Micro test8

Micro test8 - Exam 1)...

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Exam 1 ) A purely competitive firm is more likely to be affected by X- inefficiency than is a monopolist.  (10pts) FALSE 2 ) Which is one of the conditions that must be realized before a seller  finds that price discrimination is workable? The seller must be able  to segment the market. 3 ) A monopolist will charge the highest price it can get.  (10pts) FALSE 4 ) In what sense are resource allocation and production more efficient  under conditions of pure competition than under monopoly conditions?   (10pts) ??? 5 ) When the monpolist is maximizing total profits or minimizing losses.   (10pts) average revenue is greater than marginal cost 6 ) The demand curve for the pure monopolist is  (10pts) downsloping
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7 ) Which would be defining characteristics of pure monopoly? No close substitutes for the product exist, and there is one seller.
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This note was uploaded on 12/01/2011 for the course ECON 1023 taught by Professor Kent during the Spring '11 term at ASU.

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Micro test8 - Exam 1)...

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