Explore your understanding of monopolies with this insightful quiz! Test your knowledge on the characteristics of a monopoly, such as being the sole seller, price setting, and the implications of price discrimination. Ideal for students or anyone looking to deepen their understanding of economic principles.
True
False
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True
False
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True
False
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True
False
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Higher prices and higher output
Higher prices and lower output
Lower prices and lower output
Lower prices and higher output
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True
False
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True
False
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Marginal revenue equals marginal cost
Marginal revenue equals price
Marginal cost equals price
Marginal cost equals demand
None of the above occurs
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True
False
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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
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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
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The monopoly's profits
The monopoly's losses
Overproduction of the good
Underproduction of the good
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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
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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
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