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Exam 9: Monopoly

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Question 21

Multiple Choice

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If a firm holds a pure monopoly in the market and is able to sell 5 units of output at $4.00 per unit and 6 units of output at $3,90 per unit, it will produce and sell the sixth unit if its marginal cost is

A) $3.90 or less
B) $3.40 or less
C) $3.50 or less
D) $4.00 or less

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Question 22

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When a natural monopoly exists in a given industry, the per-unit costs of production will be

A) lowest when there are a large number of producers in the industry.
B) lower for the smaller firms than for larger firms.
C) minimized at the output that maximizes the industry's profitability.
D) lowest when a single firm generates the entire output of the industry.

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Question 23

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The US laws dealing with original works of authorship allow the US Copyright Office to enforce protection for all but one of the following. Which one is it?

_______ law implies ownership over an idea or concept or image

The following table shows a monopolist's demand curve and cost information for the production of its good. What quantity will it produce?

The use of sharp, temporary price cuts as a form of _______ would enable traditional US automakers to discourage new competition from smaller electric car manufacturers.

Deregulation occurs when a government eliminates or scales back rules relating to all but one of the following. Which one is it?

If the North American newsprint paper market has barriers to entry, then

Once I'MaPharmaCo. has received confirmation of the registration for its latest drug patent application, it will have created a monopoly for that product by restricting

Refer to the table below. If the information pertains to the demand curve and the long run average cost curve for an electric company that is a natural monopoly, then what quantity will be produced in this market?

In the business world, a _______ is recognized as a legally acceptable way for any business to keep knowledge of its particular methods of production from being known by competing firms.

If a firm holds a pure monopoly in the market and is able to sell 4 units of output at $2.00 per unit and 5 units of output at $1.75 per unit, it will produce and sell the fifth unit if its marginal cost is

If monopolists are able to produce fewer goods and sell them at a higher price than they could under perfect competition, the result will be

Briefly describe how a monopolist will select the profit-maximizing level of output and price.

Briefly explain how a natural monopoly arises.

Briefly describe the typical average cost curve and the marginal cost curves most often faced by monopolists.

_______ and _______ refer to the quantity and price at a point in time.

Government _______ regulations specify that inventors will maintain exclusive legal rights to their respective inventions for _______.

Briefly contrast perfect competition and monopoly to explain a monopoly may or may not display productive efficiency.

The typical pattern of costs for a perfectly competitive firm can be analyzed by using: I. total cost II. fixed cost III. variable cost IV. marginal cost V. average cost VI. average variable cost