ECON 302: Lesson 7 - Assignment Essays

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answer

Scenario 10.2:
A monopolist faces the following demand curve, marginal revenue curve, total cost curve and marginal cost curve for its product:
Q = 200 - 2P
MR = 100 - Q
TC = 5Q
MC = 5
Refer to Scenario 10.2. What is the profit maximizing level of output?

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If transaction costs are positive

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Which of the following might cause a firm to face a downward sloping demand curve even in the absence of coercive barriers to entry?

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I is true, and II is false.

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Use the following two statements to answer this question:
I. For a monopolist, at every output level, average revenue is equal to price.
II. For a monopolist, at every output level, marginal revenue is equal to price.

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5,400

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Maui Macadamia Inc. has a monopoly in the macadamia nut industry.? The demand curve, marginal revenue, total cost, and marginal cost curve for macadamia nuts are given as follows:
P = 360 - 4Q???
MR = 360 - 8Q???
TC = 2Q^2
MC = 4Q
What is the maximum amount that Maui Macadamia would be willing to spend in order to maintain its monopoly through rent seeking?

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imposes a cost on society because the selling price is above marginal cost.

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The monopolist that maximizes profit

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$4512.50

answer

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the quantity supplied at any particular price depends on the monopolist's demand curve.

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The monopolist has no supply curve because

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less than price.

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When the demand curve is downward sloping, marginal revenue is

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The theory of contestable markets

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Which of the following theories explains why the number of firms in a market does not determine the level of competition in that market?

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firm's output is smaller than the profit maximizing quantity.

answer

Assume that a profit maximizing monopolist is producing a quantity such that marginal revenue exceeds marginal cost. We can conclude that the

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to decrease the consumer surplus of Japanese rice consumers.

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Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be:

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The monopolist is not maximizing profit and should decrease output.

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Which of the following is true at the output level where P=MC?

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$52.50

answer

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The monopolist may incur costs in lobbying the government to grant its monopoly privilege.
If the monopolist has its profits limited by regulation, it may choose to spend more money, thus raising costs, instead of reducing its revenue.

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Which of the following explains why a monopolist may have higher costs than an equivalent competitive firm?

1 of 14

question

answer

question

If transaction costs are positive

answer

Which of the following might cause a firm to face a downward sloping demand curve even in the absence of coercive barriers to entry?

question

I is true, and II is false.

answer

question

5,400

answer

question

imposes a cost on society because the selling price is above marginal cost.

answer

The monopolist that maximizes profit

question

$4512.50

answer

question

the quantity supplied at any particular price depends on the monopolist's demand curve.

answer

The monopolist has no supply curve because

question

less than price.

answer

When the demand curve is downward sloping, marginal revenue is

question

The theory of contestable markets

answer

Which of the following theories explains why the number of firms in a market does not determine the level of competition in that market?

question

firm's output is smaller than the profit maximizing quantity.

answer

Assume that a profit maximizing monopolist is producing a quantity such that marginal revenue exceeds marginal cost. We can conclude that the

question

to decrease the consumer surplus of Japanese rice consumers.

answer

Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be:

question

The monopolist is not maximizing profit and should decrease output.

answer

Which of the following is true at the output level where P=MC?

question

$52.50

answer

question

answer

Which of the following explains why a monopolist may have higher costs than an equivalent competitive firm?

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