Practice_test_Monopoly_questions_04042011
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Practice_test_Monopoly_questions_04042011

Course Number: ECON 2106, Spring 2011

College/University: Georgia Tech

Word Count: 1484

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Name: ________________________ Class: ___________________ Date: __________ ID: A Practice test Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. A monopoly a. can set the price it charges for its output and earn unlimited profits. b. takes the market price as given and earns small but positive profits. c. can set the price it charges for its output but faces...

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________________________ Name: Class: ___________________ Date: __________ ID: A Practice test Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. A monopoly a. can set the price it charges for its output and earn unlimited profits. b. takes the market price as given and earns small but positive profits. c. can set the price it charges for its output but faces a downward-sloping demand curve so it cannot earn unlimited profits. d. can set the price it charges for its output but faces a horizontal demand curve so it can earn unlimited profits. ____ 2. Which of the following is a characteristic of a natural monopoly? a. Marginal cost declines over large regions of output. b. Average total cost declines over large regions of output. c. The product sold is a natural resource such as diamonds or water. d. All of the above are correct. Scenario 15-2 A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30, its average revenue is $60, and its average total cost is $34. ____ 3. Refer to Scenario 15-2. At Q = 500, the firm's total revenue is a. $13,000. b. $15,000. c. $17,000. d. $30,000. Table 15-4 Consider the following demand and cost information for a monopoly. Quantity 0 1 2 3 4 ____ Price $30 $25 $20 $15 $10 Total Cost $3 $7 $12 $18 $25 4. Refer to Table 15-4. The maximum profit this monopolist can earn is a. $5. b. $15. c. $16. d. $28. 1 Name: ________________________ ID: A ____ 5. If a monopolist can sell 7 units when the price is $4 and 8 units when the price is $3, then marginal revenue of selling the eighth unit is equal to a. $3. b. $4. c. $24. d. -$4. ____ 6. After the patent runs out on a brand name drug, generic drugs enter the market. What happens next in the market? a. Price increases, and total surplus decreases. b. Price decreases, and total surplus decreases. c. Price decreases, and total surplus increases. d. Price increases, and total surplus increases. ____ 7. Monopoly pricing prevents some mutually beneficial trades from taking place. These unrealized mutually beneficial trades are a. of little concern to society. b. a deadweight loss to society. c. a sunk cost to society. d. also observed in competitive markets. ____ 8. For a monopoly, the socially efficient level of output occurs where a. marginal revenue equals marginal cost. b. average revenue equals marginal cost. c. marginal revenue equals average total cost. d. average revenue equals average total cost. ____ 9. In order for antitrust laws to raise social welfare, the government must a. disallow synergy benefits from accruing to monopolists. b. disallow any mergers from taking place. c. be able to determine which mergers are desirable and which are not. d. always attempt to keep markets in their most competitive form. ____ 10. Since natural monopolies have a declining average cost curve, regulating natural monopolies by setting price equal to marginal cost would a. cause the monopolist to operate at a loss. b. result in a less than optimal total surplus. c. maximize producer surplus. d. result in higher profits for the monopoly. 2 Name: ________________________ ID: A Figure 15-7 ____ 11. Refer to Figure 15-7. What is the socially efficient price and quantity? a. price = F; quantity = A b. price = G; quantity = B c. price = G; quantity = A d. price = D; quantity = A ____ 12. Refer to Figure 15-7. What is the monopoly price and quantity? a. price = F; quantity = A b. price = G; quantity = B c. price = G; quantity = A d. price = D; quantity = A ____ 13. Refer to Figure 15-7. What is the area of deadweight loss? a. the rectangle (F-D)xA b. the triangle 1/2[(F-D)x(B-A)] c. the triangle 1/2[(F-G)x(B-A)] d. the rectangle (F-D)xA plus the triangle 1/2[(F-D)x(B-A)] ____ 14. Refer to Figure 15-7. What area represents the total surplus lost due to monopoly pricing? a. the rectangle (F-D)xA b. the triangle 1/2[(F-D)x(B-A)] c. the triangle 1/2[(F-G)x(B-A)] d. the rectangle (F-D)xA plus the triangle 1/2[(F-D)x(B-A)] ____ 15. A firm cannot price discriminate if it a. has perfect information about consumer demand. b. operates in a competitive market. c. faces a downward-sloping demand curve. d. is regulated by the government. 