Category: Monopoly

A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand

A. The firm is Productively efficient
B. The firm is allocatively inefficient
C. The firm produces where marginal cost is less than marginal revenue
D. The firm produces at the socially optimal level

A. natural monopoly
B. perfect competitor
C. government monopoly
D. regulated monopoly

A. will rise
B. will fall
C. will remain the same
D. could either rise or fall depending on the elasticity of the monopolist’s supply curve

A. marginal revenue equals average total cost
B. Price equals marginal revenue
C. marginal revenue equals marginal cost
D. total revenue equals total cost

A. The price set is greater than the marginal cost
B. The price is less than the average cost
C. The average revenue equals the marginal cost
D. Revenue equals total cost

A. marginal revenue equals marginal cost
B. marginal revenue equals price
C. marginal cost equals price
D. marginal cost equals demand
E. none of these answers

A. economies of scale
B. a high proportion of the total cost in the cost of capital goods
C. the market is very small
D. all of the above

A. A single firm is very large
B. The government gives a single firm the exclusive right to produce some good
C. The costs of production make a single producer more efficient than a large number of productions
D. A key resource is owned by a single firm

A. some degree of monopoly power
B. an ability to separate the market
C. an ability to prevent reselling
D. all of the above