Term 2 review

Term 2 review

11th Grade

50 Qs

quiz-placeholder

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Term 2 review

Term 2 review

Assessment

Quiz

Other

11th Grade

Practice Problem

Hard

Created by

Данат Нұрмағамбет

Used 4+ times

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50 questions

Show all answers

1.

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 

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Revenue maximization level of output is at

MC = MR

MC = AR

MR = 0

MC = AC

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Monopolist can control

price

output

both

nothing

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Total Revenue for this monopoly are represented by area:

0CGE
0AJE
AJHB
BAJN

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An example of a monopoly is

a big city restaurant.

the stock market.

the only veterinarian in an isolated farm community.

PPUM

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a characteristic of a monopoly?

The firm is a price taker.

Demand is perfectly elastic.

There are many close substitutes for the firm's product.

The market price exceeds marginal revenue.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In the monopoly, the firm's marginal revenue curve is ________, while in a perfectly competitive market, each firm's marginal revenue curve is ________.

downward sloping; horizontal

horizontal; downward sloping

upward sloping; horizontal

downward sloping; upward sloping

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