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Tests, Surveys, and Pools Tests
Test Canvas : Self-Test Quiz - Chapter 13
Microeconom ics, 3e
Test Canvas: Self-Test Quiz - Chapter 13
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Total Questions 20
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1. Multiple Choice: The U.S. beer industry is characteriz...
Question The U.S. beer industry is characterized by market power for only a few firms, with
the largest firm enjoying a 50% market share. One reason for this is economies of
scale. Economies of scale means that:
Answer
as beer production increases, costs increase significantly.
2. Multiple Choice: Which of the following is not an exam...
Question Which of the following is not an example of a barrier to entry?
Answer a copyright
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Points: 1
Points: 1
3. Multiple Choice: In today's U.S. economy, which of the...
Question In today's U.S. economy, which of the following industries has firms that have
acted as a monopoly for an extended period?
4. Multiple Choice: The monopolist's marginal revenue cur...
Question The monopolist's marginal revenue curve is downward sloping because:
5. Multiple Choice: Suppose an industry initially had bee...
Points: 1
Points: 1
Question Suppose an industry initially had been perfectly competitive and then became a
monopoly. Which of the following would occur?
6. Multiple Choice: Suppose a monopoly firm has a constan...
Question Suppose a monopoly firm has a constant marginal cost equal to $8. Its demand
and marginal revenue curves are given, respectively, by the equations P = 40 – 2Q
and MR = 40 – 4Q. For this firm, the profit-maximizing price and output levels are:
7. Multiple Choice: Suppose a monopoly firm has a constan...
Question Suppose a monopoly firm has a constant marginal cost equal to $10. Its demand
and marginal revenue curves are given, respectively, by the equations P = 86 – 2Q
and MR = 86 – 4Q. For this firm, the profit-maximizing price and output levels are:
Points: 1
Points: 1
Points: 1
8. Multiple Choice: If the regulated price for a natural ...
Question If the regulated price for a natural monopoly is set equal to the marginal cost:
Answer
the firm will produce the socially efficient level of output.
9. Multiple Choice: Often natural monopolies are regulate...
Question Often natural monopolies are regulated by:
Answer
setting the price equal to marginal cost, even if marginal cost is less than
average total cost.
Points: 1
Points: 1
10. Multiple Choice: If a monopoly practices perfect price...
Question If a monopoly practices perfect price discrimination, it will:
11. Multiple Choice: Which of the following statements abo...
Question Which of the following statements about monopoly is not correct?
12. Multiple Choice: If an airline chooses to practice pri...
Question If an airline chooses to practice price discrimination to increase profit, it will:
Answer charge higher fares to those with a more elastic demand.
Points: 1
Points: 1
Points: 1
13. Multiple Choice: One difference between monopoly and p...
Question One difference between monopoly and perfect competition is that:
Answer
a monopolist seeks to maximize profit; a perfect competitor does not.
14. Multiple Choice: Monopoly is a type of:
Question Monopoly is a type of:
Points: 1
Points: 1
15. Multiple Choice: A monopoly arises when there:
Question A monopoly arises when there:
16. Multiple Choice: Price discrimination is:
Question Price discrimination is:
17. Multiple Choice: If a monopolist engages in price disc...
Points: 1
Points: 1
Points: 1
Question If a monopolist engages in price discrimination, it is with the goal of:
18. Multiple Choice: Public ownership of a natural monopol...
Question Public ownership of a natural monopoly is intended to do all of the following
EXCEPT to:
19. Multiple Choice: A price ceiling imposed on a monopoly:
Question A price ceiling imposed on a monopoly:
Correct
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20. Multiple Choice: To persist, a monopoly must:
Question To persist, a monopoly must:
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Points: 1
