31 May Question MULTIPLE CHOICE 62) A price-discriminating monopoly A) cannot offer discounts.
Question
62) A price-discriminating monopoly
A) cannot offer discounts.
B) cannot control the price of its product.
C) sells a larger quantity than it would if it were a single-price monopoly.
D) is illegal.
E) makes a smaller economic profit than it would if it were a single-price monopoly.
62)
63) In the above figure, a perfectly competitive market will have a price of ________ and a
single-price monopoly will have a price of ________.
A)P1 and quantity ofQ1;P2 and quantity ofQ2
B)P2 and quantity ofQ2;P3 and quantity ofQ1
C)P2 and quantity ofQ1;P1 and quantity ofQ1
D)P2 and quantity ofQ2;P1 and quantity ofQ1
E)P3 and quantity ofQ3;P1 and quantity ofQ1
63)
64) A single-price monopoly transfers
A) economic profit to the government.
B) consumer surplus to producers.
C) producer surplus to consumers.
D) economic profit to deadweight loss.
E) economic profit to consumers.
64)
65) The figure above shows the demand curve, marginal revenue curve, and marginal cost curve.
The amount of consumer surplus when the market has a monopoly producer is
A)ace. B)bcef. C)bcd. D)abf. E)acd.
65)
66) The figure above shows the demand curve, marginal revenue curve, and marginal cost curve.
The amount of consumer surplus when the market has a monopoly producer is ________ and
the amount of consumer surplus when the market is perfectly competitive is ________.
A)abf;aceB) ace;bcdC)ace; abfD)abf;bcdE) bcd;ace
66)
67) Compared to a perfectly competitive market, a single-price monopoly sets
A) a higher price.
B) a lower price.
C) the same price.
D) a price that might be higher, lower, or the same depending on whether the monopoly’s
marginal revenue curve lies above, below, or on its demand curve.
E) a price that might be higher, lower, or the same depending on whether the monopoly’s
marginal cost curve lies above, below, or on its marginal revenue curve.
67)
68) Compared to a perfectly competitive industry, a single-price monopoly produces
A) the same output.
B) more output.
C) less output.
D) some amount that might be more, less, or the same depending on whether the monopoly’s
marginal revenue curve lies above, below, or on its demand curve.
E) some amount that might be more, less, or the same depending on whether the monopoly’s
marginal cost curve lies above, below, or on its marginal revenue curve.
68)
69) Mark owns a cattle ranch near Hugo, Oklahoma. Mark is currently producing beef at an output
level where marginal revenue exceeds marginal cost. In order to maximize his profit, Mark
should
A) decrease his output.
B) shut down his ranch.
C) increase his output.
D) not change his output.
E) probably change his output, but more information is needed to determine if he should
increase, decrease, or not change it.
69)
70) When compared to a perfectly competitive market, a single-price monopoly with the same costs
produces ________ output and charges ________ price.
A) a smaller; a lower
B) a larger; a lower
C) a smaller; a higher
D) a smaller; the same
E) the same; a higher
70)
71) Suppose the Busy Bee Cafe´is the monopoly producer of hamburgers in Hugo, Oklahoma. The
above figure represents the demand, marginal revenue, and marginal cost curves for this
establishment. What quantity will the Busy Bee produce to maximize its profit?
A) 20 hamburgers per hour
B) 50 hamburgers per hour
C) 10 hamburgers per hour
D) 0 hamburgers per hour.
E) 30 hamburgers per hour
71)
Price(dollars) Quantity(units)
6 1
5 2
4 3
3 4
2 5
1 6
72) The above table gives the demand schedule for a monopoly. The demand is elastic at all prices
between
A) $3 and $1.
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