Economics CH 12 Quiz

Pure monopoly refers to:

Which of the following is correct?

Pure monopolists may obtain economic profits in the long run because:

Which of the following best approximates a pure monopoly?

Barriers to entering an industry:

A natural monopoly occurs when:

What do economies of scale, the ownership of essential raw materials, and patents have in common?

For an imperfectly competitive firm:

A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at $10,000 each, but if it restricts its output to 9 per week it can sell these at $11,000 each. The marginal revenue of the tenth unit of sales per week is:

Refer to the two diagrams for individual firms. Figure 1 pertains to:

Refer to the two diagrams for individual firms. In Figure 1 line B represents the firm's:

Refer to the two diagrams for individual firms. Figure 2 pertains to:

Refer to the two diagrams for individual firms. In Figure 2 the firm's demand and marginal revenue curves are represented by:

Refer to the diagram. Demand is relatively inelastic:

Which of the following is characteristic of a pure monopolist's demand curve?

For a pure monopolist the relationship between total revenue and marginal revenue is such that:

The diagram indicates that the marginal revenue of the sixth unit of output is:

Which of the diagrams correctly portrays a nondiscriminating pure monopolist's demand (D) and marginal revenue (MR) curves?

Which of the diagrams correctly portrays the demand (D) and marginal revenue (MR) curves of a purely competitive seller?

Suppose that a pure monopolist can sell 20 units of output at $10 per unit and 21 units at $9.75 per unit. The marginal revenue of the 21st unit of output is:

If a pure monopolist is producing at that output where P = ATC, then:

The supply curve for a monopolist is:

Economic profit in the long run is:

X-inefficiency refers to a situation in which a firm:

Price discrimination refers to: