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Unformatted text preview: Jump to Navigation Frame Your location: Assessments › View All Submissions › View Attempt View Attempt 1 of unlimited Title: Assignment 8 DUE NOV 13 Started: November 12, 2009 11:10 PM Submitted: November 13, 2009 12:50 AM Time spent: 01:39:45 Total score: 19/20 = 95% Total score adjusted by 0.0 Maximum possible score: 20 1. The theory of monopoly assumes that the monopoly firm Student Response Value Correct Answer Feedback 1. faces a downward- sloping supply curve that is the same as its marginal revenue curve. 2. faces a downward- sloping demand curve. 100% 3. produces more than the perfectly competitive firm under identical demand and cost conditions. 4. produces a product for which there are many close substitutes. 5. none of the Student Response Value Correct Answer Feedback above Score: 1/1 Comments: 2. A natural monopoly exists when Student Response Value Correct Answer Feedback 1. a firm is the exclusive owner of a key resource necessary to produce the firm’s product. 2. there are no close substitutes for a firm's product. 3. a monopolist produces a product, the main component of which is a natural resource. 4. economies of scale are so large that only one firm can survive and achieve low unit costs. 100% Score: 1/1 Comments: 3. Which of the following is the best example of a monopoly? Student Response Value Correct Answer Feedback 1. a wheat farmer 2. a department store 3. a fast-food restaurant 4. a local power utility 100% Score: 1/1 Comments: 4. For the monopoly firm that does not engage in perfect price discriminat Student Response Value Correct Answer Feedback 1. the marginal revenue curve lies below the demand curve....
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This note was uploaded on 12/11/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Spring '08 term at McMaster University.

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Assignment 8 - Jump to Navigation Frame Your location Assessments › View All Submissions › View Attempt View Attempt 1 of unlimited Title

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