Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter9: Monopoly
Section: Chapter Questions
Problem 29CTQ: Imagine that you ale managing a small firm and thinking about entering the market of a monopolist....
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Question
plz answer all 1- to 5 questions thank u so much
![In reality, the long run supply curve tends to be:
Multiple Choice
upward sloping
downward sloping
perfectly inelastic
perfectly elastic
The graph shown represents the cost and revenue curves faced by a monopoly.
MC
P3
P2
P1
Q1
Q2
Q
MR
If Q1 units are being produced, the monopolist should:
Multiple Choice
charge PO to maximize profits.
Public policy responses to monopolies:
Multiple Choice
ATC
D
always have more costs than benefits to society
never benefit society in the end
4
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9dbfbce-0da8-4fe2-8d13-ab51ccf8406c%2F73eac254-2442-4e23-bdfa-a8c3d1831125%2F0qbc0za_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In reality, the long run supply curve tends to be:
Multiple Choice
upward sloping
downward sloping
perfectly inelastic
perfectly elastic
The graph shown represents the cost and revenue curves faced by a monopoly.
MC
P3
P2
P1
Q1
Q2
Q
MR
If Q1 units are being produced, the monopolist should:
Multiple Choice
charge PO to maximize profits.
Public policy responses to monopolies:
Multiple Choice
ATC
D
always have more costs than benefits to society
never benefit society in the end
4
2
![Q. Public policy response to manop
olies
always have more costs than benefits to society
never benefit society in the end
always have more benefits than costs to society.
sometimes aim to break up existing monopolies.
Which of the following is an essential characteristic of a perfectly competitive market?
Multiple Choice
Sellers are price makers.
Goods are unique.
Goods are standardized.
Buyers and sellers share market power.
When demand increases in a perfectly competitive market,
Multiple Choice
prices increase; prices stay permanently higher
prices increase, supply increases
quantity supplied increases, prices increase
quantity supplied decreases; prices decrease
3
Ч
in the short run, and in the long run.
s](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9dbfbce-0da8-4fe2-8d13-ab51ccf8406c%2F73eac254-2442-4e23-bdfa-a8c3d1831125%2Fud9rw8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q. Public policy response to manop
olies
always have more costs than benefits to society
never benefit society in the end
always have more benefits than costs to society.
sometimes aim to break up existing monopolies.
Which of the following is an essential characteristic of a perfectly competitive market?
Multiple Choice
Sellers are price makers.
Goods are unique.
Goods are standardized.
Buyers and sellers share market power.
When demand increases in a perfectly competitive market,
Multiple Choice
prices increase; prices stay permanently higher
prices increase, supply increases
quantity supplied increases, prices increase
quantity supplied decreases; prices decrease
3
Ч
in the short run, and in the long run.
s
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