Chapter 10 - Pure Monopoly

Chapter 10 Pure Monopoly
Multiple Choice Questions

1. Pure monopoly means: A. any market in which the demand curve to the firm is downsloping. B. a standardized product being produced by many firms. C. a single firm producing a product for which there are no close substitutes. D. a large number of firms producing a differentiated product.

2. Which of the following is correct? A. Both purely competitive and monopolistic firms are "price takers." B. Both purely competitive and monopolistic firms are "price makers." C. A purely competitive firm is a "price taker," while a monopolist is a "price maker." D. A purely competitive firm is a "price maker," while a monopolist is a "price taker."

3. A purely monopolistic industry: A. has no entry barriers. B. has a downward sloping demand curve. C. produces a product or service for which there are many close substitutes. D. earns only a normal profit in the long run.

4. A pure monopolist is: A. any firm realizing all existing economies of scale. B. any firm whose demand curve is downsloping. C. any firm which can engage in price discrimination. D. a one-firm industry.

5. Pure monopolists may obtain economic profits in the long run because: A. of advertising. B. marginal revenue is constant as sales increase. C. of barriers to entry. D. of rising average fixed costs.

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Chapter 10 - Pure Monopoly

6. Which of the following best approximates a pure monopoly? A. the foreign exchange market B. the Kansas City wheat market C. the diamond market D. the soft drink market

7. Which of the following is a characteristic of pure monopoly? A. close substitute products B. barriers to entry C. the absence of market power D. "price taking"

8. Which of the following is not a barrier to entry? A. patents B. X-inefficiency C. economies of scale D. ownership of essential resources

9. Barriers to entering an industry: A. are justified because they result in allocative efficiency. B. are justified because they result in productive efficiency. C. are the basis for monopoly. D. apply only to purely monopolistic industries.

10. Patents: A. give firms the exclusive right to produce or control a product for 100 years. B. discourage research and innovation. C. are a source of monopoly. D. are also called trademarks.

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Chapter 10 - Pure Monopoly

11. A natural monopoly occurs when: A. long-run average costs decline continuously through the range of demand. B. a firm owns or controls some resource essential to production. C. long-run average costs rise continuously as output is increased. D. economies of scale are obtained at relatively low levels of output.

12. Large minimum efficient scale of plant combined with limited market demand may lead to: A. natural monopoly. B. patent monopoly. C. government franchise monopoly. D. shared monopoly.

13. What do economies of scale, the ownership of essential raw materials, and patents have in common? A. They must all be present before price discrimination can be practiced. B. They are all barriers to entry. C. They all help explain why a monopolist's demand and marginal revenue curves coincide. D. They all help explain why the long-run average cost curve is U-shaped.

14. The nondiscriminating pure monopolist's demand curve: A. is the industry demand curve. B. shows a direct or positive relationship between price and quantity demanded. C. tends to be inelastic at high prices and elastic at low prices. D. is identical to its marginal revenue curve.

15. The nondiscriminating monopolist's demand curve: A. is less elastic than a purely competitive firm's demand curve. B. is perfectly elastic. C. coincides with its marginal revenue curve. D. is perfectly inelastic.

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Chapter 10 - Pure Monopoly

16. If a nondiscriminating imperfectly competitive firm is selling its 100th unit of output for $35, its marginal revenue: A. may be either greater or less than $35. B. will also be $35. C. will be less than $35. D. will be greater than $35.

17. A nondiscriminating pure monopolist's demand curve: A. is perfectly inelastic. B. coincides with its marginal revenue curve. C. lies above its marginal revenue curve. D. lies below its marginal revenue curve.

18. For an imperfectly competitive firm: A. total revenue is a straight, upsloping line because a firm's sales are independent of product price. B. the marginal revenue curve lies above the demand curve because any reduction in price applies to all units sold. C. the marginal revenue curve lies below the demand curve because any reduction in price applies to all units sold. D. the marginal revenue curve lies below the demand curve because any reduction in price applies only to the extra unit sold.

19. For a nondiscriminating imperfectly competitive firm: A. the marginal revenue curve lies above the demand curve. B. the demand and marginal revenue curves coincide. C. the demand curve intersects the horizontal axis where total revenue is at a maximum. D. marginal revenue will become zero at that output where total revenue is at a maximum.

20. When a firm is on the inelastic segment of its demand curve, it can: A. increase total revenue by reducing price. B. decrease total costs by decreasing price. C. increase profits by increasing price. D. increase total revenue by more than the increase in total cost by increasing price.

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Chapter 10 - Pure Monopoly

21. Refer to the above diagram. If price is reduced from P1 to P2, total revenue will: A. increase by A minus C. B. increase by C minus A. C. decrease by A minus C. D. decrease by C minus A.

22. Refer to the above diagram. The quantity difference between areas A and C for the indicated price reduction measures: A. marginal cost. B. marginal revenue. C. monopoly price. D. a welfare or efficiency loss.

23. The above diagram implies that whenever a firm's demand curve is downsloping: A. price discrimination is not possible. B. monopolists will be more efficient than competitors. C. the demand and marginal revenue curves will coincide. D. marginal revenue is less than price.

