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Question 1 0

Economics

  • Question 1

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A price searcher

     
       
  • Question 2

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If a monopolist wishes to sell an additional unit of the good, then

     
       
  • Question 3

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A monopolist can sell 16,000 units at a price of $100 per unit. Lowering price by $1 raises the quantity demanded by 500 units. What is the change in total revenue resulting from this price change?

     
       
  • Question 4

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The economist who estimated the deadweight loss of monopoly in the manufacturing sector is

     
       
  • Question 5

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For a firm that perfectly price discriminates,

     
       
  • Question 6

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As long as the demand curve lies above the marginal revenue curve for a monopolist, it will charge a price for its product that is

     
       
  • Question 7

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The demand curve facing a monopolist is always

     
       
  • Question 8

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Which of the following is false?

     
       
  • Question 9

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Your school pays one rate for the first one million kilowatts of electricity and a lower rate for any power it uses over one million kilowatts. What is occurring here?

     
       
  • Question 10

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Which of the following is not a legal barrier to entry?

     
       
  • Question 11

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If a single-price monopolist and a perfectly price-discriminating monopolist face the same demand and cost curves, then

     
       
  • Question 12

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Which of the following is the best example of a monopoly?

     
       
  • Question 13

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Which of the following is not an example of a legal barrier to entry?

     
       
  • Question 14

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Which of the following is not an example of a legal barrier to entry?

     
       
  • Question 15

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For the monopoly firm, its demand curve is

     
       
  • Question 16

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Individuals who spend resources to influence public policy in a way that will redistribute income to themselves are

     
       
  • Question 17

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Exhibit 24-8


Quantity

Total Revenue


Total Cost

2

$200

$150

3

$270

$175

4

$328

$205

5

$375

$252

6

$390

$312

     



Refer to Exhibit 24-8. A profit-maximizing single-price monopolist will set the price at

     
       
  • Question 18

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Exhibit 24-4
                                                      



Price


Quantity
Demanded


Fixed Cost


Variable Cost


Total Revenue



Total Cost


Marginal Revenue


Marginal Cost

$100

0

$10

$0

(D)

(I)

 

 

  90

1

10

25

(E)

(J)

(N)

(S)

  80

2

(B)

65

(F)

(K)

(O)

(T)

  (A)

3

10

130

225

(L)

(P)

(U)

  60

4

10

(C)

(G)

220

(Q)

(V)

  50

5

10

310

(H)

(M)

(R)

(W)

               



Refer to Exhibit 24-4. The profit-maximizing single-price monopolist's maximum profit is

     
       
  • Question 19

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Exhibit 24-1



Refer to Exhibit 24-1. If the product is produced under single-price monopoly, what do profits equal at the profit maximizing level of output?

     
       
  • Question 20

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Exhibit 24-6
 



Refer to Exhibit 24-6. The marginal revenue curve of a perfectly competitive firm producing X and selling it at the price P0 is represented by

 

     
       

 

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