o edul 48 IMT 1 1 7 MULTIPLE OHOICE. Choose the one alternative that best comple
ID: 1162866 • Letter: O
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o edul 48 IMT 1 1 7 MULTIPLE OHOICE. Choose the one alternative that best completes the statement or answers the question 1)One defining charicteristic ef pure monopoly is that then A) monopolist uses odvertising 8) entry into the industry is reletively easy, but exit is difficut ) monopolist is a price taker D) monopolist produces a preduct with no close substitutes 2) One major barrier to entry under pure manopoly arises from 2 A) the availability of clese substitutes for a preduct 8) diseconomies of scale C) ownershp of essential resources D) the price toking ablity of the firm 3) One feature of pure monopely is thet the demand curve 3) A) slopes upward. B) slopes G) is horizontal. D) is vertical 4) Given a downward-sloping linear demand curve, if tetal revenue decreases as quantity rises, marginal revenue must be4) A) negative and demand is elastic. 8) negative and demand is inelestic C) positive end demand is inelastic b) positive and denand is elestic 5) Use the following groph showing the revenue curves for a monopolist to anewer the next question Quantity What price to chorge in arder to maximize total revenue? 5) 6) Use the following curves ferExplanation / Answer
One defining characteristic of pure monopoly is that the Monopolist produces a product with no close substitutes.
One major barrier to entry under pure monopoly arises from ownership of essential resources.
One feature of pure monopoly is that the demand curve is slopes downward.
Given a downward sloping linear demand curve , if total revenue decreases as quantity rises, marginal revenue must be negative and demand is elastic.
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