extraquiz2 - n. on the inelastic portion of demand o. both...

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Econ 251 Fall 2009 Extra Credit Quiz #2 Answers A monopoly is a market with: a. One seller. b. Two sellers. c. Many sellers. d. Indeterminate number of sellers. A monopoly is characterized by: e. Homogenous goods f. Barriers to entry g. Perfect substitute goods h. Price taking firms The demand curve for a monopolist is: i. horizontal j. the same as the market demand curve k. perfectly elastic l. none of the above A single-price monopoly never produces: m. at quantities where MR<0
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Unformatted text preview: n. on the inelastic portion of demand o. both a & b p. none of the above Which of the following is true for a monopoly market: q. it is inefficient r. deadweight loss is positive s. in the long run profits can be positive t. all of the above Midterm exam #2 is: u. Already passed v. On November 9 at 8 pm (need to study!) Econ 251 Fall 2009 Extra Credit Quiz #2 Answers w. Highly unlikely to happen x. all of the above...
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This note was uploaded on 10/04/2011 for the course ECONOMICS 251 taught by Professor Kelly during the Spring '11 term at Purdue.

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extraquiz2 - n. on the inelastic portion of demand o. both...

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