final - 1 A market that involves only one seller of a good or service is known as a a monopoly b perfect competition c monopolistic competition d an

final - 1 A market that involves only one seller of a good...

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1.A market that involves only one seller of a good or service is known asa.a monopolyb.perfect competitionc.monopolistic competitiond.an oligopolye.perfect monopolistic competitionANS:A2.A natural monopoly is based on3.Economies of scale act as a barrier to entry because4.An example of a barrier to entry is5.The monopoly's marginal revenue curvea.is equivalent to its demand curveb.lies below its demand curvec.is perfectly elasticd.is perfectly inelastice.has a positive slopeANS:BFigure 9-3TotalPriceQuantityCost$ 1001$150$ 902$180$ 803$220$ 704$300$ 605$400$ 506$5506.What is the profit-maximizing level of output for the non-discriminating monopolist in Figure 9-3?
7.Figure 9-4 depicts a monopoly that does not price discriminate. What are the equilibrium price and output?8.The firm depicted in Figure 9-4 is a perfect price discriminator. What is its equilibrium price and output?Figure 9-10PriceQuantity$1001$ 902$ 803$ 704$ 605$ 506$ 4079.For the monopolist in Figure 9-10, the marginal revenue from producing the last unit isa.$20b.-$20c.$40d.$280e.$50ANS:B10.For the monopolist in Figure 9-10, total revenue from selling 4 units of output would be

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