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economics quiz help




Question;Quiz;Top of Form;Note: It is recommended that you save your response as you;complete each question.;Question;1(1 point);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.;Save;Question;2(1 point);All the following could be considered rent-seeking actvities except;Question 2 options;changing;a product's price.;bribery.;political;activities.;getting;a patent.;Save;Question;3(1 point);Monopoly pricing blocks some mutually beneficial trades. These;blocked trades are _______________________ to society.;Question 3 options;sunk;cost.;opportunity;cost.;unrealized;loss.;deadweight;loss.;Save;Question;4(1 point);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.;Save;Question;5(1 point);Examine the graph below. If the monoplist;prices and produces at the socially optimal level, it will;Question 5 options;earn;economic profit.;suffer;a loss.;earn;normal profits.;break;even.;Save;Question;6(1 point);If this monopoly is allowed to maximize;profit, it will charge ____ and produce output _____.;Question 6 options;P1;Q1;P1;Q2;P2;Q4;P3;Q1;Save;Question;7(1 point);If the government forces this firm to follow;an average cost pricing policy, the firm will;Question 7 options;shut;down.;earn;economic profits.;earn;zero economic profits.;earn;economic losses.;Save;Question;8(1 point);A natural monopoly emerges from;Question 8 options;control;of an essential input.;a;patent.;economies;of scale.;horizontal;mergers.;Save;Question;9(1 point);The total of consumer and producer surplus (social value) under;a simple monopoly will tend to be;Question 9 options;greater;than under perfect competition.;the;same as under perfect competition.;less;than under perfect competition.;negative.;Save;Question;10(1 point);Compared to a competitive firm, a monopoly in the long run;Question 10 options;restricts;output.;charges;a higher price.;does;not produce at minimum average cost.;All;of the answers above are correct.;Save;Question;11(1 point);An industry is a natural monopoly if;Question 11 options;any;firm can earn a profit in the industry.;a;given output can be produced more cheaply by one firm than by many firms.;barriers;prevent new firms from entering the industry in which a monopolist is earning;positive economic profit.;only;one firm has access to the raw materials of production.;Save;Question;12(1 point);A monopoly;Question 12 options;has;a short-run supply curve that slopes upward.;is;a price taker.;does;not have a supply curve.;is;at the mercy of the market-determined price.;Save;Question;13(1 point);A policy of marginal cost pricing will insure that many;regulated industries lose money.;Question 13 options;True;False;Save;Question;14(1 point);For the firm in the figure below, an;unregulated monopolist, profit-maximizing output is below the long-run;competitive level by how much?;Question 14 options;100;75;50;35;Save;Save;All Responses Go to Submit Quiz;Bottom of Form


Paper#56711 | Written in 18-Jul-2015

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