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000.000 each. $3. $1. $1. 25. C. is less than unity (one). $9. suggests that the market is purely competitive.Chapter 10 . B. $6. D. B. Refer to the above data. $10.Pure Monopoly Answer the next question(s) on the basis of the demand schedule shown below: 24. -$1. The marginal revenue obtained from selling the third unit of output is: A.000. $5. At the point where 3 units are being sold. cannot be estimated.000 each.000.000. Refer to the above data. The marginal revenue of the tenth unit of sales per week is: A. C. is greater than unity (one). D. the coefficient of price elasticity of demand: A. but if it restricts its output to 9 per week it can sell these at $11. A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at $10. D. 10-6 . C. B. 26.

B.Pure Monopoly 27. marginal revenue curve only. D. C. a pure monopolist. average revenue curve only. Refer to the above two diagrams for individual firms. demand and marginal revenue curves. 29. C. an oligopolist. Refer to the above two diagrams for individual firms. In Figure 1 line B represents the firm's: A. a purely competitive firm. In Figure 1. B. 28. demand curve only. 10-7 .Chapter 10 . total revenue curve only. line A represents the firm's: A. C. demand curve only. D. B. an imperfectly competitive firm. Refer to the above two diagrams for individual firms. D. demand and marginal revenue curves. marginal revenue curve only. Figure 1 pertains to: A.

a purely competitive seller.Chapter 10 . D. the stronger the barriers to entry. C. D. price exceeds marginal revenue at all outputs greater than 1. In Figure 2 the firm's demand and marginal revenue curves are represented by: A. the more elastic is the monopolist's demand curve. C. D.Pure Monopoly 30. D. B. an imperfectly competitive seller. Refer to the above two diagrams for individual firms. lines A and B respectively. lines B and C respectively. identical with the industry demand curve. line B. C. perfectly inelastic. C. of unit elasticity throughout. B. perfectly elastic. The pure monopolist's demand curve is: A. 31. lines A and C respectively. marginal revenue equals price at all outputs. Refer to the above two diagrams for individual firms. a market characterized by government regulation of price and output. 33. 32. B. 10-8 . Figure 2 pertains to: A. B. either an imperfectly competitive or a purely competitive seller. With respect to the pure monopolist's demand curve it can be said that: A. demand is perfectly inelastic.

a market in which demand is elastic at all prices. B. Demand is relatively elastic: A. an imperfectly competitive market. a purely competitive market. This firm is selling in: A. Demand is relatively inelastic: A. in the P2P4 price range. C. B. 10-9 . only at price P2.Pure Monopoly 34. Refer to the above diagram. C. Refer to the above diagram. in the P2P3 price range. at price P3. C. B. in the P2P1 price range. 36. D.Chapter 10 . in the 0P1 price range. Refer to the above diagram. in the P2P4 price range. D. D. 35. a market in which there are an extremely large number of other firms producing the same product. at any price below P2.

Refer to the above diagram. demand curve is downsloping. C. D. becomes negative when output increases beyond some particular level. producing Q2 units and charging a price of P2. the total cost of any level of output was zero). is more elastic than that faced by a single purely competitive firm.Chapter 10 . C. D. and then declines. is a straight. selling the product at the highest possible price at which a positive quantity will be demanded. 39. law of diminishing returns is inapplicable. C. producing Q3 units and charging a price of P3. B. The marginal revenue curve for a monopolist: A. D. Price exceeds marginal revenue for the pure monopolist because the: A. B. B. 40. monopolist produces a smaller output than would a purely competitive firm. D. the firm would maximize profits by: A. may be either more or less elastic than that faced by a single purely competitive firm.Pure Monopoly 37. is a straight line. upward sloping curve. C. is less elastic than that faced by a single purely competitive firm. producing Q1 units and charging a price of P1. B. reaches a maximum. parallel to the horizontal axis. If this somehow was a costless product (that is. 38. has the same elasticity as that faced by a single purely competitive firm. 10-10 . rises at first. demand curve lies below the marginal revenue curve. The demand curve faced by a pure monopolist: A.

Chapter 10 . Refer to the above diagram. 10-11 . It is the same as the market demand curve. D. C. The quantitative difference between areas Q1bcQ2 and P1P2ba in the above diagram measures: A. lose P1P2ba in revenue from the price cut but increase revenue by Q1bcQ2 from the increase in sales. B. Price and marginal revenue are equal at all levels of output. D. it will: A. average revenue. D. incur a decline in total revenue because it is operating on the elastic segment of the demand curve. marginal revenue. incur an increase in total revenue because it is operating on the inelastic segment of the demand curve. 43. marginal cost. B. Its elasticity coefficient is 1 at all levels of output. If the firm in the above diagram lowers price from P1 to P2. C. Which of the following is characteristic of a pure monopolist's demand curve? A.Pure Monopoly 41. C. B. Average revenue is less than price. total revenue. lose P1P2ca in revenue from the price cut but increase revenue by Q1acQ2 from the increase in sales. 42.

