allocative efficiency.
have a loss.
be in long-run equilibrium.
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
If the firm produces 10 units of output, its economic profits will equal
0
50
100
150
200
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