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Ex3AS09 for Old Exam File

Ex3AS09 for Old Exam File - ECONOMICS 202 EXAM 3A SPRING...

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ECONOMICS 202 – EXAM 3A – SPRING 2009 ANSWER THE NEXT 3 QUESTIONS WITH REFERENCE TO THE ADJACENT DIAGRAM OF A SINGLE-PRICE, PROFIT-MAXIMIZING MONOPOLIST. 1. This firm will set price = : a. T; b. V; c. X; d. Y; e. Z 2. What price would maximize TMS and make DWL = 0? 3. If this firm increases the price from V to W: 4. If a firm has monopoly power, 5. If a firm has any monopoly power, except for the first unit, price is always greater than marginal revenue. 6. Economies of scale and a patent are examples of: a. barriers to entry; b. mutual interdependence; c. product differentiation; d. reasons for a kinked demand curve; e. all above. ANSWER THE NEXT QUESTION BY IDENTIFYING THE APPROPRIATE SET FROM THESE THREE OPTIONS: 1. Economic Profits < 0; 2. Economic Profits > 0; 3. Economic Profits = 0 7. In the short-run in monopoly ____ is (are) possible; and in the long-run in monopoly ____ is (are) possible
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