D. B. C.Chapter 10 . is negative. will never produce in the output range where marginal revenue is positive. D. marginal revenue may be either positive or negative. the demand curve is relatively inelastic. marginal revenue is positive. D. 45. 48. will never produce in the output range where demand is inelastic. D. its supply curve will also be downsloping. the elasticity coefficient will increase as price is lowered. will never produce in the output range where demand is elastic. B. A nondiscriminating monopolist: A. C. MR will equal price. price must be lowered to sell more output. C. 46. B. at all points where the demand curve lies above the horizontal axis. depending on the level of production costs. B. The pure monopolist's demand curve is relatively elastic: A. 47. may produce where demand is either elastic or inelastic. marginal revenue is negative.Pure Monopoly 44. may be either positive or negative. Because the monopolist's demand curve is downsloping: A. B. When total revenue is increasing: A. When the pure monopolist's demand curve is elastic. in the price range where marginal revenue is negative. is positive. C. in the price range where marginal revenue is positive. marginal revenue: A. D. 10-12 . in the price range where total revenue is declining. is zero. C.

For a pure monopolist the relationship between total revenue and marginal revenue is such that: A. B. when a monopolist lowers price to sell more output. marginal revenue is positive so long as total revenue is positive. marginal revenue is positive when total revenue is at a maximum. the monopolist's demand curve is perfectly inelastic. marginal revenue is positive when total revenue is increasing. B. C. downsloping. C.Pure Monopoly 49.Chapter 10 . but marginal revenue becomes negative when total revenue is decreasing. parallel to the horizontal axis. D. parallel to the vertical axis. but total revenue becomes negative when marginal revenue is decreasing. the lower price applies to all units sold. B. the monopolist's total revenue curve is linear and slopes upward to the right. A pure monopolist's demand curve is: A. the monopolist's demand curve is perfectly elastic. total revenue is positive when marginal revenue is increasing. For a pure monopolist marginal revenue is less than price because: A. 51. 10-13 . D. upsloping. 50. C. D.

charge a lower price. B. 53. q4. always produce more than q2. it should: A. retain its current price-quantity combination. Refer to the above diagram for a nondiscriminating monopolist. B. If the monopolist is seeking maximum profits. never produce an output larger than q1. Demand is elastic: A. always produce at output q2. C. Refer to the above diagram for a nondiscriminating monopolist. only for outputs greater than q4. D. 55. The profit-seeking monopolist will: A. D. B. never produce an output larger than q2. charge a higher price. C. for all levels of output less than q2. Refer to the above diagram for a nondiscriminating monopolist. Marginal revenue will be zero at output: A. B.Pure Monopoly 52. 54. q3. D. C. C. D. for all levels of output greater than q2. q1. Assume a pure monopolist is currently operating at a price-quantity combination on the inelastic segment of its demand curve.Chapter 10 . q2. increase both price and quantity sold. 10-14 . in the q1q3 output range.

D. 60. We thus know that: A. C. total revenue will be declining. it cannot possibly be maximizing profits. D. C. the firm would be maximizing profits. Assuming no change in product demand. demand is inelastic at this price. it would necessarily incur a loss. adds an amount to total revenue which is equal to the price of incremental sales. 10-15 . marginal revenue will be positive but declining. inelastic segment of its demand curve because it can increase total revenue and reduce total cost by increasing price. Suppose a pure monopolist is charging a price of $12 and the associated marginal revenue is $9. D.Chapter 10 . C. If a pure monopolist is operating in a range of output where demand is elastic: A. B. the firm is maximizing profits. total revenue is at a maximum. marginal revenue will be positive and rising. can increase price and increase sales simultaneously because it dominates the market. must lower price to increase sales. segment of its demand curve where the price elasticity coefficient is greater than one. 59. C. inelastic segment of its demand curve because it can always increase total revenue by more than it increases total cost by reducing price. If a monopolist were to produce in the inelastic segment of its demand curve: A. 57. B. should produce in the range where marginal revenue is negative. total revenue would be at a maximum. D. B. elastic segment of its demand curve because it can increase total revenue and reduce total cost by lowering price. total revenue is increasing. A pure monopolist should never produce in the: A. B. C. 58. B. D.Pure Monopoly 56. marginal revenue would be negative. a pure monopolist: A.

-$1. $4. do not compete with one another. 10-16 . If the marginal revenue of the seventh unit is $5. C. $24.Chapter 10 . B. $1. C. C. product price and marginal revenue. when they reduce price. A pure monopolist is selling 6 units at a price of $12. price of the seventh unit is $10. firm's demand curve is perfectly elastic.Pure Monopoly 61. the quantity demanded. B. D. price of the seventh unit is $11. D. C. product price and average revenue. 64. face downsloping demand curves. price of the seventh unit is greater than $12. The vertical distance between the horizontal axis and any point on a nondiscriminating monopolist's demand curve measures: A. D. B. then: A. can alter their output by changing price. Which of the following is incorrect? Imperfectly competitive producers: A. The above diagram indicates that the marginal revenue of the sixth unit of output is: A. B. 62. find that. D. total revenue. 63. their total revenue increases by less than the new price.

