A monopoly is a firm that produces a equilibrium in the industry bThe smallest amount of output in the industry c Competition in the industry d all the output in the industry 

1 A monopoly is a firm that produces 

a equilibrium in the industry

bThe smallest amount of output in the industry

c Competition in the industry

d  all the output in the industry

2 The profit-maximizing firm will be earning total revenue of

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Multiple Choice

OFIN.

OFJM.

OFKL.

OGHM

If a monopolist’s marginal cost equals its marginal revenue

Multiple Choice

output should be raised.

output should be reduced.

production is at its most efficient level.

profits are maximized or losses are minimized.

Government licensing, patents, and government franchising are all examples of

Multiple Choice

economies of scale.

economies of being established.

legal barriers to entry.

control of an essential resource.

5

There are only two justifications for monopoly: _____ and _____.

Multiple Choice

economies of scale; natural monopolies

economies of scale; patents

natural monopolies; patents

imperfect competition; being established

6

Output      Price

1               $20

2                18

3                16

4               14

5                12

The marginal revenue that would be derived from production of the second unit would be

Multiple Choice

$20.

$18.

$16.

$14.

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