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Microeconomics9e(Parkin)
Chapter13Monopoly
1MonopolyandHowitArises
1)Amonopolyhastwokeyfeatures,whichare.
A)barrierstoentryandnoclosesubstitutes
B)franchisesandbarrierstoentry
C)barrierstoentryandclosesubstitutes
D)closesubstitutesandnobarrierstoentry
Answer:A
Topic:HowMonopolyArises
Skill:Recognition
AACSB:ReflectiveThinking
2)Amonopolyisbestdefinedasafirmthat
A)producesagoodorserviceforwhichnoclosesubstituteexistsandwhichisprotectedbya
barrierthatpreventsotherfirmsfromsellingthatgoodorservice.
B)purchasesitsresourcesfromonlyonesupplierbecauseofabarrierpreventingitfrombuying
fromothersuppliers.
C)producesagoodorserviceforwhichnoclosesubstituteexistsandthatsellsallitsoutputto
onebuyerbecausethereisbarrierpreventingotherbuyersfrompurchasingthegoodorservice.
D)cannotcontrolthepriceitsetsforitsgoodorservicebecausethereisbarrierthatpreventsthe
firmfromchangingtheprice.
Answer:A
Topic:HowMonopolyArises
Skill:Recognition
AACSB:ReflectiveThinking
3)ThefollowingarekeyfeaturesofamonopolyEXCEPT
A)themonopolyisprotectedbyabarriertoentry.
B)noclosesubstitutesexistforthegoodorservice.
C)themonopolyhasastronginfluenceoverthepriceofthegoodorservice.
D)themonopolyhasseverediseconomiesofscale.
Answer:D
Topic:HowMonopolyArises
Skill:Recognition
AACSB:ReflectiveThinking
4)WhichofthefollowingisNOTacharacteristicofamonopoly?
A)asinglefirm
B)noclosesubstitutesfortheproductproduced
C)barrierstoentry
D)easyentryandexit
Answer:D
Topic:HowMonopolyArises
Skill:Recognition
AACSB:ReflectiveThinking
5)Whichofthefollowingisacharacteristicofamonopoly?
A)afewsmallfirms
B)easyentryandexit
C)nobarrierstoentry
D)asinglefirminthemarket
Answer:D
Topic:HowMonopolyArises
Skill:Recognition
AACSB:ReflectiveThinking
6)Whichofthefollowingisacharacteristicofmonopoly?
A)Thefirmfacescompetitionfrommanyotherfirms.
B)Thefirmproducesaproductthathasmanyclosesubstitutes.
C)Therearebarrierstoenterthemarket.
D)Thefirm'sdemandcurveisperfectlyelastic.
Answer:C
Topic:HowMonopolyArises
Skill:Conceptual
AACSB:ReflectiveThinking
7)WhichofthefollowingstatementsaboutamonopolyisFALSE?
A)Monopolieshavenobarrierstoentryorexit.
B)Thegoodproducedbyamonopolyhasnoclosesubstitutes.
C)Amonopolyistheonlyproducerofthegood.
D)Noneoftheabove;thatis,alloftheaboveanswersaretruestatementsaboutamonopoly.
Answer:A
Topic:HowMonopolyArises
Skill:Conceptual
AACSB:ReflectiveThinking
8)Anexampleofamonopolyis
A)abigcityrestaurant.
B)thestockmarket.
C)theonlyveterinarianinanisolatedfarmcommunity.
D)alargehospitalinabigcity.
Answer:C
Topic:HowMonopolyArises
Skill:Conceptual
AACSB:ReflectiveThinking
9)Whichofthefollowingfirmsismostlikelytobeamonopoly?
A)localrestaurant
B)localdistributorofwater
C)localbookstore
D)clothingstore
Answer:B
Topic:HowMonopolyArises
Skill:Conceptual
AACSB:ReflectiveThinking
10)Anexampleofamonopolywouldbe
A)oneofmanyU.S.wheatfarmers.
B)oneofthefewU.S.automakers.
C)AT&Tlongdistancephoneservice.
D)thelocalwatercompany.
Answer:D
Topic:HowMonopolyArises
Skill:Conceptual
AACSB:ReflectiveThinking
11)WhichofthefollowingisLEASTlikelytobeamonopoly?
A)theholderofapublicfranchise
B)apharmaceuticalcompanywithapatentonadrug
C)astoreinalargeshoppingmall
D)theownerofanoccupationallicense
Answer:C
Topic:HowMonopolyArises
Skill:Conceptual
AACSB:ReflectiveThinking
12)Abarriertoentryis
A)anaturalorlegalimpedimentthatmakesitdifficultfornewfirmstoenteramarket.