B.Pure Monopoly Answer the next question on the basis of the following table showing the demand schedule facing a nondiscriminating monopolist: 65. Refer to the above table. $5. B.Chapter 10 . B. The monopolist will select its profit-maximizing level of output somewhere within the: A. The profit-maximizing monopolist will sell at a price: A. 1-3 unit range of output. D. C. Refer to the above table. Assume that this monopolist faces zero production costs. 10-17 . C. The profit-maximizing monopolist will set a price of: A. Refer to the above table. 67. 2-4 unit range of output. of $10. of $5 D. 3-5 unit range of output. of $7. $10. that cannot be determined with the information provided. 66. $7. D. $3. 1-4 unit range of output. C.

must be negative.Chapter 10 . B. 70. A nondiscriminating pure monopolist finds that it can sell its fiftieth unit of output for $50. B. the marginal revenue associated with that unit will be: A. is falling. revenue of the fiftieth unit is greater than $50. C. If a nondiscriminating pure monopolist decides to sell one more unit of output. Assuming a pure monopolist's demand curve is downsloping. C. revenue of the fiftieth unit is also $50. D. C. indeterminate unless marginal cost data are known. may be either rising or falling. the price at which that unit is sold less the price reductions which apply to all other units of output. is rising. 10-18 . 69. D. equal to its price. cost of the fiftieth unit is also $50. B. We can surmise that the marginal: A.Pure Monopoly 68. revenue of the fiftieth unit is less than $50. its total revenue: A. D. the price at which that unit is sold plus the price increases which apply to all other units of output.

Chapter 10 . $9.90. Which of the above diagrams correctly portray the demand (D) and marginal revenue (MR) curves of a pure monopolist that is able to price discriminate by charging each customer their maximum willingness to pay? A. $. Which of the above diagrams correctly portray the demand (D) and marginal revenue (MR) curves of a purely competitive seller? A. The marginal revenue of the twenty-first unit of output is: A. $4. Suppose that a pure monopolist can sell 20 units of output at $10 per unit and 21 units at $9. B C. The marginal revenue of the eleventh unit is: A. B C. C D. Which of the above diagrams correctly portray a nondiscriminating pure monopolist's demand (D) and marginal revenue (MR) curves? A.Pure Monopoly 71.90.75. C. C D.10. 75. D 72.90 per unit. 10-19 . B C.75 per unit. C D. $204. $53. A B. B. D. D. $3. A B. D 74.25. A B. C.90. Suppose that a pure monopolist can sell 10 units of output at $5 per unit and 11 units at $4. $4.75. $.75. D 73. B.

$4 or less. C. D. B.40 or less. C. applies only to pure competition. average variable cost.90 or less. 10-20 . The monopolist will produce and sell the sixth unit if its marginal cost is: A. $3. $. 79. average total cost. average cost.90 per unit.75 per unit. D.75 or less. 77. D. The MR = MC rule: A. C. $3. P = MC. applies only to pure monopoly. Suppose that a pure monopolist can sell 5 units of output at $4 per unit and 6 units at $3. marginal revenue. $1. P = ATC.75 or less. B. $3. D.Chapter 10 . D. 80. C. applies both to pure monopoly and pure competition. 78. MR = MC. Suppose that a pure monopolist can sell 4 units of output at $2 per unit and 5 units at $1. An unregulated pure monopolist will maximize profits by producing that output at which: A. B. B. In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to: A. $1 or less. MC = AC. $2 or less.50 or less. The monopolist will produce and sell the fifth unit if its marginal cost is: A. C. does not apply to pure monopoly because price exceeds marginal revenue.Pure Monopoly 76. B.

C. $20. At its profit-maximizing output.33 B. This firm will maximize its profit by producing: A. At its profit-maximizing output. 4 units. $24. 83. $10. Refer to the above data for a nondiscriminating monopolist. D.Chapter 10 . A. D. elastic portion of its demand curve. $30. B.Pure Monopoly 81. inelastic portion of its demand curve. Refer to the above data for a nondiscriminating monopolist. $20. 6 units. $27.33 D. B. perfectly inelastic portion of its demand curve. $10.50 10-21 . 82.40 C. $27. this firm will be operating in the: A. perfectly elastic portion of its demand curve. Refer to the above data for a nondiscriminating monopolist. 3 units. 5 units. this firm's price will exceed its marginal cost by ____ and its average total cost by ____. C.

At its profit-maximizing output. A monopolistic firm produces a product having no close substitutes. 85. C. D. A monopolist's 100 percent market share ensures economic profits.Pure Monopoly 84. a loss that could be reduced by producing less output. this firm's total costs will be: A. $27. 87. B. B. a loss that could be reduced by producing more output. Which of the following statements is incorrect? A. D.Chapter 10 . A pure monopolist is producing an output such that ATC = $4. Refer to the above data for a nondiscriminating monopolist. At its profit-maximizing output. $280. zero. $54. this firm's total revenue will be: A. $248. C. B. This firm is realizing: A. C. A pure monopolist's demand curve is the industry demand curve. D. and MR = $3. an economic profit that could be increased by producing less output. At its profit-maximizing output. D. $82. $126. this firm's total profit will be: A. B. The monopolist's marginal revenue is less than price for any given output greater than 1. $300. Refer to the above data. $198. Refer to the above data for a nondiscriminating monopolist. 86. B. P = $5. D. $300. $180. 88. C. an economic profit that could be increased by producing more output. MC = $2. C. $198. 10-22 .

