An industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost is called a Select one. a. single price monopoly b. one-firm monopoly. C. natural monopoly. Od. legal monopoly

A natural monopoly occurs when A. marginal cost is constant. B. average cost is declining. C. marginal cost is below average cost. D. All of the above are true.

How does the monopoly quantity (assuming no price discrimination) compare to the competitive quantity? Assume normally shaped demand (decreasing, not completely elastic or inelastic ) a.The monopoly quantity is higher b.The monopoly quantity is lower c.There is not enough information provided to be sure. d.The monopoly quantity is the same. Which one?

How does the monopoly price compare to the competition price ? Assume all other things are equal, of course, or a comparison is meaningless. Also assume no price discrimination - just one price the monopoly can use. Assume normal shaped demand curves (not completely inelastic or elastic ) a.Monopoly price is usually higher but can also be lower. b.Monopoly price is the same as competition. c. Monopoly price is lower than competition. d.Monopoly price is higher than competition. Which one ?

Please label your graphs axes correctly. Label all curves and shade properly Supply and Demand, show an elastic, inelastic, perfectly elastic, and perfectly inelastic Demand     Price ceiling in effect and what it causes in terms of quantity and surplus or shortage, dead weight loss   Perfectly Competitive firm showing profit, MC, ATC, Demand   Perfectly Competitive firm in shutdown      Side by side graphs, market and PC, showing the transition from losses to long-run  Monopoly graph, show the following: Where demand is elastic where they maximize total revenue, Socially optimal price, productively efficient profit, Consumer surplus deadweight loss producer surplus 7. Factor Market- side by side graphs with a labor market  8. Monopolistic competition in the long-run    9. Economies of scale, diseconomies of scale 10.Trade graph, showing free trade and showing the tariff.  Label and shade DWL  Consumer/Producer surplus on both deadweight loss tax revenue  14. Negative externality in…

20. A natural monopoly occurs when one firm can supply the entire market more cheaply than can a number of firms. b. results from decreasing returns to scale. o. is a monopoly in the production of raw materials. d. is one result of a patent. a. 100G O

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a) Using the following graph state the price and quantity the firm will be at if the monopoly market is in long run equilibrium. Explain why the firm will be at that price and quantity. Price MC P3 ATC AVC P2 P1 Po D Qo MR Quantity b) State the conditions that establish the market structure monopoly, and the conditions needed for price discrimination and why firms price discriminate.