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Exam _2 Fall 2010 - Exam#2 Fall 2010 Version#1 Student...

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Exam #2 Fall 2010 Version #1 Student: ___________________________________________________________________________ Figure 7.1 1. In Figure 7.1, the profit-maximizing level of output for a monopolist is: A. Between 3 and 4 units B. 2 units C. 3 units D. 4 units 2. In Figure 7.1, if this industry is competitive, the profit-maximizing level of output is:
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3. In Figure 7.1, if this industry is competitive, the profit-maximizing price is: 4. In Figure 7.1, at the profit maximizing level of output for a monopolist, marginal cost is: 5. In Figure 7.1, the price charged by a profit-maximizing monopolist is: A. $7.00 B. Between $6.00 and $7.00 C. $5.00 D. $9.00 6. The change in total revenue that results from a one-unit increase in quantity sold is:
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7. Which of the following is an example of monopolistic competition? 8. The demand for labor is a derived demand because it depends on the: 9. Which of the following statements is true, assuming the same cost and demand conditions? A. A monopoly charges a lower price than a competitive firm B. A monopoly cannot earn an economic profit in the long run C. A monopoly maximizes profit where price equals marginal cost D. A monopoly produces less output than a competitive firm Figure 6.2 10. Refer to Figure 6.2 for a perfectly competitive firm. If the market price is $46: 11. Refer to Figure 6.2 for a perfectly competitive firm. This firm earns zero economic profit at a price of:
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12. An industry in which a few large firms supply most or all of a product is known as: 13. Marginal _____ product sets _____ dollar limit on the wage rate an employer will pay. A. Physical; an upper B. Physical; a lower C. Revenue; an upper D. Revenue; a lower
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