370113547-Economics.pdf - Economics Mcqs Test from Past Public Service Commission Exams 1 Which of the following is a characteristic of pure monopoly a

370113547-Economics.pdf - Economics Mcqs Test from Past...

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Economics Mcqs Test from Past Public Service Commission Exams 1. Which of the following is a characteristic of pure monopoly? a. one seller of the productb. low barriers to entryc. close substitute productsd. perfect information 2. In pure monopoly, what is the relation between the price and the marginal revenue? 3. In order to maximize profits, a monopoly company will produce that quantity at which the: 4. Quantity Price Total Cost1 $100 $ 602 95 1303 90 2104 85 3005 80 400This monopolist should produce: 5. Compared to the case of perfect competition, a monopolist is more likely to: a. charge a higher priceb. produce a lower quantity of the productc. make a greater amount of economic profitd. all of the above 6. Which of the following is necessary for a natural monopoly? 7. Which of the following is true about the way by which SDG&E has been regulated by the PUC? 8. Which of the following best defines price discrimination?
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9. In order to practice price discrimination, which of the following is needed? a. some degree of monopoly powerb. an ability to separate the marketc. an ability to prevent resellingd. all of the above 10. In price discrimination, which section of the market is charged the higher price?
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