Refer to the above data.50. 4 units.50.90. reducing both output and price.35. D. reducing output and raising price.Pure Monopoly 89. B. Answer the next question(s) on the basis of the following demand and cost data for a pure monopolist: 90. 10-23 . D. C. 5 units. raising price while keeping output unchanged. C. C. 91.00 and its marginal cost is $4. $5. 6 units. The profit-maximizing level of output will be: A.Chapter 10 . $2. B. If a monopolist's marginal revenue is $3. it will increase its profits by: A. B. D. increasing both price and output. Refer to the above data. 7 units. The profit-maximizing price for the monopolist will be: A. $3. $4.00.

To maximize profits or minimize losses this firm should produce: A. D. 93. Refer to the above data. Refer to the above diagram. L units and charge price LK. E units and charge price C.50.Pure Monopoly 92.50. D. 10-24 . 94. 0AJE. Refer to the above diagram. 0EGC. C. 0EHB.Chapter 10 . B. At the profit-maximizing level of output. The profit-maximizing monopolist will realize a: A. total revenue will be: A. profit of $7. B. C. C. profit of $16. loss of $14. NM times 0M. M units and charge price N. profit of $8. E units and charge price A. D. B.

the firm will realize: A. B. always realizes an economic profit. C. D.Chapter 10 . D. an economic profit of ACGJ. C. 97. At the profit-maximizing level of output. a loss of JH per unit. If a pure monopolist is producing at that output where P = ATC. a loss of GH per unit. 96. B. 99. B. D. B. it will be realizing losses. Refer to the above diagram. will realize an economic loss if MC intersects the downsloping portion of MR. C. it will be producing less than the profit-maximizing level of output. will realize an economic profit if price exceeds ATC at the profit-maximizing/lossminimizing level of output. then: A. an economic profit of ABHJ. At the profit-maximizing level of output. total cost will be: A. C.Pure Monopoly 95. MR = MC D. MC = P B. which of the following conditions are common to both unregulated monopoly and to pure competition? A. Refer to the above diagram. it will be realizing an economic profit. 0CGC. D. its economic profits will be zero. 0AJE. NM times 0M. will realize an economic profit if ATC exceeds MR at the profit-maximizing/lossminimizing level of output. MC = ATC C. 0BHE. If profits are maximized (or losses minimized). 10-25 . A pure monopolist: A. P = MR 98.

Pure Monopoly 100. a. 102. D. B. MC = ATC. C. The short-run profit maximizing position of an unregulated pure monopolist is characterized by: A. Monopoly price will be: A. will always equal ATC. C. D. MR = MC. 101.Chapter 10 . B. A pure monopolist's short-run profit-maximizing or loss-minimizing position is such that price: A. Refer to the above diagram for a pure monopolist. P = MC. b. c. P = minimum ATC. 10-26 . B. may be greater or less than ATC. D. e. C. always exceeds ATC. equals marginal revenue.

are always zero because consumers prefer to buy from competitive sellers. will be bc per unit sold. zero. are always positive. h. significant entry barriers are common to both. or negative. C. will be ae per unit sold.Chapter 10 . may be positive or negative depending on market demand and cost conditions. C. Purely competitive firms and pure monopolists are similar in that: A. D. cannot be determined from the information given. 105. 106. In the short run a pure monopolist's profit: A. Refer to the above diagram for a pure monopolist. f. B. B. B. Monopoly output will be: A. between f and g. both are price makers. D. 104. D. D. C. will be maximized where price equals average total cost. C. are always positive because the monopolist is a price-maker. B. 10-27 . Monopoly profit: A. In the short run. g. 107. D. B. Refer to the above diagram for a pure monopolist. both maximize profit where MR = MC. will be ac per unit sold. the demand curves of both are perfectly elastic. are usually negative because of government price regulation. will be zero.Pure Monopoly 103. may be positive. a monopolist's economic profits: A. C.

along the elastic portion of its demand curve. C. the profit-maximizing price and quantity will be: A. A profit-maximizing monopolist will set its price: A. if it discovered that it was producing where its MC curve intersects its demand curve C. under none of these circumstances because a monopolist would never lower price 110. B. if it discovered that it was producing where MC = MR B. where the marginal cost curve intersects the demand curve. P2 and Q2. C.Chapter 10 . Refer to the above diagram. if it discovered that it was producing where MC < MR D. D. as far above ATC as possible. 109. Under which of the following situations would a monopolist increase profits by lowering price (and increasing output): A. 10-28 . If this industry is purely competitive. P1 and Q1.Pure Monopoly 108. as close as possible to the minimum point of ATC. D. indeterminate on the basis of the information given. B. P3 and Q3.

B. if marginal costs were positive the firm would increase profits by reducing price and selling more output. P2 and Q2." 10-29 . the firm would be maximizing its profits. C. On the basis of this information we can say that: A. D.Pure Monopoly 111. equal MC. C. Refer to the above diagram. price will: A. Assume a pure monopolist is charging price P and selling output Q as shown on the above diagram. equal MR. When a pure monopolist is producing its profit -maximizing output. the profitmaximizing price and quantity will be: A. 112. 113. the firm is producing where the price elasticity coefficient is less than one. B. if marginal costs were somehow zero. P1 and Q1. D. P3 and Q3. equal neither MC nor MR. B. indeterminate on the basis of the information given. be less than MR. If this industry is comprised of only one seller. D.Chapter 10 . the firm is a "price taker. C.

