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Exam 10: Monopoly

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Question 81

Multiple Choice

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Comparing the monopolist to the perfect competitor,

A) only the monopolist produces where MC equals MR.
B) both have downward-sloping demand curves.
C) only the perfect competitor will make an economic profit in the long run.
D) only the monopolist will make an economic profit in the long run.

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Question 82

Multiple Choice

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Which statement is true?

A) One basis for monopoly is control over an essential resource.
B) All forms of a monopoly are illegal in the United States.
C) Economies of being established is the same as economies of scale.
D) General Motors is a monopoly.

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Question 83

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In the 1950s, the National Football League (NFL) had a virtual monopoly because ____________.

Use the following Figure to answer the question : -This monopolist is

(a) Fill in table. (b) Using your own piece of graph paper, draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves. (c) Calculate the firm's total profit. (d) If the firm operates at optimum efficiency, how much will its output be? (e) If the firm were a perfect competitor, how much will its price be in the long run?

There are ___________ limits to monopoly power.

Large firms are able to lower their costs by taking advantage of __________.

The monopolist and the perfect competitor are similar in that

Compared to the perfect competitor, the monopolist is ______ efficient and charges a ______ price.

Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.

If a monopolist's marginal cost equals its marginal revenue

A _________ monopoly can provide cheaper service than could several competing firms.

Use the following Figure to answer the question : -At what output would this firm produce most efficiently?

A firm can sell 22 units at $20, but to sell 23 units, the price is cut to $19. The marginal revenue derived from selling the 23rd unit is

Use the following Figure to answer the question : -The profit-maximizing firm will operate at an output of

Statement I. Two ways to prevent public utilities from charging outrageous prices are (1) government regulation and (2) government ownership. Statement II. Large firms always behave badly.

Which statement is false?

If the firm were a perfect competitor in the long run, how much would its output be?

Use the following Figure to answer the question : -If the firm is maximizing profits or minimizing losses, it is producing _____ units of output and charging a price of _____.

President Eisenhower warned us to "Beware of the __________."