practice4 - 1 When economists say a market has"barriers to...

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1) When economists say a market has "barriers to entry" they refer to: A) factors that prevent other firms from challenging a firm with market power. B) economic profits that are positive, but too high to encourage entry. C) a policy that some countries establish to reduce imports from other countries. D) monopolists being prohibited from selling their products to certain customers. 2) For a monopolist, marginal revenue ________ for all units of output except the first unit. 3) Suppose that Figure 13.3 shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by producing a quantity of: 4) Suppose that Figure 13.3 shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by charging a price of: A) $35. B) $25. C) $20. D) $16.
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