To maximize profit a pure monopolist must: A. upsloping. D. produce where average total cost is at a minimum. If the variable costs of a profit-maximizing pure monopolist decline. 117. B. is that portion of its marginal cost curve which lies above average variable cost. maximize the difference between total revenue and total cost. is the same as that of a purely competitive industry. B. 115. always realizes a loss. D. C. The supply curve of a pure monopolist: A. C. or a loss. produce more output and charge a lower price.Pure Monopoly 114. the firm should: A. maximize its total revenue. The supply curve for a monopolist is: A. C. produce more output and charge a higher price. In the short run a pure monopolist: A. raise both output and price. is its average variable cost curve. that portion of the marginal cost curve lying above minimum average variable cost. D. B. maximize the difference between marginal revenue and marginal cost. 116. B. D. C. always earns an economic profit. 10-30 . C. does not exist because prices are not "given" to a monopolist. reduce both output and price. may realize an economic profit.Chapter 10 . perfectly elastic. B. 118. D. nonexistent. always earns a normal profit. a normal profit.

D. elastic for prices above $4 and inelastic for prices below $4. as is Firm B. pure monopoly and Firm B is a pure competitor. D. C. perfectly inelastic over all ranges of output. as is Firm B. If $4 is Firm B's profit-maximizing price. D. Refer to the above diagrams. Refer to the above diagrams. 122. elastic for prices above $1 and inelastic for prices below $1. B. C. perfectly elastic over all ranges of output. C. inelastic for prices above $4 and inelastic for prices below $4. inelastic for prices above $1 and inelastic for prices below $1. MC must be $4. pure competitor and Firm B is a pure monopoly. ATC must be $4. D. MR must be $4. 10-31 . The demand for Firm B's product is: A. B. 121. perfectly inelastic over all ranges of output. B.Chapter 10 . B. 120. Refer to the above diagrams. Refer to the above diagrams. perfectly elastic over all ranges of output. MC must be zero. The demand for Firm A's product is: A. pure competitor. C. pure monopoly.Pure Monopoly 119. its: A. Firm A is a: A.

124. B. Confronted with the same unit cost data. underallocated because marginal cost exceeds price. C. 125. only possible when barriers to entry are nonexistent. overallocated because price exceeds marginal cost. a higher price and produce a smaller output than a competitive firm. at the profit maximizing outputs. D. 127. $1.Chapter 10 . D. In seeking the profit-maximizing output the pure monopolist underallocates resources to its production. D. Economic profit in the long run is: A. the same price and produce the same output as a competitive firm. C. possible for a pure monopoly. An important economic problem associated with pure monopoly is that. D. B. less than $1. C. The pure monopolist will maximize profit by producing at that point on the demand curve where elasticity is zero. impossible for both a pure monopolist and a pure competitor. a monopolistic producer will charge: A. resources are: A. 10-32 . Which of the following statements is correct? A. more than $1. Firm A's average revenue is: A. Purely monopolistic sellers earn only normal profits in the long run. a lower price and produce a smaller output than a competitive firm. The pure monopolist maximizes profits by producing that output at which the differential between price and average cost is the greatest. B. underallocated because price exceeds marginal cost. overallocated because marginal cost exceeds price. C. Refer to the above diagrams. D. B.Pure Monopoly 123. a higher price and produce a larger output than a competitive firm. possible for both a pure monopoly and a pure competitor. C. 126. but not for a pure competitor. B. zero.

C. C.Pure Monopoly 128. society values additional units of the monopolized product more highly than it does the alternative products those resources could otherwise produce. A single-price pure monopoly is economically inefficient: A. only because it produces beyond the point of minimum average total cost. D. 10-33 . B. 130. the firm may. neither productive efficiency nor allocative efficiency. it will be in the interest of the firm and society to reduce output. marginal revenue exceeds product price at all profitable levels of production. or may not. because it produces beyond minimum average total cost and marginal cost is greater than price. because it produces short of minimum average cost and price is greater than marginal cost. marginal cost exceeds price. B. 129. to reduce output. D. C. D. B. a pure nondiscriminating monopolist achieves: A. productive efficiency but not allocative efficiency. it will be in the interest of the firm and society to increase output. If a pure monopolist is producing more output than the MR = MC output: A. B.Chapter 10 . A single-price monopoly is economically undesirable because. The profit-maximizing output of a pure monopoly is economically inefficient because in equilibrium: A. both productive efficiency and allocative efficiency. only because it produces short of the point of minimum average total cost. monopolists always price their products on the basis of the ability of consumers to pay rather than on costs of production. 132. D. 131. price equals minimum average total cost. C. allocative efficiency but not productive efficiency. D. be maximizing profits. B. MC > P. but not necessarily of society. price exceeds marginal cost. it will be in the interest of the firm. C. at the profit maximizing output: A. marginal revenue equals marginal cost. At its profit-maximizing output.

