question
(E) Gmine's dominant strategy is to not cheat; Bmine's strategy is to cheat
answer
which of the following correctly describes the dominant strategy of each firm?
question
(C) barriers to entry
answer
which of the following is a source of monopoly power?
question
(A) price exceed marginal revenue
answer
which of the following is true for a monopolist at the profit-maximizing output level?
question
(B) 50$
answer
If the firm produces 10 units of output, its economic profits will equal?
A 0
b 50
c 100
d 150
E 200
A 0
b 50
c 100
d 150
E 200
question
(C) the firm would have to lower its price to sell more than 10 units
answer
which of the following is most likely to occur if the firm increases beyond 10 units?
question
(C) RULI
answer
the economic profit of the profit-maximizing monopolist is given by the area
question
(C) 0T Q3
answer
If this were a perfectly competitive industry with the same costs as shown on the graph equilibrium price and output would be which of the following
question
(B) Price: increase Quantity: decrease
answer
if a perfectly competitive industry were monopolized without any changes in cost conditions, the price and quantity produced would change in which of the following ways?
question
(B) the firm cannot affect the market price of its good
answer
which of the following statements is true for a perfectly competitive firm but not true for a monopoly?
question
(B) produces too little output and sets a price above marginal costs
answer
Most economists argue that a monopoly is inefficient because it?
question
(A) Long-run total cost decreases as output increases
answer
Within the range of market demand, which of the following is consistent with the conditions of a natural monopoly?
question
(B) Elastic region of its demand curve
answer
A profit maximizing monopolists selects its output level in the?
question
(C) Price: P3 Output: Q3
answer
if the monopolists chooses to maximize total revenue rather than total profit, it will choose revenue rather than total profit, it will choose which combination of price and output?
question
(E) Price: increase Output: decrease
answer
If the marginal cost curve of a monopolist shifts up, which of the following will occur to the monopolist's price and output?
question
(D) too little of a good and charges too high a price
answer
from the point of view of economic efficiency, a monopolist produces?
question
(B) have a loss.
answer
Assume there is a monopolistically competitive firm in long-run equilibrium. If this firm were to realize productive efficiency, it would:
question
(C) it has excess capacity and its output price exceeds its marginal cost, even though its long-run profit is zero
answer
Which of the following statements about a monopolistically competitive firm in long-run equilibrium is true?
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