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Exam 10: Monopoly

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Question 111

Multiple Choice

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Use the following Figure to answer the question : -Assuming the monopolist shown in the graph adjusts output to maximize profits, it is

A) earning profits in the short-run.
B) having losses in the short-run.
C) earning profits in the long-run.
D) earning profits and could be in the short-run or long-run.

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Question 112

Multiple Choice

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Monopolies are usually viewed with concern from an economic standpoint since

A) size is inherently dangerous; the larger the firm, the more likely it is to squeeze out the "little producer."
B) resources may be allocated in an inefficient manner.
C) the government may be put at the mercy of several large producers.
D) the variety of goods available on the market will be limited.

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Question 113

Multiple Choice

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Statement I. Only natural monopolies are illegal in the United States. Statement II. Large firms generally operate at peak efficiency.

If the firm operated at optimum efficiency, how much would its output be?

Each of the following is a legal barrier to entry into an industry except

When firms get too big, ___________ set in.

When the Wrigley family owned the Chicago Cubs, the team was operating in the _________ run since, year in, year out, the team lost money.

Use the following Figure to answer the question : -If the firm is maximizing profits, total profit will be

Use the following Figure to answer the question : -If the firm maximizes its profits, its marginal cost will be

Use the following Figure to answer the question : -If the firm is minimizing losses, it is producing ___ units of output and charging a price of __.

Statement I. In the United States all public utilities are government owned. Statement II. The Tennessee Valley Authority (TVA) is an example of a government owned public utility.

Use the following Figure to answer the question : -If this firm were a perfect competitor, what price would it charge in the long run?

Use the following figure to answer the question : -If the firm is maximizing profits, it is producing ____ units of output and charging a price of ___.

The CEO compensation as a multiple of average employee compensation for 2000 in Japan was _______ times.

Wal-Mart imports $________ billion a year of microwave ovens, TV's, DVD players, toys, shoes apparel and other goods from ______.

When maximizing profit, the perfect competitor ______ produces at the output at which MC = MR; the monopolist ____ produces at the output at which MC = MR.

Large firms can take advantage of economies of __________.

Use the following Figure to answer the question : -If this firm were a perfect competitor, at what output would it produce in the long run?

Use the following Table to answer the question : -If the marginal cost were $16, output would be

If the firm operated at optimum efficiency, how much would its output be?