Problem_set9[1] - EC201 Introduction to Microeconomics...

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Spring 2008 1 Name:_______________________ Student Number:_______________ Problem set # 9 (Due on Tuesday 04/01/2008, by 12:40pm) Please staple all the pages together. Circle the most appropriate answer to the following questions (each question is worth 1 point): 1) Which of the following are necessary characteristics of a monopoly ? (i) The firm is the sole seller of its product. (ii) The firm's product does not have close substitutes. (iii) The firm generates a large economic profit. (iv) The firm is located in a small geographic market. a. (i) and (ii) b. (i) and (iii) c. (ii) and (iv) d. (i), (ii), and (iii) 2) When in a market a typical firm's average total cost curve continually declines (i.e. ATC is always decreasing in the level of output), that market is said to be a a. government-created monopoly. b. natural monopoly. c. revenue monopoly. d.
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Problem_set9[1] - EC201 Introduction to Microeconomics...

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