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Unformatted text preview: ECO303.02 HW #7 Multiple-Choice Questions (1 pt per question) There is only one correct choice in the following questions. 1) How much profit will the monopolist whose cost and demand curves are shown below earn at output Q1? A) 0CDQ1 B) 0BEQ1 C) 0AFQ1 D) ACDF E) BCDE 2) Compared to the equilibrium price and quantity sold in a competitive market, a monopolist will charge a __________ price and sell a __________ quantity. A) higher; larger B) lower; larger C) higher; smaller D) lower; smaller E) none of these 3) The monopolist has no supply curve because A) the quantity supplied at any particular price depends on the monopolist's demand curve. B) the monopolist's marginal cost curve changes considerably over time. C) the relationship between price and quantity depends on both marginal cost and average cost. D) there is a single seller in the market. E) although there is only a single seller at the current price, it is impossible to know how many sellers would be in the market at higher prices. how many sellers would be in the market at higher prices....
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- Fall '08