B)anecessaryconditionforperfectcompetition.
C)theresultofhighlyelasticdemand.
D)abrickwallthatafirmplacesarounditscorporateheadquarters.
Answer:A
Topic:BarriersToEntry
Skill:Recognition
AACSB:ReflectiveThinking
13)Whennaturalorlegalforcesworktoprotectafirmfrompotentialcompetitors,themarketis
saidtohave.
A)non-competitivesupply
B)non-competitiveentry
C)barrierstoentry
D)restrictedcompetition
Answer:C
Topic:BarriersToEntry
Skill:Recognition
AACSB:ReflectiveThinking
14)Whichofthefollowingisabarriertoentryforamonopoly?
A)apatent
B)severediseconomiesofscale
C)closesubstitutesforthegoodorserviceexist
D)Alloftheaboveanswersarecorrect.
Answer:A
Topic:BarriersToEntry
Skill:Recognition
AACSB:ReflectiveThinking
15)Whichofthefollowingcancreateamonopoly?
I.highprices
II.publicfranchise
III.patent
IV.governmentlicense
A)IandII
B)IandIII
C)I,IIandIII
D)II,IIIandIV
Answer:D
Topic:BarriersToEntry
Skill:Recognition
AACSB:ReflectiveThinking
16)WhichofthefollowingisNOTabarriertoentryforamonopoly?
A)economiesofscalefortherelevantrangeofoutput
B)apatentontheproductbeingsold
C)theabilitytochargeapricethatisabovemarginalcost
D)receivingagovernmentauthorizedmonopoly
Answer:C
Topic:BarriersToEntry
Skill:Conceptual
AACSB:ReflectiveThinking
17)WhenDeBeersmonopolizedtheworld*sdiamondsupply,itwasabletodosobecauseit
A)hasagovernmentlicense.
B)isapublicfranchise.
C)ownsvirtuallyallofakeyresource.
D)isapricesetter.
Answer:C
Topic:BarriersToEntry
Skill:Recognition
AACSB:ReflectiveThinking
18)WhichofthefollowingisNOTalegalbarriertoentry?
A)publicfranchise
B)governmentlicense
C)patent
D)innovation
Answer:D
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
19)Alegalmonopolyisdefinedasamarketwhere
A)onlyonelawyeroperates.
B)alegalbarriertoentryexists.
C)onlyonefirmcouldearnaprofit.
D)entryandexitarelegal.
Answer:B
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
20)Apublicfranchiseis
A)anexclusiverightgrantedtoafirmtosupplyagoodorservice.
B)agovernmentissuedlicenserequiredtopracticeaprofession.
C)anexclusiverightgrantedtoaninventorofaproduct.
D)auniquesourceofrawmaterials.
Answer:A
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
21)Amarketinwhichcompetitionandentryarerestrictedbythegrantingofapublicfranchise,
governmentlicense,patent,orcopyrightiscalleda
A)legalmonopoly.
B)naturalmonopoly.
C)single-pricemonopoly.
D)price-discriminatingmonopoly.
Answer:A
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
22)Publicfranchisescreatemonopoliesbyrestricting
A)demand.
B)prices.
C)entry.
D)profit.
Answer:C
Topic:LegalBarrierstoEntry
Skill:Conceptual
AACSB:ReflectiveThinking
23)Grantingapublicfranchise.
A)createsalegalmonopoly
B)stimulatescompetitioninthearts
C)createsanaturalmonopoly
D)reducesprices
Answer:A
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
24)Acopyrightcreatesamonopolybyrestricting.
A)thepricesthatcanbecharged
B)demandfortheproduct
C)entryintothemarket
D)thenumberofcreatorsandinventors
Answer:C
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
25)Apatentcreatesamonopolybyrestricting.
A)demandfortheproduct
B)thenumberofcomplementsfortheproduct
C)theamountofadvertisingthatcanbeundertaken
D)entryintothemarket
Answer:D
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
26)Patentsencourageinventionby
A)offeringsubsidiestoinventors.
B)offeringtaxbreakstoinventors.
C)preventingothersfromcopyinganinvention.
D)preventinginventorsfromworkingonthesameproject.
Answer:C
Topic:LegalBarrierstoEntry
Skill:Conceptual
AACSB:ReflectiveThinking
27)SupposeanewvaccineforLymediseaseisdevelopedbyMerck,alargedrugcompany.
