Pure monopoly

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A pure monopolistic firm

answer

faces downward sloping demand curve

question

Pure monopolists may obtain economic profits in the long run because

answer

of barriers to entry

question

What is not a barrier to entry in an industry

answer

profit maximization

question

When a firm is on the inelastic segment of its demand curve, it can

answer

increase profits by increasing price

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With respect to the pure monopolists demand curve, it can be said that

answer

price exceeds marginal revenue at all outputs greater than 1

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If a monopolist were to produce in the inelastic segment of it demand curve

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the firm would not be maximizing profits

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"Price makers" refers to firms that

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face a downward sloping demand curve

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The MC=MR rule

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applies to both pure monopoly and pure competition

question

A monopolist can sell 20 units of output at $10 per unit and 21 at $9.75 per unit, the MR of the 21st unit is

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$4.75

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If profits are maximized, what condition is common to both unregulated monopoly and pure competition

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MR=MC

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If a pure monopolist is producing at that output where P=ATC, then

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it's economic profits will be zero

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A pure monopolist's short run profit maximizing or loss minimizing position is such that price

answer

will vertically intersect demand where MC=MR

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When a pure monopolist is producing its profit maximizing output, price will

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equal neither MC nor MR

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Pure monopolists

answer

operate where P>MC

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A firm will earn economic profit whenever

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average revenue exceeds average total costs

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A profit maximizing firm should shut down in the short run when the average revenue it receives is less than

answer

average variable cost

question

Economic profit in the long run is

answer

possible for a pure monopoly but not for a pure competition

question

Confronted with the same unit cost data, a monopolistic producer will charge

answer

a higher price and produce a smaller output than a competitive firm

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At its profit maximizing output, a pure nondiscriminating monopolist achieves

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neither productive nor allocative efficiency

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Society suffers a deadweight loss in a pure monopoly market because

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output is less while price is more than is socially optimal

1 of 20

question

A pure monopolistic firm

answer

faces downward sloping demand curve

question

Pure monopolists may obtain economic profits in the long run because

answer

of barriers to entry

question

What is not a barrier to entry in an industry

answer

profit maximization

question

When a firm is on the inelastic segment of its demand curve, it can

answer

increase profits by increasing price

question

With respect to the pure monopolists demand curve, it can be said that

answer

price exceeds marginal revenue at all outputs greater than 1

question

If a monopolist were to produce in the inelastic segment of it demand curve

answer

the firm would not be maximizing profits

question

"Price makers" refers to firms that

answer

face a downward sloping demand curve

question

The MC=MR rule

answer

applies to both pure monopoly and pure competition

question

A monopolist can sell 20 units of output at $10 per unit and 21 at $9.75 per unit, the MR of the 21st unit is

answer

$4.75

question

If profits are maximized, what condition is common to both unregulated monopoly and pure competition

answer

MR=MC

question

If a pure monopolist is producing at that output where P=ATC, then

answer

it's economic profits will be zero

question

A pure monopolist's short run profit maximizing or loss minimizing position is such that price

answer

will vertically intersect demand where MC=MR

question

When a pure monopolist is producing its profit maximizing output, price will

answer

equal neither MC nor MR

question

Pure monopolists

answer

operate where P>MC

question

A firm will earn economic profit whenever

answer

average revenue exceeds average total costs

question

A profit maximizing firm should shut down in the short run when the average revenue it receives is less than

answer

average variable cost

question

Economic profit in the long run is

answer

possible for a pure monopoly but not for a pure competition

question

Confronted with the same unit cost data, a monopolistic producer will charge

answer

a higher price and produce a smaller output than a competitive firm

question

At its profit maximizing output, a pure nondiscriminating monopolist achieves

answer

neither productive nor allocative efficiency

question

Society suffers a deadweight loss in a pure monopoly market because

answer

output is less while price is more than is socially optimal

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Pure monopoly

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