Questio n 18 1 1 point a exists when the quantity

Questio
n 18
1 / 1
point
A __________________ exists when the quantity demanded in the market is less than the
quantity at the bottom of the long-run average cost curve.
a)
monopolistic competition
b)
monopoly
c)
natural monopoly
d)
oligopoly
Chapter 9 monopoly industry
tion 19 1 / 1 point
If the North American newsprint paper market has barriers to entry, then

b)
the entry of new firms will eventually cause price to decline.
c)
surviving firms earn only a normal level of profit in the long run.
d)
abnormally high profits will attract the entry of new firms.
Chapter 9 patents
tion 20 1 / 1 point
In the United States, a pharmaceutical company's exclusive patent rights last for
Questio
n 21
1 / 1
point
__________________ law implies ownership over an idea or concept or image

Chapter 9 about the graphs
tion 22 1 / 1 point
The marginal revenue curve for a monopolist ____________________ the market demand curve.
a)
always is the same
b)
always rises above
c)
always lies beneath
d)
always runs parallel
Chapter 9 monopoly curves
tion 23 1 / 1 point
If a monopolist increases quantity by one unit, but sells the increased output at a slightly
lower price,
Questio
n 24
1 / 1
point
_____________ and __________________ refer to the quantity and price at a point in time.

b)
Monopoly; allocative efficiency
c)
Productive; allocative efficiency
d)
Monopoly; productive efficiency
Chapter 9 Problems with table
tion 25 1 / 1 point
The following table shows a monopolist’s demand curve and cost information for the
production of its good. What price will it charge?
Quantit
y
Price per Unit Total Cost
1 40 $20
2 30 $25
3 25 $28
4 20 $34

d)
$30