Whichofthefollowingismostlikelytooccur?
A)Merckwillapplyforapatentonthevaccinethatgrantsitthemonopolyrightstothevaccine
formanyyears.
B)Merckwillhaveamonopolyonthisvaccinebecauseofeconomiesofscale.
C)Otherfirmswillquicklycopytheformulamakingthemarketforthevaccineperfectly
competitive.
D)Merckwillnottellanyoneaboutthisbreakthrough.
Answer:A
Topic:LegalBarrierstoEntry
Skill:Conceptual
AACSB:ReflectiveThinking
28)Patentsencourageinventionsbecausewithoutapatent
A)otherfirmscouldentertheinventor'smarketbyproducingthesameproduct.
B)nobodywoulddemandtheinventofsproduct.
C)theinventorwouldreceivenotaxbreaks.
D)allmarketswouldbepublicfranchises.
Answer:A
Topic:LegalBarrierstoEntry
Skill:Conceptual
AACSB:ReflectiveThinking
29)Ifthegovernmentgrantsafirmapublicfranchisetosupplycoal,amonopolyiscreatedby
A)anaturalbarriertoentry.
B)alegalbarriertoentry.
C)pricediscrimination.
D)Alloftheaboveanswersarecorrect.
Answer:B
Topic:LegalBarrierstoEntry
Skill:Conceptual
AACSB:ReflectiveThinking
30)Apatentgrants
A)aguaranteeofqualitytoconsumers.
B)therighttopracticeaprofession.
C)anexclusiverighttoaninventorofaproduct.
D)controloverauniquesourceorsupplyofrawmaterials.
Answer:C
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
31)Patentscreatemonopoliesbyrestricting
A)demand.
B)prices.
C)entry.
D)profit.
Answer:C
Topic:LegalBarrierstoEntry
Skill:Conceptual
AACSB:ReflectiveThinking
32)Patentsarebarrierstoentryandpublicfranchisesarebarrierstoentry.
A)legal;legal
B)legal;natural
C)natural;legal
D)natural;natural
Answer:A
Topic:LegalBarrierstoEntry
Skill:Recognition
AACSB:ReflectiveThinking
33)Anindustryinwhichonefirmcansupplytheentiremarketatalowerpricethancantwoor
morefirmsiscalleda
A)legalmonopoly.
B)naturalmonopoly.
C)single-pricemonopoly.
D)price-discriminatingmonopoly.
Answer:B
Topic:NaturalMonopoly
Skill:Recognition
AACSB:ReflectiveThinking
34)Theexistenceofeconomiesofscalecreates.
A)anaturalmonopoly
B)agovernmentmonopoly
C)alegalmonopoly
D)amarketinwhichmanyfirmsmakeidenticalproducts
Answer:A
Topic:NaturalMonopoly
Skill:Recognition
AACSB:ReflectiveThinking
35)Naturalmonopoliesoccurwhenthereare
A)largediseconomiesofscale.
B)externaleconomies.
C)largeeconomiesofscale.
D)naturalresourcesinvolved.
Answer:C
Topic:NaturalMonopoly
Skill:Recognition
AACSB:ReflectiveThinking
36)Anaturalmonopolyisdefinedas
A)amarketinwhichcompetitionandentryarerestrictedbythegrantingofagovernment
license.
B)anindustryinwhichonefirmcansupplytheentiremarketatalowerpricethantwoormore
firms.
C)amarketinwhichcompetitionandentryarerestrictedbythegrantingofapatent.
D)anymarketwhereonefirmconstitutestheentireindustry.
Answer:B
Topic:NaturalMonopoly
Skill:Recognition
AACSB:ReflectiveThinking
37)IfonecableTVcompanycanserveitscustomersataloweraveragecostthancantwo
companies,thenthiscompanyis
A)anaturalmonopoly.
B)notamonopoly.
C)amonopoly,butnotanaturalmonopoly.
D)alegalmonopoly.
Answer:A
Topic:NaturalMonopoly
Skill:Conceptual
AACSB:ReflectiveThinking
38)Anaturalmonopoly
A)isnotprotectedbyanybarriertoentry.
B)existsbecauseoflegalbarrierstoentry.
C)isanindustryinwhicheconomiesofscaleexistatthelevelofoutputwherethemarket
demandcurveintersectsthelong-runaveragecostcurve.
D)isanindustrywheretwoormoresmallerfirmscansupplythemarketatalowercostthanone
bigfirmcould.
