PracticeMidterm1

PracticeMidterm1 - 1 Part I: Multiple choice Choose exactly...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Part I: Multiple choice Choose exactly one response for each 1. A natural monopoly (a) is a monopoly in the production of raw materials. (c) is one result of a patent. (d) necessarily involves ine¢ cient pricing. (a) (price minus marginal cost) times number of units sold. (b) (price minus average cost) times number of units sold. (c) (marginal revenue minus price) times number of units sold. (d) (marginal cost minus price) times number of units sold. 3. The principal di/erence between economic pro&ts for a monopolist and for a competi- not. in the long run as well. (a) price will always be greater than average cost. (b) price will always equal marginal cost. (c) price will always be greater than marginal cost. (d) price will always equal marginal revenue. 5. Relative to single price policy third degree price discrimination
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/24/2009 for the course MATH 262447221 taught by Professor Weisbart during the Spring '09 term at UCLA.

Page1 / 4

PracticeMidterm1 - 1 Part I: Multiple choice Choose exactly...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online