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Question 1(1 point) Description: question 1 unsaved Compared to a perfectly competitve market, a monopoly Question 1 options: charges a higher price but produces better quality. produces the same output at the same price. produces a smaller output and charges a higher price. produces a larger output and charges a lower price. Save Question 2(1 point) Description: question 2 unsaved All the following could be considered rent-seeking actvities except Question 2 options: changing a product’s price. bribery. political activities. getting a patent. Save Question 3(1 point) Description: question 3 unsaved Monopoly pricing blocks some mutually beneficial trades. These blocked trades are _______________________ to society. Question 3 options: sunk cost. opportunity cost. unrealized loss. deadweight loss. Save Question 4(1 point) Description: question 4 unsaved The main problem with forcing monopolies to set prices equal to average cost is that Question 4 options: monopolies may have a loss. such a scheme increases the deadweight loss. monopolies gain economic profit. monopolies have no incentive to reduce costs. Save Question 5(1 point) Description: question 5 unsaved Examine the graph below. If the monoplist prices and produces at the socially optimal level, it will Question 5 options: earn economic profit. suffer a loss. earn normal profits. break even. Save Question 6(1 point) Description: question 6 unsaved If this monopoly is allowed to maximize profit, it will charge ____ and produce output _____. Question 6 options: P1; Q1 P1; Q2 P2; Q4 P3; Q1 Save Question 7(1 point) Description: question 7 unsaved If the government forces this firm to follow an average cost pricing policy, the firm will Question 7 options: shut down. earn economic profits. earn zero economic profits. earn economic losses. Save Question 8(1 point) Description: question 8 unsaved A natural monopoly emerges from Question 8 options: control of an essential input. a patent. economies of scale. horizontal mergers. Save Question 9(1 point) Description: question 9 unsaved The total of consumer and producer surplus (social value) under a simple monopoly will tend to be Question 9 options: greater than under perfect competition. the same as under perfect competition. less than under perfect competition. negative. Save Question 10(1 point) Description: question 10 unsaved Compared to a competitive firm, a monopoly in the long run Question 10 options: restricts output. charges a higher price. does not produce at minimum average cost. All of the answers above are correct. Save Question 11(1 point) Description: question 11 unsaved An industry is a natural monopoly if Question 11 options: any firm can earn a profit in the industry. a given output can be produced more cheaply by one firm than by many firms. barriers prevent new firms from entering the industry in which a monopolist is earning positive economic profit. only one firm has access to the raw materials of production. Save Question 12(1 point) Description: question 12 unsaved A monopoly Question 12 options: has a short-run supply curve that slopes upward. is a price taker. does not have a supply curve. is at the mercy of the market-determined price. Save Question 13(1 point) Description: question 13 unsaved A policy of marginal cost pricing will insure that many regulated industries lose money. Question 13 options: True False Save Question 14(1 point) Description: question 14 unsaved For the firm in the figure below, an unregulated monopolist, profit-maximizing output is below the long-run competitive level by how much? Question 14 options: 100 75 50 35 Save Save All Responses Go to Submit Quiz Bottom of Form

Question 1(1 point)

Description: question 1 unsaved

Compared to a perfectly competitve market, a monopoly

Question 1 options:

charges a higher price but produces better quality.
produces the same output at the same price.
produces a smaller output and charges a higher price.
produces a larger output and charges a lower price.

Save

Question 2(1 point)

Description: question 2 unsaved

All the following could be considered rent-seeking actvities except

Question 2 options:

changing a product’s price.
bribery.
political activities.
getting a patent.

Save

Question 3(1 point)

Description: question 3 unsaved

Monopoly pricing blocks some mutually beneficial trades. These blocked trades are _______________________ to society.

Question 3 options:

sunk cost.
opportunity cost.
unrealized loss.
deadweight loss.

Save

Question 4(1 point)

Description: question 4 unsaved

The main problem with forcing monopolies to set prices equal to average cost is that

Question 4 options:

monopolies may have a loss.
such a scheme increases the deadweight loss.
monopolies gain economic profit.
monopolies have no incentive to reduce costs.

Save

Question 5(1 point)

Description: question 5 unsaved

Examine the graph below. If the monoplist prices and produces at the socially optimal level, it will

Question 5 options:

earn economic profit.
suffer a loss.
earn normal profits.
break even.

Save

Question 6(1 point)

Description: question 6 unsaved

If this monopoly is allowed to maximize profit, it will charge ____ and produce output _____.

Question 6 options:

P1; Q1
P1; Q2
P2; Q4
P3; Q1

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Question 7(1 point)

Description: question 7 unsaved

If the government forces this firm to follow an average cost pricing policy, the firm will

Question 7 options:

shut down.
earn economic profits.
earn zero economic profits.
earn economic losses.

Save

Question 8(1 point)

Description: question 8 unsaved

A natural monopoly emerges from

Question 8 options:

control of an essential input.
a patent.
economies of scale.
horizontal mergers.

Save

Question 9(1 point)

Description: question 9 unsaved

The total of consumer and producer surplus (social value) under a simple monopoly will tend to be

Question 9 options:

greater than under perfect competition.
the same as under perfect competition.
less than under perfect competition.
negative.

Save

Question 10(1 point)

Description: question 10 unsaved

Compared to a competitive firm, a monopoly in the long run

Question 10 options:

restricts output.
charges a higher price.
does not produce at minimum average cost.
All of the answers above are correct.

Save

Question 11(1 point)

Description: question 11 unsaved

An industry is a natural monopoly if

Question 11 options:

any firm can earn a profit in the industry.
a given output can be produced more cheaply by one firm than by many firms.
barriers prevent new firms from entering the industry in which a monopolist is earning positive economic profit.
only one firm has access to the raw materials of production.

Save

Question 12(1 point)

Description: question 12 unsaved

A monopoly

Question 12 options:

has a short-run supply curve that slopes upward.
is a price taker.
does not have a supply curve.
is at the mercy of the market-determined price.

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Question 13(1 point)

Description: question 13 unsaved

A policy of marginal cost pricing will insure that many regulated industries lose money.

Question 13 options:

True
False

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Question 14(1 point)

Description: question 14 unsaved

For the firm in the figure below, an unregulated monopolist, profit-maximizing output is below the long-run competitive level by how much?

Question 14 options:

100
75
50
35

Save


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