Monopoly

Monopoly

University

15 Qs

quiz-placeholder

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Monopoly

Monopoly

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The figure above shows the demand and marginal revenue curves facing Sue's Surfboards, the sole renter of surfboards on Big Wave Island. If Sue is renting 25 surfboards an hour so that the marginal revenue is negative, then Sue's Surfboards

can increase its profit by increasing the number of rentals.

must face an inelastic demand for surfboard rentals.

must face a unit elastic demand for surfboard rentals.

must face an elastic demand for surfboard rentals.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Gene's Car Wash is a natural monopoly. To wash 100 cars a week, if Gene is unregulated, he would charge a price of $10. Gene's long-run average cost for washing 100 cars is $8, his average variable cost is $6, and his marginal cost is constant at $4. If Gene was regulated using a marginal cost pricing rule, the price he would be allowed to charge to wash 100 cars is

$10

$8

$6

$4

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Consider the market for cable television in the figure above. This graph depicts a natural monopoly because the

marginal cost curve is constant.

demand curve is downward sloping.

average cost curve is declining as it crosses the demand curve.

marginal revenue curve is downward sloping.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

T/F Monopolies are the price setters

False

True

5.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The purpose of Anti-Trust laws is to? Check all that Apply

Regulate the prices of a market

Encourage big companies to merge more often

To promote competition in a market by breaking up mergers

Give companies the right to operate without government interference

All of the above

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If I own a food truck in New York City and there is a limited amount of licenses available and I own all of them and flood the market with my spicy breakfast burritos, Do I have a Monopoly over the Food Truck Industry?

True

False

7.

FILL IN THE BLANK QUESTION

1 min • 5 pts

A _______________is a firm that is the sole seller in its market

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