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Question 43 pts 1.. For a monopoly, MR will always be [ Select ] [“lower”, “h

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Question 43 pts
1.. For a monopoly, MR will always be [ Select ] [“lower”, “higher”, “the same”] than the price because the only way a monopoly will be able to sell more is by [ Select ] [“decreasing”, “increasing”, “maintaining”] the price. Therefore, the revenue they earn from selling one more unit will be [ Select ] [“less”, “more”, “the same”] than they earned for the previous unit.
Flag question: Question 5Question 54 pts
2. What are the four steps that are listed in the PPT presentation to show a monopoly earning economic profit in the short run
First find the [ Select ] [“quantity”, “price”, “ATC”, “profit”]
Second find the [ Select ] [“quantity”, “price”, “ATC”, “profit”]
Third find the [ Select ] [“quantity”, “price”, “ATC”, “profit”]
Fourth find the [ Select ] [“quantity”, “price”, “ATC”, “profit”]
Flag question: Question 6Question 65 pts
3. The profit-maximizing quantity will always be found where [ Select ] [“ATC = P”, “MC = MR”, “ATC = MR”] .
The price that a monopoly will charge is read from the [ Select ] [“MR”, “demand”, “ATC”, “MC”] curve (straight up from the profit-maximizing quantity) because it tells us the maximum amount that people will pay for a given quantity.
In order to find the ATC on a graph for a firm earning economic profit, go straight up from the profit-maximizing quantity until you hit the [ Select ] [“demand”, “MC”, “ATC”] curve and then over to the $ axis.
Profit per unit can be calculated by subtracting ATC from the [ Select ] [“quantity”, “price”, “MC”] .
Total profit can be found by multiplying the profit per unit by the [ Select ] [“quantity”, “price”, “MC”] .
Flag question: Question 7Question 73 pts
4. Price discrimination is when a seller sells [ Select ] [“differentiated”, “identical”, “similar”] products at different [ Select ] [“prices”, “discounts”, “quantities”] to buyers based on the buyers’ [ Select ] [“income”, “age”, “willingness to pay”] .
Flag question: Question 8Question 81 pts
5. The primary reason that the government offers patents is to encourage [ Select ] [“predatory pricing”, “competition”, “research and development”] .
Flag question: Question 9Question 92 pts
6. Monopolies are less efficient than competitive firms because monopolies produce a [ Select ] [“lower”, “higher”] quantity and charge a [ Select ] [“lower”, “higher”] price.
7. Flag question: Question 10Question 1018 pts
CompetitionMonopoly
Number of firms [ Select ] [“one”, “a few”, “many”] [ Select ] [“one”, “a few”, “many”]
How easy is entry [ Select ] [“free entry”, “medium”, “barriers to entry”] [ Select ] [“free entry”, “medium”, “barriers to entry”]
Able to earn economic profit in the short run [ Select ] [“no”, “yes”] [ Select ] [“no”, “yes”]
Able to earn economic profit in the long run [ Select ] [“no”, “yes”] [ Select ] [“no”, “yes”]
Price discrimination possible [ Select ] [“no”, “yes”] [ Select ] [“no”, “yes”]
Likely to advertise [ Select ] [“no”, “yes”] [ Select ] [“no”, “yes”]
Any market power [ Select ] [“no”, “yes”] [ Select ] [“no”, “yes”]
How similar are the products [ Select ] [“identical”, “differentiated”, “inique”] [ Select ] [“identical”, “differentiated”, “unique”]
What does the demand curve look like [ Select ] [“horizontal; perfectly elastic”, “vertical; perfectly inelastic”, “downward sloping market demand curve”, “decreasing and then increasing”] [ Select ] [“horizontal; perfectly elastic”, “vertical; perfectly inelastic”, “downward sloping market demand cruve”, “decreasing and the increasing”]

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