Chapter 15
Monopoly
Test A
协议
. Which of the following statements about a firm’s market pricing of its product is true?
a. Both competitive firms and monopolies are price makers.
b. Both competitive firms and monopolies are price takers.
c. A competitive firm is a price taker and a monopoly is a price maker.
d. A competitive firm is a price maker and a monopoly is a price taker.
ANSWER: c. A competitive firm is a price taker and a monopoly is a price maker.
TYPE: M KEY1:D SECTION:1 OBJECTIVE: 1 RANDOM:Y
. A monopoly’s marginal cost will most likely
a. exceed its marginal revenue.
b. be less than average fixed cost.
c. be less than the market price of its goods.
d. equal average total cost.
ANSWER: c. be less than the market price of its goods.
旁观者清什么意思TYPE: M KEY1:D SECTION:1 OBJECTIVE: 1 RANDOM:Y
. A fundamental source of monopoly market power aris from
a. availability of “free” natural resources, such as water or air.
b. perfectly elastic demand.
c. perfectly inelastic demand.
d. barriers to entry.
ANSWER: d. barriers to entry.
TYPE: M KEY1:D SECTION:1 OBJECTIVE: 1 RANDOM:Y
. The defining characteristic of a natural monopoly is
a. economies of scale over the relevant range of output.
b. diconomies of scale over the relevant range of output.
c. marginal cost is U-shaped over the relevant range of output.
d. marginal cost is constant over the relevant range of output.
ANSWER: a. economies of scale over the relevant range of output.
TYPE: M KEY1:D SECTION:1 OBJECTIVE: 1 RANDOM:Y
. Authors are allowed to be monopolists in the sale of their books in order to
a. satisfy literary advocacy groups that exerci their lobbying power.
b. encourage authors to write more and better books.
c. correct for the negative externalities that the internet and television impo.
d. promote a society that thinks for themlves and learns from whichever books they plea.
ANSWER: b. encourage authors to write more and better books.
TYPE: M KEY1:D SECTION:1 OBJECTIVE: 1 RANDOM:Y
. If a monopolist faces a downward-sloping market demand curve, its
a. marginal revenue is always less than the price of the units it lls.
b. marginal revenue is greater than the price of the units it lls.
c. average revenue is always less than marginal revenue.
d. average revenue is less than the price of its product.
ANSWER: a. marginal revenue is always less than the price of the units it lls.
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TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
. The monopolist’s profit-maximizing quantity of output is where
a. average cost equals marginal revenue.
b. marginal cost equals marginal revenue.
c. price equals marginal revenue.
d. All of the above are correct.
ANSWER: b. marginal cost equals marginal revenue.
TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
. A monopolist is a price
a. taker, and therefore has no demand curve.
b. taker, and therefore has no supply curve.
论语先进篇原文及翻译 c. tter, and therefore has no demand curve.
d. tter, and therefore has no supply curve.
ANSWER: d. tter, and therefore has no supply curve.
TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
. For a monopoly firm, which of the following equalities is true?
a. price = average revenue
b. price = marginal cost
c. price = marginal revenue
d. All of the above are correct.
ANSWER: a. price = average revenue
TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
The figure reflects the cost and revenue structure for a monopoly firm.
. According to the figure, a profit-maximizing monopoly would have total revenues equal to
a. P0 Q1.
b. P1 Q3.
c. P螃蟹怎么煮好吃又简单2 Q4.
d. P3 Q2.
ANSWER: d. P3 Q2.
TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
. According to the figure, a profit-maximizing monopoly would have average revenues of
a. P电脑清理缓存0.
b. P1.
c. P2.
d. P3.
ANSWER: d. P对账单格式3.
TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
.
What happens to the price and quantity sold of a drug when its patent runs out?
(i) The price will fall.
(ii) The price will equilibrate to marginal cost.
(iii) The quantity sold will ri.
a. (i) and (ii)
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b. (ii) and (iii)
c. (i) and (iii)
d. (i) and (ii) and (iii)
ANSWER: d. (i) and (ii) and (iii)
TYPE: M KEY1:D SECTION:2 OBJECTIVE: 2 RANDOM:Y
. The economic inefficiency of a monopolist can be measured by the
a. deadweight loss.
b. excess profit generated by monopoly firms.
