ECON 130 - CHAPTER 10 quiz - Assignment Essays

ECON 130 – CHAPTER 10 quiz

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March 14th, 2023

question

it will be in the interest of the firm, but not necessarily of society, to reduce output.

answer

If a pure monopolist is producing more output than the MR = MC output:

question

The commodity involved must be a durable good.

answer

Which of the following is not a precondition for price discrimination?

question

false

answer

Pure monopolists always earn economic profits.

question

because it produces short of minimum average cost and price is greater than marginal cost.

answer

A single-price pure monopoly is economically inefficient:

question

will be less than $35.

answer

If a nondiscriminating imperfectly competitive firm is selling its 100th unit of output for $35, its marginal revenue:

question

becomes negative when output increases beyond some particular level.

answer

The marginal revenue curve for a monopolist:

question

X-inefficiency

answer

Which of the following is not a barrier to entry?

question

marginal revenue.

answer

In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:

question

the firm will face multiple marginal revenue curves.

answer

If a pure monopolist can engage in price discrimination:

question

marginal revenue would be negative.

answer

If a monopolist were to produce in the inelastic segment of its demand curve:

question

false

answer

In the short run a pure monopolist will maximize profits by producing at that level of output where the difference between price and average total cost is at a maximum.

question

reducing output and raising price.

answer

If a monopolist's marginal revenue is $3.00 and its marginal cost is $4.50, it will increase its profits by:

question

the diamond market

answer

Which of the following best approximates a pure monopoly?

question

charge a higher price.

answer

Assume a pure monopolist is currently operating at a price-quantity combination on the inelastic segment of its demand curve. If the monopolist is seeking maximum profits, it should:

question

produce more output and charge a lower price.

answer

If the variable costs of a profit-maximizing pure monopolist decline, the firm should:

question

maximize the difference between total revenue and total cost.

answer

To maximize profit a pure monopolist must:

question

false

answer

In the short run a pure monopolist will charge the highest price the market will bear for its product.

question

applies both to pure monopoly and pure competition.

answer

The MR = MC rule:

question

barriers to entry

answer

Which of the following is a characteristic of pure monopoly?

question

only illegal if used to lessen or eliminate competition.

answer

Price discrimination is:

1 of 20

question

it will be in the interest of the firm, but not necessarily of society, to reduce output.

answer

If a pure monopolist is producing more output than the MR = MC output:

question

The commodity involved must be a durable good.

answer

Which of the following is not a precondition for price discrimination?

question

false

answer

Pure monopolists always earn economic profits.

question

because it produces short of minimum average cost and price is greater than marginal cost.

answer

A single-price pure monopoly is economically inefficient:

question

will be less than $35.

answer

If a nondiscriminating imperfectly competitive firm is selling its 100th unit of output for $35, its marginal revenue:

question

becomes negative when output increases beyond some particular level.

answer

The marginal revenue curve for a monopolist:

question

X-inefficiency

answer

Which of the following is not a barrier to entry?

question

marginal revenue.

answer

In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:

question

the firm will face multiple marginal revenue curves.

answer

If a pure monopolist can engage in price discrimination:

question

marginal revenue would be negative.

answer

If a monopolist were to produce in the inelastic segment of its demand curve:

question

false

answer

In the short run a pure monopolist will maximize profits by producing at that level of output where the difference between price and average total cost is at a maximum.

question

reducing output and raising price.

answer

If a monopolist's marginal revenue is $3.00 and its marginal cost is $4.50, it will increase its profits by:

question

the diamond market

answer

Which of the following best approximates a pure monopoly?

question

charge a higher price.

answer

Assume a pure monopolist is currently operating at a price-quantity combination on the inelastic segment of its demand curve. If the monopolist is seeking maximum profits, it should:

question

produce more output and charge a lower price.

answer

If the variable costs of a profit-maximizing pure monopolist decline, the firm should:

question

maximize the difference between total revenue and total cost.

answer

To maximize profit a pure monopolist must:

question

false

answer

In the short run a pure monopolist will charge the highest price the market will bear for its product.

question

applies both to pure monopoly and pure competition.

answer

The MR = MC rule:

question

barriers to entry

answer

Which of the following is a characteristic of pure monopoly?

question

only illegal if used to lessen or eliminate competition.

answer

Price discrimination is:

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