A. The section with the richest people

B. The section with the most elastic demand

D. The section with the oldest people

B. below the price because the output effect outweighs the price effect

C. above the price because the output effect outweighs the price effect

D. above the price because the price effect outweighs the output effect

A. Potential competitors sometimes dont notice the the profits.

B. the monopolist is financially powerful.

C. of all of the things described in these answers

E. antitrust laws eliminate competitors for a specified number of years.

A. is the marginal cost curve above average total cost

B. is the marginal cost curve above average variable cost?

D. is the upward-sloping portion of the average total cost curve

E. The upward-sloping portion of the average variable cost

A. High investment costs

B. Internal economies of scale

D. Patents

A. lower prices and lower output

C. higher prices and higher output

D. lower prices and higher output

A. Bans monopolies

B. Fines all monopolies

C. Prevents firms acquiring more than 25% of the market

A. The average revenue equals the marginal cost

B. Revenue equals total cost

D. The price is less than the average cost

A. Price discrimination increases a monopolists profits.

C. For a monopolist to engage in price discrimination buyers must be unable to engage in arbitrage.

D. Price discrimination can raise economic welfare.

E. price discrimination requires that seller be able to separate buyers according to their willingness to pay.

A. an ability to separate the market

C. some degree of monopoly power

D. an ability to prevent reselling

A. Monopolies are productively efficient

B. Monopolies are alocatively efficient

C. Monopolies are inefficient

A. creates synergies between the newly acquired firm and other government-owned companies.

C. usually lowers the cost of production dramatically.

D. does none of the things described in these answers

A. 2

B. 1

C. 4

D. 5

A. The firm produces at the socially optimal level

C. The firm is Productively efficient

D. The firm produces where marginal cost is less than marginal revenue

A. The price is greater than the average cost

C. There are external cost

D. The price is greater than the marginal cost

A. The price is greater than the average revenue

B. The price is greater than the marginal benefit

D. The price is greater than the marginal revenue

A. produce a lower quantity of the product

B. make a greater amount of economic profit

D. charge a higher price

A. In competitive markets price equals marginal cost, in monopolized markets price equals marginal cost

B. In competitive markets price exceeds marginal cost in monopolized markets price equals marginal cost

D. In competitive markets price exceeds marginal cost, in monopolized markets price exceeds marginal cost

A. Price equals marginal revenue

B. total revenue equals total cost

C. marginal revenue equals average total cost

A. raise the price of good

C. attract additional firms to enter the market

D. improve efficieny

B. There is one main sellers

C. Products are differentiated

D. The firm is a price taker

B. close substitute products

C. perfect information

D. low barriers to entry

A. will remain the same

C. will fall

D. could either rise or fall depending on the elasticity of the monopolists supply curve

A. a high proportion of the total cost in the cost of capital goods

B. economies of scale

C. the market is very small

B. the monopolys profits

C. the monopolys losses

D. overproduction of the good

A. create public ownership of natural monopolies

B. increase merger activity to help generate synergies that reduce costs and raise efficiency.

C. regulate the prices charged by a monopoly

D. all of these answers

A. government monopoly

B. regulated monopoly

D. perfect competitor

A. The actions of one firm do not affect the market price and quantity

B. There are many buyers and sellers

C. There is one main buyer

A. the price is less than the marginal revenue

B. they are equal

D. there is no relation

A. marginal cost equals price

C. none of these answers

D. marginal revenue equals price

E. marginal cost equals demand

B. charging different prices for goods with different costs of production

C. charging different prices based on cost-of-service differences

D. charging different prices on the basis of race

A. The government gives a single firm the exclusive right to produce some good

B. A key resource is owned by a single firm

C. The costs of production make a single producer more efficient than a large number of productions

A. Thomson owns a key resource in the production of textbooks.

B. Thomson is a very large company

C. Thomson is a natural monopoly,

A. decrease output

C. keep output the same because profits are maximized when marginal revenue exceeds marginal cost

D. raise the price

A. Lies below and converges with the demand curve

C. Equals the demand curve

D. Is parallel with the demand curve