output. output.Pure Monopoly 133. the pure monopoly model. a single firm operating in a purely competitive industry. we would find in long-run equilibrium that the pure monopolist's: A. a long-run constant-cost industry. D. and average total cost would all be higher. but average total cost would be higher. Refer to the above diagrams. D. 135. the pure monopoly model. price. and average total cost would all be lower. Comparing a pure monopoly and a purely competitive firm with identical costs. Diagram (B) represents: A. price and average total cost would be higher.Chapter 10 . an industry in which there is allocative efficiency but not productive efficiency. the pure competition model. C. D. equilibrium price and quantity in a purely competitive industry. B. B. 134. B. price. Diagram (A) represents: A. 10-34 . C. an industry in which there is productive efficiency but not allocative efficiency. Refer to the above diagrams. but output would be lower. price and output would be lower. C.

(B) price equals marginal cost. B. D. B. while in (B) an economic profit can persist. In diagram (B) the profit-maximizing quantity is: A. lower. respectively. fails to realize all existing economies of scale. g and the profit-maximizing price is e.Chapter 10 . With the industry structure represented by diagram: A. C. The price will be _______ and the quantity will be _______ with the industry structure represented by diagram (B) compared to the one represented in (A). higher 140. A. lower. X-inefficiency refers to a situation in which a firm: A. (B) output will be less than in diagram (A). lower C. g and the profit-maximizing price is d. D. lower D. (A) price exceeds marginal cost. D. (A) there will be only a normal profit in the long run. Refer to the above diagrams. Refer to the above diagrams. Refer to the above diagrams. C. resulting in allocative efficiency. Refer to the above diagrams. 137. C. is not as technologically progressive as it might be. encounters diseconomies of scale. (A) economic profit can persist in the long run. higher B. With the industry structure represented by diagram: A. B. D. 10-35 . resulting in allocative inefficiency. fails to achieve the minimum average total costs attainable at each level of output. C.Pure Monopoly 136. higher. higher. B. h and the profit-maximizing price is e. (B) there will be allocative efficiency. (B) output will be the same as in diagram (A). (B) equilibrium price and quantity will be e and h. g and the profit-maximizing price is f. 138. 139.

more likely to occur in competitive firms than in monopolistic firms. but is failing to minimize production costs. B. rent-seeking behavior 142. simultaneous consumption C.Chapter 10 . then the firm is: A. Refer to the above long-run cost diagram for a firm. more likely to occur in monopolistic firms than in competitive firms. producing the profit-maximizing output. B. 143. Which of the following is not a possible source of natural monopoly? A. greater use of specialized inputs D. but is realizing all existing economies of scale. large-scale network effects B. If the firm produces output Q1 at an average total cost of ATC1. absent whenever two or more producers are competing with one another. incurring X-inefficiency. There is some evidence to suggest that X-inefficiency is: A. C. D.Pure Monopoly 141. D. producing that output with the most efficient combination of inputs and is realizing all economies of scale. C. 10-36 . not encountered in either competitive or monopolistic firms. incurring X-inefficiency and is failing to realize all existing economies of scale.

producing the profit-maximizing output. Refer to the above long-run cost diagram for a firm. D. incurring X-inefficiency. pure competition B. C. incurring X-inefficiency and is failing to realize all existing economies of scale. but is realizing all existing economies of scale. but is failing to minimize production costs. 145. pure competition B. producing that output with the most efficient combination of inputs and is realizing all existing economies of scale. producing that output with the most efficient combination of inputs and is realizing all existing economies of scale. If the firm produces output Q2 at an average cost of ATC3. oligopoly C. B. incurring X-inefficiency and is failing to produce the output at which all economies of scale might be realized.Chapter 10 . pure monopoly 147. producing the profit-maximizing output.Pure Monopoly 144. 146. then the firm is: A. In which one of the following market models is X-inefficiency least likely to be present? A. then the firm is: A. oligopoly C. C. but is producing that output at which all existing economies of scale might be realized. incurring X-inefficiency. monopolistic competition D. monopolistic competition D. pure monopoly 10-37 . If the firm produces output Q2 at an average cost of ATC2. B. Refer to the above long-run cost diagram for a firm. D. but is failing to minimize production costs. In which one of the following market models is X-inefficiency most likely to be the greatest? A.

B. B. D. B. Which of the following conditions is not required for price discrimination? A. that price which equals the buyer's marginal cost. 149. The seller must possess some degree of monopoly power. The good or service cannot be resold by original buyers. C. that is. 10-38 . B. D. different prices to compensate for differences in the characteristics of the product. The seller must be able to segment the market. monopolists usually realize economies of scale. C. 151. 152. 150. it can be practiced whenever a firm's demand curve is downsloping. to distinguish buyers with different elasticities of demand.Chapter 10 . The seller must possess some degree of monopoly power. the maximum price each would be willing to pay. the same price if per unit cost is constant for each unit of the product. the difference between the prices a purely competitive seller and a purely monopolistic seller would charge. C. D. D. D. selling a given product for different prices at two different points in time. Buyer with different elasticities must be physically separate from each other. any price above that which is equal to a minimum average total cost.Pure Monopoly 148. the selling of a given product at different prices that do not reflect cost differences. A price discriminating pure monopolist will attempt to charge each buyer (or group of buyers): A. that is. The seller must be able to segment the market. B. monopolists have considerable ability to control output and price. C. Which of the following is not a precondition for price discrimination? A. C. to distinguish buyers with different elasticities of demand. most monopolists sell differentiated products. Price discrimination refers to: A. The commodity involved must be a durable good. The good or service cannot be resold by original buyers. The practice of price discrimination is associated with pure monopoly because: A.

