question
A major characteristic of monopoly is
answer
a single seller of a product
question
Suppose a monopolist can sell 3 units of a good at $20 per unit. If the monopolist want to increase the quantity it sells to 4 units it would have to reduce the price to $18 per unit. What is the marginal revenue of the fourth unit?
answer
$12
question
Suppose the Busy Bee Cafe is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment. How many hamburgers will Busy Bee Cafe make and sell per hour?
answer
20 hamburgers
question
the good produced by a monopoly
answer
has no close substitutes
question
using the figure above, what is the total revenue?
answer
M x A
question
If a monopoly wants to sell a greater quantity of output, it must
answer
lower its price
question
Which of the following would help a monopolist maintain a monpoly?
answer
a government issued franchise, control over a necessary factor of production, significant economies of scale in production (All options)
question
using the figure above, what is the quantity that would lead to a maximization of profit (Q*)?
answer
M
question
Suppose the Busy bee Cafe is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment. What quantity will the Busy Bee produce to maximize its profit?
answer
20 hamburgers per hour
question
Using the figure above, what is the total cost?
answer
M X B
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