C7_Pre-Test

C7_Pre-Test - Pre-Test

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Pre-Test (See related pages) 1 A(n) _____ is a firm that produces the entire market supply of a particular good or service. A) monopoly B) duopoly C) oligopoly D) None of the above is true. 2 The demand curve facing a monopolist is: A) upward sloping. B) downward sloping. C) vertical. D) horizontal. 3 In order for a monopolist to sell another good, price must be decreased, so marginal revenue will: A) increase. B) decrease. C) stay the same. D) equal zero. 4 For a monopolist, marginal revenue is always _____ price. A) equal to B) greater than C) less than D) None of the above is true. 5 A monopolist maximizes profit at the rate of output where marginal revenue _____ marginal cost. A) equals B) is greater than C) is less than D) None of the above is true. 6 The price the monopolist charges in order to maximize profit is: A) the highest possible price. B) the lowest possible price. C) found from the demand curve. D)
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This note was uploaded on 01/28/2011 for the course PAS 2201 taught by Professor R.nair during the Spring '10 term at St. John's.

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C7_Pre-Test - Pre-Test

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