Micro Econs_Chap 13

Micro Econs_Chap 13

University

15 Qs

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Micro Econs_Chap 13

Micro Econs_Chap 13

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

Created by

Linh Cao

Used 37+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A natural monopoly is defined as

a market in which competition and entry are restricted by the granting of a government license.

an industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost.

a market in which competition and entry are restricted by the granting of a patent.

any market where one firm constitutes the entire industry.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When Dominant Pizza is willing to sell a pizza to a student who lives on-campus at a lower price than it sells the identical pizza to a student who lives a block away from the campus, the pizza firm is ________.

practicing price discrimination

unfair

incurinrg a loss on on-campus sales

eliminating all competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a monopoly, the market demand curve is the firm's

supply curve.

marginal revenue curve.

demand curve.

profit function.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolists

maximize revenue, not profits.

have no short-run fixed costs.

face downward sloping demand curves.

are price takers.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly

faces a perfectly elastic demand curve.

does not need to take account of demand because it's the only seller.

is able to raise the price it can charge for its product by increasing the quantity sold.

is able to raise the price it can charge for its product by decreasing the quantity sold.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is TRUE for a single-price monopolist?

P > MR

P < MR

P = MR

P = elasticity of demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a monopolist lowers its price and its demand is inelastic, then its

total revenue increases.

total revenue decreases.

total revenue does not change

total revenue is negative.

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