3 Name: ________________________ ID: A Figure 15-11 ____ 16. Refer to Figure 15-11. If the monopoly firm is not allowed to price discriminate, then consumer surplus amounts to a. $0. b. $500. c. $1,000. d. $2,000. ____ 17. Refer to Figure 15-11. If the monopoly firm perfectly price discriminates, then consumer surplus amounts to a. $0. b. $250. c. $500. d. $1,000. Scenario 15-5 Mega Media Cable TV is able to purchase an exclusive right to sell a premium sports channel in its market area. Let's assume that Mega Media pays a $100,000 year for the exclusive marketing rights to the sports channel. Since Mega Media has already installed cable to all of the homes in its market area, the marginal cost of delivering the sports channel to subscribers is zero. The manager of Mega Media needs to know what price to charge for the sports channel service to maximize her profit. Before setting price, she hires an economist to estimate demand for the sports channel. The economist discovers that there are two types of subscribers who value premium sporting channels. First are the 3,000 die-hard sports fans who will pay as much as $150 a year for the new channel. Second, the premium sports channel will appeal to about 20,000 occasional sports viewers who will pay as much as $25 a year for a subscription to it. ____ 18. Refer to Scenario 15-5. If Black Box Cable TV is unable to price discriminate, what price will it choose to maximize its profit, and what is the amount of the profit? a. price = $25; profit = $475,000 b. price = $25; profit = $350,000 c. price = $150; profit = $500,000 d. price = $150; profit = $400,000 4 Name: ________________________ ID: A ____ 19. Refer to Scenario 15-5. If Black Box Cable TV is able to price discriminate, what would be the maximum amount of profit it could generate? a. $950,000 b. $850,000 c. $400,000 d. $350,000 Scenario 15-6 An airline knows that there are two types of travelers: business travelers and vacationers. For a particular flight, there are 100 business travelers who will pay $600 for a ticket while there are 50 vacationers who will pay $300 for a ticket. There are 150 seats available on the plane. Suppose the cost to the airline of providing the flight is $20,000, which includes the cost of the pilots, flight attendants, fuel, etc. ____ 20. Refer to Scenario 15-6. How much profit will the airline earn if it sets the price of a ticket at $600? a. -$5,000 b. $15,000 c. $40,000 d. $60,000 ____ 21. Refer to Scenario 15-6. How much profit will the airline earn if it sets the price of a ticket at $300? a. -$15,000 b. -$5,000 c. $25,000 d. $45,000 ____ 22. Which of the following is not an example of price discrimination? a. A movie theater charges a lower price for a childs ticket than for an adults ticket. b. A university rebates part of the cost of tuition in the form of financial aid for needy students. c. A local pizza chain offers a buy three get one free deal. d. An ice cream parlor charges a higher price for ice cream than for sherbet. 5 ID: A Practice test Answer Section MULTIPLE CHOICE 1. ANS: NAT: 2. ANS: NAT: MSC: 3. ANS: NAT: MSC: 4. ANS: NAT: 5. ANS: NAT: MSC: 6. ANS: NAT: 7. ANS: NAT: MSC: 8. ANS: NAT: 9. ANS: NAT: 10. ANS: NAT: MSC: 11. ANS: NAT: 12. ANS: NAT: 13. ANS: NAT: MSC: 14. ANS: NAT: MSC: 15. ANS: NAT: MSC: 16. ANS: NAT: MSC: C Analytic B Analytic Definitional D Analytic Applicative D Analytic D Analytic Applicative C Analytic B Analytic Interpretive B Analytic C Analytic A Analytic Interpretive B Analytic A Analytic B Analytic Applicative B Analytic Applicative B Analytic Interpretive C Analytic Applicative PTS: LOC: PTS: LOC: 1 Monopoly 1 Monopoly DIF: TOP: DIF: TOP: 2 REF: 15-0 Monopoly MSC: Interpretive 2 REF: 15-1 Natural monopoly PTS: 1 LOC: Monopoly DIF: 2 REF: 15-2 TOP: Total revenue PTS: LOC: PTS: LOC: 1 Monopoly 1 Monopoly DIF: TOP: DIF: TOP: 2 REF: 15-2 Profit MSC: Applicative 2 REF: 15-2 Marginal revenue PTS: LOC: PTS: LOC: 1 Monopoly 1 Monopoly DIF: TOP: DIF: TOP: 2 REF: 15-2 Patents MSC: Interpretive 2 REF: 15-3 Deadweight loss PTS: LOC: PTS: LOC: PTS: LOC: 1 Monopoly 1 Monopoly 1 Monopoly DIF: TOP: DIF: TOP: DIF: TOP: 2 REF: 15-3 Welfare MSC: Interpretive 2 REF: 15-5 Antitrust MSC: Interpretive 2 REF: 15-5 Regulation | Natural monopoly PTS: LOC: PTS: LOC: PTS: LOC: 1 Monopoly 1 Monopoly 1 Monopoly DIF: TOP: DIF: TOP: DIF: TOP: 2 REF: Monopoly MSC: 2 REF: Monopoly MSC: 3 REF: Deadweight loss 15-3 Applicative 15-3 Applicative 15-3 PTS: 1 LOC: Monopoly DIF: 3 REF: 15-3 TOP: Deadweight loss PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Price discrimination PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Consumer surplus 1 ID: A 17. ANS: NAT: MSC: 18. ANS: NAT: MSC: 19. ANS: NAT: MSC: 20. ANS: NAT: MSC: 21. ANS: NAT: MSC: 22. ANS: NAT: MSC: A Analytic Analytical A Analytic Applicative B Analytic Applicative C Analytic Analytical C Analytic Analytical D Analytic Applicative PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Perfect price discrimination PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Price discrimination PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Price discrimination PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Price discrimination PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Price discrimination PTS: 1 LOC: Monopoly DIF: 2 REF: 15-4 TOP: Price discrimination 2

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