Monopoly
If the monopoly firm perfectly price discriminates, then the deadweight loss amounts to..
$0
A profit maximizing monopoly will produce an output level of..
Q3
Dreher's Designer Shirt Company Figure 15-2 : What are Dreher's Designer Shirt Company's fixed costs?
$100
A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30, its average revenue is $60, and its average total cost is $34. The firm's profit-maximizing price is..
$60
Figure 15-1 : When 4 units of output are produced and sold, what is average revenue?
26
The form of legal protection intended to prevent reproduction of original works is referred to as _________ law.
copyright
Which of the following is most likely to be a monopoly?
local electricity distributor
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where..
marginal cost equals price, while a monopolist produces where price exceeds marginal cost.
A monopolist is able to maximize its profits by..
producing output where MR = MC and charging a price along the demand curve.
Additional firms often do not try to compete with a natural monopoly because..
they know they cannot achieve the same low costs that the natural monopolist enjoys.
Figure 15-11 : If the monopoly firm is not allowed to price discriminate, then the deadweight loss amounts to...
$1,000
Dreher's Designer Shirt Company Figure 15-2 : What is total profit at the profit-maximizing quantity?
$265
A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30, its average revenue is $60, and its average total cost is $34. At Q = 500, the firm's total revenue is..
$30,000
Dreher's Designer Shirt Company: What is the total revenue from selling 8 shirts?
$720
Which area represents the consumer surplus resulting from the profit maximizing price charged by the monopolist?
A + B
What price will the monopolist charge?
B
How much output will the monopolist produce?
K
For a profit-maximizing monopolist,
P>MR=MC
