02 Jun Question Quiz Top of Form
Question
Quiz
Top of Form
Note: It is recommended that you save your response as you complete each question.
Question 1(1 point)
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Compared to a perfectly competitve market, a monopoly
Question 1 options:
charges a higher price but produces better quality.
produces the same output at the same price.
produces a smaller output and charges a higher price.
produces a larger output and charges a lower price.
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Question 2(1 point)
Description: question 2 unsaved
All the following could be considered rent-seeking actvities except
Question 2 options:
changing a product’s price.
bribery.
political activities.
getting a patent.
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Question 3(1 point)
Description: question 3 unsaved
Monopoly pricing blocks some mutually beneficial trades. These blocked trades are _______________________ to society.
Question 3 options:
sunk cost.
opportunity cost.
unrealized loss.
deadweight loss.
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Question 4(1 point)
Description: question 4 unsaved
The main problem with forcing monopolies to set prices equal to average cost is that
Question 4 options:
monopolies may have a loss.
such a scheme increases the deadweight loss.
monopolies gain economic profit.
monopolies have no incentive to reduce costs.
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