Answer:C
Topic:NaturalMonopoly
Skill:Recognition
AACSB:ReflectiveThinking
39)Whichofthefollowingistrueofanaturalmonopoly?
A)Itslong-runaveragecostcurveslopesupwardasitintersectsthedemandcurve.
B)Economiesofscaleexisttoonlyaverylowlevelofoutput.
C)Thefirmcansupplytheentiremarketatalowercostthancouldtwoormorefirms.
D)Thefirmisnotprotectedbyanybarriertoentry.
Answer:C
Topic:NaturalMonopoly
Skill:Conceptual
AACSB:ReflectiveThinking
40)Unregulatedmonopolies
A)takethemarketpriceasgiven.
B)cannotincorporate.
C)cannotchangethemarketquantity.
D)caninfluencethemarketquantityandprice.
Answer:D
Topic:MonopolyPrice-SettingStrategies
Skill:Recognition
AACSB:ReflectiveThinking
41)Asingle-pricemonopolychargesthesameprice
A)evenifthedemandcurveshifts.
B)evenifitscostcurvesshift.
C)toallcustomers.
D)atalltimesandthatpriceequalsthefirm'smarginalrevenue.
Answer:C
Topic:MonopolyPrice-SettingStrategies
Skill:Conceptual
AACSB:ReflectiveThinking
42)WhenDominantPizzaiswillingtosellapizzatoastudentwholiveson-campusatalower
pricethanitiswillingtoselltheidenticalpizzatoastudentwholivesablockawayfromthe
campus,thepizzafirmis.
A)practicingpricediscrimination
B)unfair
C)incurringalossonon-campussales
D)eliminatingallcompetition
Answer:A
Topic:MonopolyPrice-SettingStrategies
Skill:Conceptual
AACSB:ReflectiveThinking
43)Amonopolythatsellseveryunitofitsoutputatthesamepriceisa.
A)unit-pricemonopoly
B)legalmonopoly
C)naturalmonopoly
D)single-pricemonopoly
Answer:D
Topic:MonopolyPrice-SettingStrategies
Skill:Recognition
AACSB:ReflectiveThinking
44)AllofthefollowingareexamplesofpricediscriminationEXCEPT
A)buy-one-get-one-freeoffers.
B)"earlybirdspecials"atarestaurant.
C)lowerticketpricesformatineeperformances.
D)nbuynow,paylater"paymentoptions.
Answer:D
Topic:MonopolyPrice-SettingStrategies
Skill:Conceptual
AACSB:ReflectiveThinking
45)Firmsthatcanpricediscriminatebetweencustomersdosoto.
A)increaseconsumersurplus
B)increaseemployment
C)increasetheirprofit
D)decreasethequantitytheyproduce
Answer:C
Topic:PriceDiscrimination
Skill:Recognition
AACSB:ReflectiveThinking
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46)Giventhemarketdemandandcostdataintheabovefigure,theexistenceoftwofirmsequal
sizedfirmsproducingatotalof8millioncubicfeetofnaturalgasmeansthatthelong-run
averagecostofproducingnaturalgasis
A)10centspercubicfoot.
B)20centspercubicfoot.
C)30centspercubicfoot.
D)40centspercubicfoot.
Answer:B
Topic:NaturalMonopoly
Skill:Analytical
AACSB:AnalyticalSkills
47)Giventhemarketdemandandcostdataintheabovefigure,theexistenceofamonopolyfirm
producing8millioncubicfeetofnaturalgasmakesitpossibletoproducenaturalgasata
long-runaveragecostof
A)10centspercubicfoot.
B)20centspercubicfoot.
C)30centspercubicfoot.
D)40centspercubicfoot.
Answer:A
Topic:NaturalMonopoly
Skill:Analytical
AACSB:AnalyticalSkills
48)Asingle-pricemonopoly
A)chargesallconsumersthelowestpricethattheywanttopayforeachunitpurchased.
B)produceslessoutputthanitwouldifitcouldpricediscriminate.
C)eliminatesalltheconsumersurplus.
D)createsasmallerdeadweightlossthanitwouldifitcouldpricediscriminate.
Answer:B
Topic:StudyGuideQuestion,MonopolyPrice-SettingStrategies
Skill:Conceptual
AACSB:ReflectiveThinking
2ASingle-PriceMonopoly'sOutputandPriceDecision
1)Totalrevenueequals
A)marginalrevenuemultipliedbyquantitysold.
B)pricemultipliedbyquantitysold.
C)totalcostminusprofit.
