ECON CH 8

Market structures are categorized by the following two criteria:

Which of the following statements about the differences between monopoly and perfect competition is incorrect??

Which of the following statements is true?

A monopoly is a market characterized by:

A monopolist is likely to produce ____ and charge ____ than a comparable perfectly competitive firm.

In contrast with perfect competition, a monopolist:

Because of monopoly, consumers have ____ than with perfect competition.

Conditions that prevent the entry of new firms in a monopoly market are:

A natural monopoly exists whenever a single firm:

A firm that has economies of scale:

Which of the following is a barrier to entry? A) Control of scare resources B) Economies of scale C) Government-granted barriers such as patents and copyrights D) All of the answers are correct.

Which of the following is NOT a barrier to entry?

A monopoly is an industry structure characterized by:

The demand curve facing a monopolist is:

Which of the following is true? A) A monopoly firm is a price taker. B) Marginal revenue is greater than price if the demand curve is downward-sloping. C) Marginal revenue equals marginal cost is a profit-maximizing rule of any firm. D) In monopoly price equals marginal cost when profits are maximized.

A firm that faces downward-sloping demand curve is a:

Marginal revenue for a monopolist is:

Which of the following is true? A) Instead applying the marginal decision rule, monopoly firms just set the price as high as possible. B) If demand is downward-sloping, price equals marginal revenue C) If demand is downward-sloping, price equals average total cost D) If demand is downward-sloping, price is greater than marginal revenue.

Suppose a monopoly is producing at the profit-maximizing level of output. At that level of output:

Which of the following is true?

A monopolist responds to an increase in demand by ____ price and ____ output.

The monopoly firm's profit-maximizing price is:

The profit-maximizing rule marginal revenue equals marginal cost is: A) Followed by a monopoly but not by a perfectly competitive firm. B) Followed by a perfectly competitive firm but not by a monopoly. C) Followed by all types of firms. D) Not followed by a monopoly because it would reduce economic profit to zero. 2424.

In the short run, a monopoly will stop producing if:

The most important source of oligopoly in an industry is:

In an oligopoly:

Oligopoly is a market structure that is characterized by a:

In monopolistic competition:

Monopolistic competition is similar to perfect competition because firms in both market structures:

In monopolistic competition: