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Economics
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1. For a single-price monopoly, marginal revenue is

a. equal to the price for the first unit of output.

b. less than the price for all units of output after the first unit.

c. greater than price. horizontal.

d. a and b

 

 

2. The demand curve facing a monopolist is:

a) horizontal, the same as that facing a perfectly competitive firm.

b) upward sloping, the same as that facing a perfectly competitive firm.

c) downward sloping, unlike the horizontal demand curve facing a perfectly competitive firm.

d) downward sloping, the same as that facing a perfectly competitive firm.

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019
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Related questions

1. A perfectly competitive firm will continue producing in the short run as long as it can cover its:

A.total cost.
B.average total cost.
C.average variable cost.
D.average fixed cost.

2. A perfectly competitive firm will earn a profit and will continue producing the profit-maximizing quantity of output in the short run if price is:
A.greater than marginal cost.
B.less than marginal cost.
C.less than average variable cost.
D.greater than average total cost.
3. Monopolistic competition is an industry characterized by:
A.a product with many close substitutes.
B.a horizontal demand curve.
C.a small number of firms.
D.barriers to entry and exit.
4. If a perfectly competitive firm increases production from 10 units to 11 units, and the market price is $20 per unit, total revenue for 10 units is:
A.$10.
B.$20
C.$200.
D.$210.
5. The demand curve facing a monopolist is:
A.horizontal, the same as that facing a perfectly competitive firm.
B.downward sloping, the same as that facing a perfectly competitive firm.
C.upward sloping, the same as that facing a perfectly competitive firm.
D.downward sloping, unlike the horizontal demand curve facing a perfectly competitive firm.
6. Suppose that a monopolist increases production from 10 units to 11 units. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is:
A.$1.
B.$9.
C.$19.
D.$29.
7. Most electric, gas, and water companies are examples of:
A.unregulated monopolies.
B.natural monopolies.
C.restricted-input monopolies.
D.sunk-cost monopolies.
8.If a perfectly competitive firm is producing a quantity that generates P > MC, then profit:
A.is maximized.
B.can be increased by increasing the price.
C.can be increased by decreasing the price.
D.can be increased by increasing production.

A6. If a monopolist is practising perfect price discrimination, we know that (A) (B) (C) (D) (E) the firm is facing a perfectly inelastic demand curve. the firm is selling each unit at a different price and capturing all consumer surplus. the firm is facing a perfectly elastic demand curve. marginal cost is rising as output rises. the firm is producing a lower output than it would if it were a single-price monopolist.

The marginal revenue curve faced by a perfectly competitive firm
a. lies below the firm's demand curve
b. is downward sloping, because price must be reduced to sell more output
c. is horizontal at the market price
d. has all of these characteristics

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