
Intro to Monopolies
Authored by Bekah Selby
Social Studies
University
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of monopoly?
One seller
Unique Good
Free entry and exit
Price setting behavior
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a legally created monopoly?
Diamonds
US Postal Service
Internet providers
Stock markets
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A monopolist is profit maximizing when they choose quantity when:
MC = MR
MC=ATC
P=MC
MR=0
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a monopolist is profit maximizing, their price is equal to marginal revenue.
True
False
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Based on this graph, which of the following price and quantity combinations represents the monopolist's profit maximizing choice?
P1, q1
P5, q1
P2, q2
P3, q4
None of these
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a consequence of monopoly power?
Too much produced
Deadweight loss
Lost consumer surplus
Inefficient pricing
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