Question 1

Draw a graph of the firm's demand,marginal revenue,marginal cost,and average total cost curves.

Accepted Answer

The answer of Draw a graph of the firm's demand,marginal...

Question 2

-If the firm were a perfect competitor in the long run,how much would its price be?

Accepted Answer

The answer of 
-If the firm were a perfect competitor...

Question 3

In 1960,CEO compensation as a multiple of average employee compensation in the United States was about _________ times.

Accepted Answer

The answer of In 1960,CEO compensation as a multiple of...

Question 4

If the monopolist can sell 10 units at a price of $7 and 11 units at a price of $6.50,the marginal revenue of the 11th unit is

Accepted Answer

A)  -$1.50.
B)  0.
C)  $1.50.
D)  $6.50.
E)  $7.00.F) A) and D)
G) B) and C)

Question 5

Which statement is true?

Accepted Answer

A)  Big business has a great deal of economic power but very little political power.
B)  Big business has a great deal of political power but very little economic power.
C)  Big business has a great deal of economic and political power.
D)  Big business does not have much political or economic power.E) A) and D)
F) A) and C)

Question 6

Which of the following at one time were monopolies because they were the first to enter their field?

Accepted Answer

A)  Xerox
B)  IBM
C)  Microsoft
D)  All of the choices are true.E) All of the above
F) C) and D)

Question 7

(a)Using the data from graph,calculate the firm's total profit.(b)If the firm operates at optimum efficiency,how much will its output be? (c)If the firm were a perfect competitor,how much will its price be in the long run?

Accepted Answer

(a)Total Profit = (Price - ...

Question 8

The monopolist and the perfect competitor differ in that

Accepted Answer

A)  they face different demand curves.
B)  the monopolist does not always produce at an output in which MC = MR.
C)  the monopolist is always a large firm.
D)  the monopolist is more efficient.E) B) and C)
F) A) and D)

Question 9

Wal-Mart imports $________ billion a year of microwave ovens,TV's,DVD players,toys,shoes apparel and other goods from ______.

Accepted Answer

The answer of Wal-Mart imports $________ billion a year of...

Question 10

Which of the following is characteristic of a monopoly?

Accepted Answer

A)  The absence of political power
B)  Close substitute products
C)  The ability to make an economic profit in the long run
D)  Operating at peak efficiencyE) A) and B)
F) A) and C)

Question 11

Output  Price 1$30228326424522\begin{array} { c r } 	ext { Output } & 	ext { Price } \1 & \$ 30 \2 & 28 \3 & 26 \4 & 24 \5 & 22\end{array} Output 12345​ Price $3028262422​ 
-If the marginal cost were $14,output would be

Accepted Answer

A)  1.
B)  2.
C)  3.
D)  4.
E)  5. F) C) and E)
G) A) and C)

Question 12

-If the firm is maximizing profits or minimizing losses,it is producing _____ units of output and charging a price of _____.

Accepted Answer

A)  40;$10.00
B)  40;$18.00
C)  50;$13.00
D)  55;$14.00E) All of the above
F) A) and B)

Question 13

If the firm operated at optimum efficiency,how much would its output be?

Accepted Answer

The answer of If the firm operated at optimum efficiency,how...

Question 14

The monopolist and the perfect competitor are similar in that

Accepted Answer

A)  both operate at peak efficiency.
B)  both can make a profit in the long run.
C)  both types of markets have no barriers to entry.
D)  both try to maximize profits.E) None of the above
F) B) and C)

Question 15

Output  Price 1$30228326424522\begin{array} { c r } 	ext { Output } & 	ext { Price } \1 & \$ 30 \2 & 28 \3 & 26 \4 & 24 \5 & 22\end{array} Output 12345​ Price $3028262422​ 
-If the marginal cost were $22,the firm would maximize its profit at _____ unit(s) of output.

Accepted Answer

A)  1
B)  2
C)  3
D)  4
E)  5 F) A) and B)
G) C) and D)

Question 16

Which of the following is true?

Accepted Answer

A)  Monopolists never lose money regardless of short-run or long-run.
B)  Monopolies can be overcome by market forces or by government action.
C)  The most efficient output is found where MC and MR cross.
D)  Legal barriers are the basis for monopoly in the automobile industry.E) None of the above
F) All of the above

Question 17

Compared to 1960,CEO compensation as a multiple of average employee compensation in 2009 is about _______ times as large.

Accepted Answer

A)  twice
B)  four
C)  eight
D)  tenE) A) and D)
F) All of the above

Question 18

Large firms can take advantage of economies of __________.

