Chapter 10 Quiz

Good Essays
Quiz 10

A pure monopolist is selling 6 units at a price of $12. If the marginal revenue of the seventh unit is $5, then:
[pic]

|[pic] |firm's demand curve is perfectly elastic. |
|[pic] |price of the seventh unit is $10. |
|[pic] |price of the seventh unit is greater than $12. |
|[pic][pic] |price of the seventh unit is $11. |

Economic profit in the long run is:
[pic]

|[pic] |impossible for both a pure monopolist and a pure competitor. |
|[pic][pic] |possible for a pure monopoly, but not for a pure competitor. |
|[pic] |possible for both a pure monopoly and a pure competitor. |
|[pic] |only possible when barriers to entry are nonexistent. |

If a pure monopolist is operating in a range of output where demand is elastic:
[pic]

|[pic] |total revenue will be declining. |
|→[pic] |marginal revenue will be positive but declining. |
|[pic] |marginal revenue will be positive and rising. |
|[pic][pic] |it cannot possibly be maximizing profits. |

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