SophiaPretty

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About SophiaPretty

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Economics,Engineering,English,Environmental science,Essay writing Hide all
Teaching Since: Jul 2017
Last Sign in: 304 Weeks Ago, 4 Days Ago
Questions Answered: 15833
Tutorials Posted: 15827

Education

  • MBA,PHD, Juris Doctor
    Strayer,Devery,Harvard University
    Mar-1995 - Mar-2002

Experience

  • Manager Planning
    WalMart
    Mar-2001 - Feb-2009

Category > Business & Finance Posted 31 Aug 2017 My Price 6.00

(9) Economics quiz, please see attached

CHAPTER 9 QUIZ

Question 1

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Refer to the above figure. The firm is currently producing at Q2. The firm should

Select one:

A. reduce production.

B. shut down.

C. increase production.

D. leave production as it is.

 

Question 2

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Use the above figure. Total revenue at the profit-maximizing output is

Select one:

A. $9,600.

B. $8,000.

C. $4,800.

D. $5,600.

 

 

Question 3

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The MR curve of a monopolist is

Select one:

A. downsloping and identical to the demand curve.

B. horizontal and same as the market demand curve.

C. downward sloping and below the demand curve.

D. downsloping and above the demand curve.

 

Question 4

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Which of the following is a TRUE statement about monopoly and perfect competition?

Select one:

A. Price is always higher and output higher under monopoly than under perfect competition.

B. If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition, and price may be below marginal cost instead of equal to marginal cost.

C. Because costs do not depend on market structure, price is usually higher and output is always lower under monopoly than perfect competition.

D. If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition.

 

 

Question 5

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Drug companies protect their monopolies over various drugs they develop by utilizing

Select one:

A. diseconomies of scale.

B. zero economic profits in the long run.

C. low cost production.

D. patent protection.

 

Question 6

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The profit-maximizing monopolist will never operate in a price range over which

Select one:

A. the demand curve slopes downward.

B. demand is inelastic.

C. P > MR.

D. P > MC.

 

 

Question 7

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Refer to the above figure. Profits for this firm are

Select one:

A. positive and equal to P2P1ab.

B. positive and equal to P3P1ac.

C. negative and equal to 0P3c Q1.

D. negative and equal to P3P2bc.

 

Question 8

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Economies of scale will lead to only one firm in the industry because

Select one:

A. by increasing output a firm is able to lower the cost per unit and change lower prices driving smaller firms out of business.

B. one firm has an average cost curve, which has shifted below the average cost curves of its competitors.

C. of government licensing.

D. there are governmental entry restrictions.

 

 

Question 9

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As a price searcher, a monopoly firm

Select one:

A. must determine its optimal price-output combination.

B. must determine the prices it pays for its inputs and accept the market price for its output.

C. must only determine the price it charges.

D. must determine its output level and then accept the market price for its product.

 

 

Question 10

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Given the data in the above table, the marginal revenue curve

Select one:

A. lies above the demand curve.

B. is equal to the demand curve.

C. lies below the demand curve.

D. intersects the demand curve.

 

 

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SophiaPretty
(5)
Status NEW Posted 31 Aug 2017 05:08 AM My Price 6.00

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