D)theareabetweenthedemandcurveandthemarginalrevenuecurve.
Answer:B
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
2)Foramonopoly,theindustrydemandcurveisthefirm's
A)supplycurve.
B)marginalrevenuecurve.
C)demandcurve.
D)profitfunction.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
3)Thedemandcurvefacingthemonopolistis
A)thesameasthemarketdemandcurve.
B)moreelasticthanthemarketdemandcurve.
C)lesselasticthanthemarketdemandcurve.
D)upwardsloping.
Answer:A
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
4)Monopolists
A)maximizerevenue,notprofits.
B)havenoshort-runfixedcosts.
C)facedownwardslopingdemandcurves.
D)arepricetakers.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
5)Asingle-pricemonopolist'sdemandcurveis
A)itsmarginalrevenuecurve.
B)perfectlyelastic.
C)thesameasthemarketdemandcurve.
D)moreelasticthanthemarketdemandcurve.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
6)Forasingle-pricemonopoly,thedemandcurvelies
A)belowthemarginalrevenuecurve.
B)ontopofthemarginalrevenuecurve.
C)abovethemarginalrevenuecurve.
D)ontopofthetotalrevenuecurve.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
7)Themarginalrevenuecurveforasingle-pricemonopoly
A)liesbelowitsdemandcurve.
B)coincideswithitsdemandcurve.
C)liesaboveitsdemandcurve.
D)ishorizontal.
Answer:A
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
8)Amonopoly
A)facesaperfectlyelasticdemandcurve.
B)doesnotneedtotakeaccountofdemandbecauseit'stheonlyseller.
C)raisesthepriceofitsproductbyincreasingthequantitysold.
D)raisesthepriceofitsproductbydecreasingthequantitysold.
Answer:D
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
9)Themarginalrevenuecurveforasingle-pricemonopoly
A)ishorizontal.
B)isupwardsloping.
C)liesabovethemarketdemandcurve.
D)liesbelowthemarketdemandcurve.
Answer:D
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
10)Amonopolist
A)cansellasmuchasitwantsatthechosenpricebecauseitistheonlyseller.
B)canincreasethepriceandthequantitysoldatthesametime.
C)canincreasethepriceonlyifitiswillingtodecreasethequantitysold.
D)isnotrestrictedbythelawofdemand.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
11)Forasingle-pricemonopolisttosellonemoreunitofagood,itmust
A)lowerthepriceonjustthelastunitsold.
B)lowerthepriceonallunitssold.
C)raisethepriceonjustthelastunitsold.
D)raisethepriceonallunitssold.
Answer:B
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
12)Asingle-pricemonopolyischaracterizedbyamarginalrevenuecurvethatis
A)upwardsloping.
B)downwardsloping.
C)horizontal.
D)vertical.
Answer:B
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
13)Forasingle-pricemonopolist,priceismarginalrevenue.
A)lessthan
B)greaterthan
C)equalto
D)lessthanorequaltobutnevermorethan
Answer:B
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
14)Marginalrevenueforasingle-pricemonopolistis
A)lessthanprice.
B)equaltoprice.
C)greaterthanprice.
D)equaltozeroforalllevelsofoutput.
Answer:A
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
15)Asingle-pricemonopolist
A)setsitspricewhereitsdemandisinelastic.
B)canalwaysincreaseitsprofitsbyincreasingitsprice.
C)hasitsmarginalrevenuelessthanitsprice.
D)isguaranteedaneconomicprofit.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
16)Whichofthefollowingisacharacteristicofasingle-pricemonopoly?
A)Thefirmisapricetaker.
B)Demandisperfectlyelastic.
C)Therearemanyclosesubstitutesfbrthefirm'sproduct.
D)Priceexceedsmarginalrevenue.
Answer:D
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
17)Forasingle-pricemonopolist,marginalrevenue
A)equalsprice.
B)isgreaterthanprice.
C)islessthanprice.
D)couldbegreaterthan,equalto,orlessthanprice.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
18)Forasingle-pricemonopolist,marginalrevenueislessthanpricebecause
A)therevenuegainfromthelastunitsoldisoffsetbyarevenuelossontheunitsthatpreviously
hadbeensoldatahigherprice.
B)therevenuegainfromthelastunitsoldisoffsetbyfurthergainsinpriceonunitsnotsoldat
all.
C)totalrevenuealwaysdecreasesasoutputincreases.
D)thepricedoesnothavetobeloweredonallpreviousunitssold.
Answer:A
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
19)Whichofthefollowingistrueforasingle-pricemonopolist?
