QuizMaster A. Monopolies are inefficient
B. Monopoly profits ac as an incentive for innovation
C. Monopolies are alocatively efficient
D. Monopolies are productively efficient
A. Products are differentiated
B. There is freedom of entry and exit into the industry in the long run
C. The firm is a price taker
D. There is one main sellers
A. The firm is Productively efficient
B. The firm is allocatively inefficient
C. The firm produces where marginal cost is less than marginal revenue
D. The firm produces at the socially optimal level
A. Equals the demand curve
B. Is parallel with the demand curve
C. Lies below and converges with the demand curve
D. Lies below and diverges from the demand curve
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand
A. some degree of monopoly power
B. an ability to separate the market
C. an ability to prevent reselling
D. all of the above
A. economies of scale
B. a high proportion of the total cost in the cost of capital goods
C. the market is very small
D. all of the above
A. 1
B. 2
C. 3
D. 4
E. 5
A. marginal revenue equals average total cost
B. Price equals marginal revenue
C. marginal revenue equals marginal cost
D. total revenue equals total cost
A. One seller of the product
B. low barriers to entry
C. close substitute products
D. perfect information