WorksheetsMonopoly- microeconomics
Total questions: 10
Worksheet time: 5mins
Monopoly power is high when
There are no close substitutes
There are no rivals
There is only a single seller of the product
All of the above
The concept of pure monopoly was first given by
Robinson
Stigler
Sraffa
Chamberlain
The term x-efficiency is coined by
(a)
Patent right for invention leads to
Natural monopoly
Fiscal monopoly
Legal monopoly
Technical monopoly
Predatory pricing policy is designed to
Drive competitors out of business
Maximize profits
Encourage entrants into the market
Attain least cost output
The lerner's index of monopoly power has a value
Zero
One
Between zero to unity
Two
Pure monopoly may be based on
Increasing return to scale
Control over the supply of raw materials
Patent or government franchise
All of the above
Under the monopoly MC is
More than the price
Less than the price
Equal to the price
All of the above
In short run, the monopolists
Incurs a loss
Makes a profit
Break even
Any of the above
The monopoly supply curve cannot be drawn simply because
The monopolists itself control price
He has no rivals
The demand is indeterminate
All of the above