A)P>MR
B)P<MR
C)P=MR
D)P=elasticityofdemand
Answer:A
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
20)Forasingle-pricemonopolist,
A)MR=P.
B)MR<P.
C)MRfirstincreasesandthendecreaseswiththequantitysold.
D)MRfirstdecreasesandthenincreaseswiththequantitysold.
Answer:B
Topic:PriceandMarginalRevenue
Skill:Recognition
AACSB:ReflectiveThinking
21)Amajordifferencebetweenasingle-pricemonopolistandaperfectlycompetitivefirmisthat
the
A)monopolistcanmaximizeprofitbysettingthepriceoftheoutputwheredemandisinelastic.
B)monopolistcanalwaysincreaseitsprofitsbyincreasingthepriceofitsoutput.
C)monopolistsmarginalrevenueislessthanprice.
D)monopolistisguaranteedtoearnaneconomicprofit.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
22)Sue'sSurfboardsisthesolerenterofsurfboardsonBigWaveIsland.Suedoesnotprice
discriminate.ForSue'sSurfboards,thechangeintotalrevenuefromeachadditionalsurfboard
rentedisher
A)marginalrevenueandisequaltotherentalpriceofasurfboard.
B)marginalcostandisgreaterthantherentalpriceofasurfboard.
C)marginalrevenueandislessthantherentalpriceofasurfboard.
D)marginalcostandisconstantregardlessofhowmanysurfboardsarerented.
Answer:C
Topic:PriceandMarginalRevenue
Skill:Conceptual
AACSB:ReflectiveThinking
QuantityPrice
(units)(dollarsperunit)
416
514
612
23)Thetableabovegivesthedemandforamonopolistsoutput.Whatisthemarginalrevenueof
increasingproductionfrom4to5units?
A)$70
B)$16
C)$14
D)$6
Answer:D
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
Price
Quantitydemanded
(dollarsper
(haircutsperday)
haircut)
550
1040
1530
2020
2510
300
24)Christy'sHaircuts,thesolesupplierofhaircutsinasmalltown,facesthedemandschedule
showninthetableabove.WhatisChristy'smarginalrevenuefromthe25thhaircut?
A)zero
B)$5.00
C)$17.50
D)$50.00
Answer:B
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
25)Christy*sHaircuts,thesolesupplierofhaircutsinasmalltown,facesthedemandschedule
showninthetableabove.WhatisChristy'smarginalrevenuefromthe35thhaircut?
A)zero
B)-$5.00
C)$5.00
D)$12.50
Answer:B
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
QuantityPrice
(units)(dollarsperunit)
18
27
36
45
54
63
26)Thetableabovegivesthedemandforamonopolistsoutput.Betweenwhichtwoquantitiesis
marginalrevenueequalto0?
A)4and5
B)3and4
C)2and3
D)1and2
Answer:A
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
27)Thetableabovegivesthedemandforamonopolistsoutput.Betweenwhichtwoquantitiesis
demandelastic?
A)6and5
B)5and4
C)4and3
D)3and2
Answer:A
Topic:MarginalRevenueandElasticity
Skill:Analytical
AACSB:AnalyticalSkills
28)Thetableabovegivesthedemandfbramonopolistsoutput.Whatisthetotalrevenuein
when3unitsofoutputareproduced?
A)$21
B)$20
C)$18
D)$6
Answer:C
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
29)Thetableabovegivesthedemandforamonopolistsoutput.Whatisthemarginalrevenue
whenoutputisincreasedfrom5to6units?
A)$18
B)$4
C)$3
D)-$2
Answer:D
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
30)Thetableabovegivesthedemandforamonopolistsoutput.Whatisthemarginalrevenue
whenoutputisincreasedfrom2to3units?
A)$18
B)$4
C)$7
D)$6
Answer:B
Topic:PriceandMarginalRevenue
Skill:Analytical
AACSB:AnalyticalSkills
31)Forasingle-pricemonopoly,marginalrevenueiswhendemandiselasticandis
whendemandisinelastic.
A)negative;negative
B)negative;positive
C)positive;negative
D)positive;positive
Answer:C
Topic:MarginalRevenueandElasticity
Skill:Recognition
AACSB:ReflectiveThinking
32)Foramonopolist,ontheinelasticrangeofitsdemand,
A)marginalrevenueisnegative.
B)marginalrevenueispositive.
C)marginalrevenueisequaltozero.
D)totalrevenueismaximized.
Answer:A
Topic:MarginalRevenueandElast
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