Accepted Answer

The answer of Large firms can take advantage of economies...

Question 19

A public utility would be an example of

Accepted Answer

A)  a natural monopoly.
B)  an unnatural monopoly.
C)  an unregulated private monopoly.
D)  a competitive monopoly.E) C) and D)
F) A) and B)

Question 20

The perfect competitor's demand and marginal revenue curves ______ identical;the monopolist's demand and marginal revenue curves _______ identical.

Accepted Answer

The answer of The perfect competitor's demand and marginal revenue...

Exam 22: Monopoly

Compared to 1960,CEO compensation as a multiple of average employee compensation in 2009 is about _______ times as large.

Correct AnswerverifiedShow Answer

If the firm operated at optimum efficiency,how much would its output be?

Correct AnswerverifiedShow Answer

Which of the following is characteristic of a monopoly?

Correct AnswerverifiedShow Answer

Output Price 1$30228326424522\begin{array} { c r } \text { Output } & \text { Price } \\1 & \$ 30 \\2 & 28 \\3 & 26 \\4 & 24 \\5 & 22\end{array} Output 12345​ Price $3028262422​ -If the marginal cost were $14,output would be

Correct AnswerverifiedShow Answer

The monopolist and the perfect competitor are similar in that

Correct AnswerverifiedShow Answer

Which of the following at one time were monopolies because they were the first to enter their field?

Correct AnswerverifiedShow Answer

Which statement is true?

Correct AnswerverifiedShow Answer

Wal-Mart imports $________ billion a year of microwave ovens,TV's,DVD players,toys,shoes apparel and other goods from ______.

Correct AnswerverifiedShow Answer

Output Price 1$30228326424522\begin{array} { c r } \text { Output } & \text { Price } \\1 & \$ 30 \\2 & 28 \\3 & 26 \\4 & 24 \\5 & 22\end{array} Output 12345​ Price $3028262422​ -If the marginal cost were $22,the firm would maximize its profit at _____ unit(s) of output.

Correct AnswerverifiedShow Answer

The monopolist and the perfect competitor differ in that

Correct AnswerverifiedShow Answer

The perfect competitor's demand and marginal revenue curves ______ identical;the monopolist's demand and marginal revenue curves _______ identical.

Correct AnswerverifiedShow Answer

(a)Using the data from graph,calculate the firm's total profit.(b)If the firm operates at optimum efficiency,how much will its output be? (c)If the firm were a perfect competitor,how much will its price be in the long run?

Correct Answerverified (a)Total Profit = (Price - ...View AnswerShow Answer

Large firms can take advantage of economies of __________.

Correct AnswerverifiedShow Answer

In 1960,CEO compensation as a multiple of average employee compensation in the United States was about _________ times.

Correct AnswerverifiedShow Answer

-If the firm were a perfect competitor in the long run,how much would its price be?

Correct AnswerverifiedShow Answer

Draw a graph of the firm's demand,marginal revenue,marginal cost,and average total cost curves.

Correct AnswerverifiedShow Answer

A public utility would be an example of

Correct AnswerverifiedShow Answer

Which of the following is true?

Correct AnswerverifiedShow Answer

If the monopolist can sell 10 units at a price of $7 and 11 units at a price of $6.50,the marginal revenue of the 11th unit is

Correct AnswerverifiedShow Answer

-If the firm is maximizing profits or minimizing losses,it is producing _____ units of output and charging a price of _____.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

$\begin{array} { c r } \text { Output } & \text { Price } \\1 & \$ 30 \\2 & 28 \\3 & 26 \\4 & 24 \\5 & 22\end{array}$ -If the marginal cost were $14,output would be

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Wal-Mart imports $__ billion a year of microwave ovens,TV's,DVD players,toys,shoes apparel and other goods from .

Correct Answer
verified

$\begin{array} { c r } \text { Output } & \text { Price } \\1 & \$ 30 \\2 & 28 \\3 & 26 \\4 & 24 \\5 & 22\end{array}$ -If the marginal cost were $22,the firm would maximize its profit at _____ unit(s) of output.

Correct Answer
verified

Correct Answer
verified

The perfect competitor's demand and marginal revenue curves identical;the monopolist's demand and marginal revenue curves _ identical.

Correct Answer
verified

Correct Answer
verified

(a)Total Profit = (Price - ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

-If the firm is maximizing profits or minimizing losses,it is producing _ units of output and charging a price of _.

Correct Answer
verified