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Pre-Test Chapter 22 ed17

# Pre-Test Chapter 22 ed17 - Pre-Test Chapter 22 ed17...

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Prof Keep Econ Pre-Test Chap 22 ed 17 Page 1 of 9 Pre-Test Chapter 22 ed17 Multiple Choice Questions 1. Refer to the above diagram. At the profit-maximizing level of output, total revenue will be: A. NM times 0 M . B. 0 AJE . C. 0 EGC . D. 0 EHB . 2. For a pure monopolist marginal revenue is less than price because: 3. Suppose for a regulated monopoly that price equals minimum ATC but price exceeds MC. This means that:

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Prof Keep Econ Pre-Test Chap 22 ed 17 Page 2 of 9 4. Refer to the figure above. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. If the left graph represents the demand during weekdays, and the right graph the weekend demand, this profit-maximizing golf course will earn how much economic profit over the course of a full seven-day week?
Prof Keep Econ Pre-Test Chap 22 ed 17 Page 3 of 9 5. Refer to the above two diagrams for individual firms. In Figure 1 line B represents the firm's: A. demand and marginal revenue curves. B. marginal revenue curve only. C. demand curve only. D. average revenue curve only.

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