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14. The existence of a deadweight loss associated with a monopoly can be seen because A) consumers are willing to pay more for the last unit of output than it cost to produce. B) the cost of the last unit produced is more than consumers are willing to pay for it. C) the producer surplus is larger than in a competitive market. D) None of the above. can ex ceed 100%. 15. The situation in which one firm can produce the total output of the market at lower cost than several firms is called A) natural monopoly. B) pure monopoly. c) ruling monopoly. D) cost monopoly. 16. An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a A) patent. B) barrier to entry. C) monopoly. D) research disincentive. 17. When attempting price regulation, a govermment faces what problem(s)? A) limited information B) bribes C) uncooperative fims D) All of the above 18. Because the labor supply curve for a monopsonist is upward sloping, the monopsonist A) hires zero units of labor. B) chooses the perfectly competitive quantity of labor. C) must increase the wage to attract more units of labor. D) must take the wage as given by the market. 19. The steeper the labor supply curve, A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal ex penditure on labor. D) the better off workers are. 20. Relative to a competitive labor market, monopsony A) is also efficient. B) creates a deadweight loss because it pays an excessive wage. C) creates a deadweight loss because the wage is below the marginal revenue product of labor. D) creates a deadweight loss because the wage is above the marginal revenue product of labor.

14. The existence of a deadweight loss associated with a monopoly can be seen because A) consumers are willing to pay more for the last unit of output than it cost to produce. B) the cost of the last unit produced is more than consumers are willing to pay for it. C) the producer surplus is larger than in a competitive market. D) None of the above. can ex ceed 100%. 15. The situation in which one firm can produce the total output of the market at lower cost than several firms is called A) natural monopoly. B) pure monopoly. c) ruling monopoly. D) cost monopoly. 16. An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a A) patent. B) barrier to entry. C) monopoly. D) research disincentive. 17. When attempting price regulation, a govermment faces what problem(s)? A) limited information B) bribes C) uncooperative fims D) All of the above 18. Because the labor supply curve for a monopsonist is upward sloping, the monopsonist A) hires zero units of labor. B) chooses the perfectly competitive quantity of labor. C) must increase the wage to attract more units of labor. D) must take the wage as given by the market. 19. The steeper the labor supply curve, A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal ex penditure on labor. D) the better off workers are. 20. Relative to a competitive labor market, monopsony A) is also efficient. B) creates a deadweight loss because it pays an excessive wage. C) creates a deadweight loss because the wage is below the marginal revenue product of labor. D) creates a deadweight loss because the wage is above the marginal revenue product of labor.

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Monopoly
Section: Chapter Questions
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14. The existence of a deadweight loss associated with a monopoly can be seen because A) con sumers are willing to pay more for the last unit of output than it cost to produce. B) the cost of the last unit produced is more than consumers are willing to pay for it. C) the producer surplus is larger than in a competitive market. D) None of the above. can ex ceed 100%. 15. The situation in which one firm can produce the total output of the market at lower cost than several firms is called A) natural monopoly. B) pure monopoly. C) ruling monopoly. D) cost monopoly. 16. An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a A) patent. B) barrier to entry. C) monopoly. D) research disincentive. 17. When attempting price regulation, a government faces what problem(s)? A) limited information B) bribes C) uncooperative firms D) All of the above 18. Because the labor supply curve for a monopsonist is upward sloping, the mono psonist A) hires zero units of labor. B) chooses the perfectly competitive quantity of labor. C) must increase the wage to attract more units of labor. D) must take the wage as given by the market. 19. The steeper the labor supply curve, A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal ex penditure on labor. D) the better off workers are. 20. Relative to a competitive labor market, monopsony A) is also efficient. B) creates a deadweight loss because it pays an excessive wage. C) creates a deadweight loss because the wage is below the marginal revenue product of labor. D) creates a deadweight loss because the wage is above the marginal revenue product of labor.
Transcribed Image Text:14. The existence of a deadweight loss associated with a monopoly can be seen because A) con sumers are willing to pay more for the last unit of output than it cost to produce. B) the cost of the last unit produced is more than consumers are willing to pay for it. C) the producer surplus is larger than in a competitive market. D) None of the above. can ex ceed 100%. 15. The situation in which one firm can produce the total output of the market at lower cost than several firms is called A) natural monopoly. B) pure monopoly. C) ruling monopoly. D) cost monopoly. 16. An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a A) patent. B) barrier to entry. C) monopoly. D) research disincentive. 17. When attempting price regulation, a government faces what problem(s)? A) limited information B) bribes C) uncooperative firms D) All of the above 18. Because the labor supply curve for a monopsonist is upward sloping, the mono psonist A) hires zero units of labor. B) chooses the perfectly competitive quantity of labor. C) must increase the wage to attract more units of labor. D) must take the wage as given by the market. 19. The steeper the labor supply curve, A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal ex penditure on labor. D) the better off workers are. 20. Relative to a competitive labor market, monopsony A) is also efficient. B) creates a deadweight loss because it pays an excessive wage. C) creates a deadweight loss because the wage is below the marginal revenue product of labor. D) creates a deadweight loss because the wage is above the marginal revenue product of labor.
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