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Monopoly Quiz

daniel.examtime 10 Fragen

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Fragen in diesem Quiz (10)

  1. 1Why are monopolies generally considered bad for the economy?
    1. AThey earn super normal profit and so exploit consumers
    2. BThey use scarce resources inefficiently
    3. CBoth of the above
  2. 2Where do monopolies aim to produce?
    1. AWhere the Marginal Cost curve intersects the Marginal Revenue curve
    2. BWhere the Marginal Cost curve intersects the Average Revenue curve
    3. CWherever - monopolies earn super normal profit regardless and so it's not important
  3. 3What profits to monopolies earn?
    1. ASub normal profit
    2. BNormal profit
    3. CSuper normal profit
  4. 4Which of the following is a true statement?
    1. AMonopolies have upward sloping demand curves
    2. BMonopolies have downward sloping demand curves
    3. CMonopolies have horizontal demand curves
  5. 5Which of the following is one of the assumptions we, as economists, make about monopolies?
    1. AMonopolists can control the quantity sold but not the price charged
    2. BMonopolist can control the price charged but not the quantity sold
    3. CMonopolists can control either the price charged or the quantity sold, but not both
  6. 6Why are the long-run and short-run equilibriums of a monopoly identical?
    1. ABecause barriers to entry prevent the entry of new firms into the industry and so consumers have no choice but to keep buying the product from the one firm
    2. BBecause governments strive to aid big companies, including monopolies, to survive in the economy
    3. CBecause monopolies can manipulate the market to preserve their profits
  7. 7Are consumers exploited by monopolies?
    1. ANo, never
    2. BIt depends on the industry
    3. CYes, definitely
  8. 8Which of the following are benefits of a monopoly?
    1. AEmployment is more secure
    2. BConsumers feel more comfortable with bigger brands
    3. CContinuity of supply is more secure
    4. DAll of the above
    5. ENone of the above, there are no advantages
  9. 9Which of the following are possible reasons for the existence of a monopoly?
    1. AGovernments sometimes prevent other firms joining an industry
    2. BIt can be so expensive to set up in a industry that no other firm will join the industry
    3. CConsumers become so loyal to a product that they would never swap to an alternative, and so other firms don't set up in the industry
    4. DAll of the above
  10. 10Monopolies sell high quality goods for expensive prices. True or false?
    1. ATrue - they benefit from a lack of competition which leads to higher prices, but, again because of this lack of competitoon, they don't need to cut costs and reduce the quality of their goods
    2. BFalse - their goods are more expensive than they need to be but not of a higher quality because of the lack of competiton
    3. CIt depends - monopolies always sell at a higher price than necessary, but whether they sell a higher quality good too varies - it depends on the firm in question

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Beschreibung
A 10-question quiz on some of the basics of monopolies
Sprache
English
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