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Tutorial 4 - Monopolo

Trang Pham 14 questions

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Questions in this quiz (14)

  1. 11. [B] Typically for a monopolist:
    1. Aaverage revenue is less than marginal revenue
    2. Bmarginal revenue is greater than price
    3. Caverage revenue is less than price
    4. Dmarginal revenue is less than price
  2. 22. When quantity sold (Q) is 400, price or average revenue (AR) is $20. When Q = 450, AR = $19. What is the marginal revenue (MR) per unit sold when Q increases from 400 to 450?

    Reminder: MR is defined as the increase in total revenue when quantity increases by one unit.


    1. A$11
    2. B$550
    3. C$8,550
    4. Dthere is not enough information to calculate MR here.
  3. 33. In analysing a monopolist's business decisions, we would equate ____________ to determine the quantity to produce, then use the demand curve to determine ____________

    1. Aaverage revenue to marginal cost, price
    2. Bmarginal revenue to marginal cost, price
    3. Cmarginal revenue to marginal cost, marginal profit
    4. Dnone of the above
  4. 44. A monopolistically competitive firm differs from a perfectly competitive firm because a monopolistically competitive firm

    1. Afaces a downward sloping demand curve for its product
    2. Bfaces a horizontal demand curve at the market clearing price
    3. Ctypically enjoys above-normal profit even in the long run
    4. Dhas no barriers to entry
  5. 55. When free entry is one of the attributes of a market structure, economic profits under that structure are likely to be

    1. Aeventually driven to zero
    2. Bnegative for all firms
    3. Csuper-normal
    4. Dalways positive
  6. 61. Essential characteristics of a monopoly include:

    (i) sole seller of its product
    (ii) product does not have close substitutes
    (iii) is located in a small geographic market

    1. A(i) only
    2. B(ii) only
    3. Cboth (i) and (ii)
    4. Dall of the above
  7. 72. The market demand curve for a monopolist is typically

    1. Adownward sloping
    2. Bhorizontal
    3. Cupward sloping
    4. Dperfectly elastic at market price
  8. 83. The entry and exit of firms in a monopolistically competitive market ensures that


    1. Aeconomic profits and economic losses are all dissipated in the long run
    2. Beconomic profits can survive in the long run, but not economic losses
    3. Ceconomic losses will exist in the long run, but not economic profits
    4. Dboth economic profits and economic losses will exist in the long run
  9. 94. When firms are restricted from entering a market through barriers to entry, attributes for which of the following market structures are violated?

    (i) perfect competition
    (ii) monopolistic competition
    (iii) monopoly
    (iv) oligopoly

    1. A(i) only
    2. Bboth (i) and (ii)
    3. Cboth (ii) and (iii)
    4. Dall of the above choices are acceptable
  10. 105. One characteristic of an oligopolistic market structure is that


    1. Afirms in the industry are typically characterised by very diverse product lines
    2. Bproducts typically sell at a price that reflects their marginal cost of production
    3. Cthe actions of one seller can have a large impact on the profitability of other sellers
    4. Dsince markets are typically large, the actions of one seller largely go unnoticed by its competitors

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Description
Economics (Topic 4 - monopolic and monopolic competition) Quiz on Tutorial 4 - Monopolo , created by Trang Pham on 03/11/2016.
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