quiz helpful for midterms and final (3)

quiz helpful for midterms and final (3) - Principles of...

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Page 1 Principles of Economics EC 1 UCLA Dr. Bresnock Quiz 11 (15 points; 1 point each question) Choose the best answer from the choices provided and mark it on your answer form. A ) B ) C ) D ) Use the following to answer Question 2: Figure: Computing Monopoly Profit 2. The profit-maximizing price is _______ and will generate total economic profit of _______. A) P 2 ; EF B) P 3 ; the rectangle P 1 P 2 FG C) P 3 ; the rectangle P 2 P 3 EF D) P 2 ; EF 1. The demand curve for a monopoly is: A) the MR curve above the AVC curve. B) the MR curve above the horizontal axis. C) the entire MR curve. D) none of the above
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Page 2 A ) B ) C ) D ) 3. Suppose that you build a high-speed, magnetically powered transportation system from New York to Los Angeles. High fixed costs resulting from the enormous quantity of capital used in this system enable decreasing average cost for any conceivable level of demand. Your monopoly would result from: A) sunk costs. B) location.
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quiz helpful for midterms and final (3) - Principles of...

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