Monopoly and Monopolistic Competition

Monopoly and Monopolistic Competition

University

10 Qs

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Monopoly and Monopolistic Competition

Monopoly and Monopolistic Competition

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

Daniel Schoch

Used 86+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly is a

Price minimizer

Price maximizer

Price taker

Prace maker

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compared to the competitive firm, the monopoly

Is less efficient

Is more efficient

Is equally efficient

Has higher consumer surplus

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order to maximize profits, monopolies

Decrease price

Decrease cost

Decrease quantity

Increase quantity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve a monopoly faces is

Upward sloping

Downward sloping

Flat

Perfectly inelastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly

Produces at efficient scale

Exhausts production capacity

Sets price equal to average variable cost

Sets the price above average total cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to academic studies, pharmaceutical monopolies when they grow

Increase R&D

Decrease R&D

Become more innovative

Become less competitive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolistic competition in the long run

Drives economic profit to zero

Drives accounting profit to zero

Allows for some economic profit

Drive price equal to total cost

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