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1. Pure monopoly refers to: A. any kind of industry in which the demand also curve to the firm is down-sloping.B. a standardized product being developed by many firms.C. a single firm producing a product for which there are no close substitutes.D. a big variety of firms producing a distinguished product.
2. A pudepend monopolistic firm: A. has no entry barriers.B. faces a down-sloping demand also curve.C. produces a product or company for which tright here are many cshed substitutes.D. earns just a normal profit in the long run.
3. Pure monopolists may acquire economic revenues in the long run because: A. of proclaiming.B. marginal revenue is consistent as sales increase.C. of the visibility of barriers to entry.D. of increasing average addressed costs.
4 The non-discriminating pure monopolist"s demand also curve: A. is the sector demand also curve.B. shows a direct or positive relationship in between price and also amount demanded.C. has a tendency to be inelastic at high prices and elastic at low prices.D. is the same to its marginal revenue curve.
5. For an imperfectly competitive firm: A. total revenue is a right, up-sloping line bereason a firm"s sales are independent of product price.B. the marginal revenue curve lies above the demand curve bereason any reduction in price uses to all systems offered.C. the marginal revenue curve lies below the demand also curve because any reduction in price applies to all devices marketed.D. the marginal revenue curve lies below the demand curve bereason any reduction in price uses only to the extra unit sold.
C. the marginal revenue curve lies below the demand also curve bereason any reduction in price uses to all units marketed.
6. With respect to the pure monopolist"s demand also curve it have the right to be said that: A. the more powerful the barriers to entry, the even more elastic is the monopolist"s demand curve.B. price exceeds marginal revenue at all outputs greater than 1.C. demand is perfectly inelastic.D. marginal revenue amounts to price at all outputs.
7. The marginal revenue curve for a monopolist: A. is a right, up-sloping curve.B. rises at first, reaches a maximum, and also then declines.C. becomes negative as soon as output rises past some specific level.D. is a straight line, parallel to the horizontal axis.
8. For a pure monopolist marginal revenue is less than price because: A. the monopolist"s demand also curve is perfectly elastic.B. the monopolist"s demand curve is perfectly inelastic.C. as soon as a monopolist lowers price to sell even more output, the lower price applies to all units marketed.D. the monopolist"s total revenue curve is linear and slopes upward to the ideal.
9. The vertical distance between the horizontal axis and any allude on a non-discriminating monopolist"s demand also curve measures: A. the amount demanded.B. full revenue.C. product price
10. In the long run a pure monopolist will certainly maximize profits by creating that output at which marginal cost is equal to: A. average full expense.B. marginal revenue.C. average variable expense.D. average price.
14. The supply curve for a monopolist is: A. perfectly elastic.B. upsloping.C. that portion of the marginal price curve lying over minimum average variable expense.D. missing.
15. Economic profit in the long run is: A. possible for both a pure monopoly and a pure competitor.B. possible for a pure monopoly, yet not for a pure contender.C. difficult for both a pure monopolist and also a pure competitor.D. only feasible as soon as obstacles to enattempt are missing.
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