For a single-price monopoly, marginal revenue is when demand is elastic and is when demand is inelastic. Select one: O a. positive; negative O b. negative; positive O c. negative; negative O d. positive; positive

Refer to the diagram to the right. Suppose the firm is currently producing Q, units. What happens if it expands output to Q, units? TC TR O A. It incurs a loss. O B. It will be moving toward its profit maximizing output. Oc. It makes less profit. O D. Its profit increases by the size of the vertical distance df. a 1,000 Qo Q, Q2 Q3 Quantity d...... . ....... Costs and revenue

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The perceived demand curve for the is Select the correct answer below: O perfectly competitive firm; also the market demand curve O perfectly competitive firm; downward sloping O monopolist; upward sloping O monopolist; also the market demand curve

In the Cournot model the final level of output is the output that would be produced if the industry was a monopoly, and is the output that would be produced if the industry was perfectly competitive. O a. greater than; less than O b. greater than; equal to Oc. equal to; less than O d. less than; greater than In the Cournot model, when a new firm begins production it assumes its demand curve is O a. the market demand less the amount the other firm is selling. O b. the market demand plus the amount the other firm is selling. Oc. the same as the competing firm's demand curve. O d. one-half of the competing firm's demand curve.

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Figure A Competitive Firm1.2 MC ATC AVC Given Pl =$7.00 P2 $8.50 P3 =$9.20 QI=100.00 A P3 B P2 P1 MR Quantity Q1 Refer to Figure A Competitive Firm1.2. At an output level of Q1, the average fixed cost is about O $0.70 O No answer text provided. O No answer text provided. O S0.80 %24

Market power is what allows firms to make profit and it comes from all of the following except O Patents High consumer demand Government licenses Product innovation

Question 3 The demand curve facing a monopoly firm is: O A. equivalent to the market demand curve. B. horizontal at the market equilibrium price. C. non-existent D. equivalent to the firm's marginal cost curve.

Suppose a perfectly competitive industry can produce a product with total cost TC = 30 and the market demand for the product is given by Q = 120- Suppose that the same market can be served by a monopolist operates with the same cost and demand functions. How does the consumer surplus change due to monopoly relative to perfect competition? O It falls by 3600 It does not change OIt falls by 6000 It falls by 4800