Quiz - 10 - Quiz 10 Principles of...

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3/23/2018 Quiz 10: Principles of Microeconomics (ECN-130-2)(WEB)(2018SP) (ECN-130-2)(WEB)(2018SP).html 1/30 * Some questions not yet graded Quiz 10 Due Mar 24 at 11:59pm Points 100 Questions 50 Available Mar 16 at 12am - Mar 24 at 11:59pm 9 days Time Limit None Allowed Attempts 2 Attempt History Attempt Time Score LATEST Attempt 1 ( ? version=1) 7,546 minutes 78 out of 100 * ± Correct answers are hidden. Score for this attempt: 78 out of 100 * Submitted Mar 23 at 11:42pm This attempt took 7,546 minutes. Take the Quiz Again ( ? user_id=12826) 2 / 2 pts Question 1 Exhibit 23-6
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3/23/2018 Quiz 10: Principles of Microeconomics (ECN-130-2)(WEB)(2018SP) (ECN-130-2)(WEB)(2018SP).html 2/30 Refer to Exhibit 23-6. If C is the demand curve facing a perfectly price-discriminating monopolist selling q units of X, its marginal revenue curve is C A. B. C. D. 0 / 2 pts Question 2 Incorrect Incorrect By definition, monopolists sell a product for which there are absolutely no substitutes. True False 2 / 2 pts Question 3 Exhibit 23-1
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3/23/2018 Quiz 10: Principles of Microeconomics (ECN-130-2)(WEB)(2018SP) (ECN-130-2)(WEB)(2018SP).html 3/30 Refer to Exhibit 23-1. If the product is produced under single-price monopoly, what do total costs equal at the profit maximizing level of output? area 0P BQ 1 1 area BCA area P P CB 1 2 area P CAP 2 1 none of the above 2 / 2 pts Question 4 By adhering to the MR = MC rule, a single-price monopoly will always have an above-zero profit. will always have a normal profit. maximizes its profit, which may in some cases mean minimizing its losses. is not earning as large a profit as it can by setting MR = (MC - P).
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3/23/2018 Quiz 10: Principles of Microeconomics (ECN-130-2)(WEB)(2018SP) (ECN-130-2)(WEB)(2018SP).html 4/30 2 / 2 pts Question 5 Monopolists are guaranteed to earn a positive economic profit because they are the only seller in their industry. True False 0 / 2 pts Question 6 Incorrect Incorrect If a single-price monopolist has to lower price to sell an additional unit of its good, and it charges the same price for all units of its good, it follows that its demand curve will be its marginal revenue curve. it will maximize profits by maximizing revenue. it will sell its good for a price above average total cost. b and c none of the above 2 / 2 pts Question 7 Exhibit 23-3
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3/23/2018 Quiz 10: Principles of Microeconomics (ECN-130-2)(WEB)(2018SP) (ECN-130-2)(WEB)(2018SP).html 5/30 Refer to Exhibit 23-3. The level of output the profit-maximizing perfectly price- discriminating monopolist produces is q .
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