If a monopoly wants to sell a greater quantity of output, it must raise its pric
ID: 1091312 • Letter: I
Question
If a monopoly wants to sell a greater quantity of output, it must
raise its price.
lower its price.
tell consumers to buy more because it's a monopolist.
raise its marginal cost.
change its fixed costs.
1 points
Question 2
To maximize its profit, a perfectly competitive firm sets quantity produced (Q*) where ________ and a monopolist sets quantity produced (Q*) where ________.
MR > MC; MR > MC
MR = MC; MR = MC
MR = MC; MR > MC
MR > MC; MR = MC
P = ATC; P = ATC
1 points
Question 3
B
C
H
A
1 points
Question 4
A major characteristic of monopoly is
two sellers of a product.
a few sellers of a product.
multiple sellers of a product.
each firm makes an identical product.
a single seller of a product.
1 points
Question 5
R
M
N
Q
1 points
Question 6
20 hamburgers
40 hamburgers
30 hamburgers
10 hamburgers
1 points
Question 7
M x B
M x A
C x M
Q x B
1 points
Question 8
10 hamburgers per hour
50 hamburgers per hour
20 hamburgers per hour
30 hamburgers per hour
0 hamburgers per hour.
1 points
Question 9
Marginal revenue is equal to
the price multiplied by the quantity sold.
the amount people buy between two prices.
the amount people buy at a given price.
the change in total revenue divided by the chage in quantity sold.
the price of the product.
1 points
Question 10
M x B
C x M
Q x B
M x A
raise its price.
lower its price.
tell consumers to buy more because it's a monopolist.
raise its marginal cost.
change its fixed costs.
Explanation / Answer
1. lower its price
2. MR = MC; MR = MC
3. C
4. a single seller of a product
5. M
6. 20 hamburgers
7. M x B
8. 20 hamburgers per hour
9. the change in total revenue divided by the chage in quantity sold
10. MxA
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