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Question;61);With price discrimination, a monopoly;A);produces less output than if it does not price discriminate.;B);converts consumer surplus into deadweight loss.;C);converts producer surplus into economic profit.;D);can charge a single price to all customers.;E);converts consumer surplus into economic profit.;61);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.;B);$5 and $1.;C);$4 and $3.;D);$6 and $1.;E);$6 and $4.;72);73);The above table gives the demand schedule for a monopoly. The demand is;inelastic over the;entire;price range between;A);$6 and $4.;B);$6 and $1.;C);$3 and $1.;D);$4 and $3.;E);$5 and $1.;73);74);If the Boston Red Sox baseball team is currently charging a ticket price where;its demand is;inelastic;then the Red Sox's marginal revenue is;A);positive.;B);zero.;C);undefined.;D);maximized.;E);negative.;74);Quantity;(units);Price;(dollars;per unit);1;8;2;7;3;6;4;5;5;4;6;3;75);The table above gives the demand for a monopolist's output. What is the total;revenue in when 3;units;of output are produced?;A);$18 B) $20 C) $21 D) $6;75);76);The table above gives the demand for a monopolist's output. What is the;marginal revenue;when;output is increased from 5 to 6 units?;A);$18 B)-$2;C) $4 D) $3;76);77);The demand curve facing a single-price monopoly is;A);the same as only the marginal revenue curve.;B);the same as both the marginal revenue curve and the marginal cost curve.;C);below the marginal revenue curve.;D);above the marginal revenue curve.;E);the same as only the marginal cost curve.;77);78);A single-price;monopoly can sell 10 units of its product at a price of $45 each but to sell 11;units;the;monopoly must cut the price to $44. What is the marginal revenue of the extra;unit sold?;A);$484 B) $450 C) $34 D)-$1;E) $44;78);79);A single-price;monopoly faces a linear demand curve. If the marginal revenue for the second;unit;is $20, then the marginal revenue for the;A);third unit is also $20.;B);third unit is less than $20.;C);first unit is less than $20.;D);third unit is more than $20.;E);more information is needed to determine if the marginal revenue for the third;unit is more;than;less than, or equal to $20.;79);80);For a single-price;monopoly, price is;A);greater than marginal revenue.;B);equal to marginal revenue.;C);less than marginal revenue because the firm must lower its price in order to;sell another;unit;of output.;D);less than marginal revenue because the firm cannot increase its total revenue;when the;demand;curve is downward sloping.;E);equal to zero because the firm is not a price taker.;80)

 

Paper#57941 | Written in 18-Jul-2015

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