Micro Economics CIA 3
True
False
True
False
True
False
True
False
True
False
True
False
True
False
The government gives a single firm the exclusive right to produce some good
The cost of production make a single producer more efficient than a large number of producers
A key resource is owned by a single firm
A single firm is very large
Marginal revenue equals marginal cost
Marginal revenue equals price
Marginal cost equals price
Marginal cost equals demand
None of the above occurs
The monopoly's profits
The monopoly's losses
Overproduction of the good
Underproduction of the good
Higher prices and higher output
Higher prices and lower output
Lower prices and lower output
Lower prices and higher output
Is the marginal-cost curve above average variable cost
Is the marginal-cost curve above average total cost
Is the upward-sloping portion of the average-total cost curve
Is the upward-sloping portion of the average variable cost
Does not exist
Price discrimination can raise economic welfare
Price discrimination requires that the seller be able to separate buyers according to their willingness to pay
Perfect price discrimination generates a deadweight loss
Price discrimination increases a monopolist's profits
For a monopolist to engage in price discrimination, buyers must be unable to engage in arbitrage
Potential competitors sometimes don't notice the profits
There is some barrier to entry to that market
The monopolist is financially powerful
Antitrust laws eliminate competitors for a specified number of years
Of all of the above
True
False