C. 156. only illegal if used to lessen or eliminate competition. the firm will face multiple marginal revenue curves. realize a smaller profit. produce a smaller output than when it did not discriminate. C. D. in which of the following cases would economic profit be the greatest? A. 10-39 . the marginal revenue curve and the total revenue curve will now coincide. only illegal if it hurts consumers more than non-discrimination. B. an unregulated.Chapter 10 .Pure Monopoly 153. charge a competitive price to all its customers. D. C. a regulated monopolist charging a price equal to average total cost D. always legal. Other things equal. B. 155. If a pure monopolist can engage in price discrimination: A. an unregulated monopolist which is able to engage in price discrimination B. the marginal revenue curve will now shift to a position above the demand curve. B. a regulated monopolist charging a price equal to marginal cost 154. Price discrimination is: A. it will: A. D. marginal revenue will become less at each level of output than it would be without price discrimination. always illegal. If a monopolist engages in price discrimination. nondiscriminating monopolist C. charge a higher price where individual demand is inelastic and a lower price where individual demand is elastic.

$250. B. 2 C. C. 159. 10-40 . earns a normal profit of $250. B.Pure Monopoly Answer the next question(s) on the basis of the following information for a pure monopolist: 157. 1 B. $300. $200. How many units would the above profit-maximizing nondiscriminating monopolist produce? A. 4 158. C. At its profit-maximizing output. earns an economic profit of $250. incurs a loss. the above nondiscriminating monopolist: A. earns an economic profit of $150.Chapter 10 . $150. D. D. 3 D. The above nondiscriminating monopolist should set its price at: A.

If the above profit-maximizing monopolist is able to price discriminate. 5 161. 3 C. $250 C. If the above profit-maximizing monopolist is able to price discriminate.Pure Monopoly 160. Refer to the figure above. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly). regardless of the day of the week. regardless of the day of the week. 4 D. and $10 during the weekend. 2 B. 10-41 . and the right graph the weekend demand. how many units will the firm produce? A.Chapter 10 . and $10 during the weekend. If the left graph represents the demand during weekdays. this profitmaximizing golf course should: A. charging each customer the price associated with each given level of output. $420 162. charge $9 for each round on weekdays. B. Q is the quantity of rounds "sold" each day. charge $7 for each round on weekdays. $120 B. D. C. charge $7 for each round. charge $9 for each round. charging each customer the price associated with each given level of output. $300 D. P denotes the price of a round of golf. how much profit will the firm earn? A.

$3. If the left graph represents the demand during weekdays. 740 rounds. profit-maximizing golf course should sell at total of: A. and the right graph the weekend demand. $4. $2. C. and the right graph the weekend demand. If the left graph represents the demand during weekdays.400 D.200 B. Q is the quantity of rounds "sold" each day. P denotes the price of a round of golf.700 C. D. P denotes the price of a round of golf. 164. 1. $3. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly). B. 900 rounds.700 10-42 . Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly). Refer to the figure above. Refer to the figure above. then over the course of a full seven-day week this price-discriminating.200 rounds.Chapter 10 . 300 rounds.Pure Monopoly 163. Q is the quantity of rounds "sold" each day. this profitmaximizing golf course will earn how much economic profit over the course of a full sevenday week? A.

a price discriminating monopolist will: A. produce a larger output than a nondiscriminating monopolist. (P2 . C. D. the industry will be monopolistically competitive. 166. realize a smaller economic profit than a nondiscriminating monopolist. D. and P2 to adults. its economic profit will be: A. Q1A + Q2. an overallocation of resources. D. 169. If the long-run average total cost curve of an industry is declining at the point where it intersects the industry demand curve. and P2 to children.MC)  Q1C] + [(P2 . Assume the above figure applies to a pure monopolist.Chapter 10 . Assume the above figure applies to a pure monopolist. P1 to adults. produce the same output as a nondiscriminating monopolist. Q1A + Q1C + Q2. P1 to children.Pure Monopoly 165. Other things equal. If this firm is able to price discriminate between children and adults. the industry will be a natural monopoly. Assume the above figure applies to a pure monopolist. 167. C. it should charge prices of: A. (P2 . D. D. If this firm is able to price discriminate between children and adults. B. B. produce a smaller output than a nondiscriminating monopolist. C. P1 to both children and adults. C. Q1C + Q2. 168. [(P1 . If this firm is able to price discriminate between children and adults. B. B. (P1 . B. P2 to both children and adults. its profit-maximizing level of output will be: A. C. 10-43 . Q1A + Q1C.P1)  (Q1C + Q2). we can expect: A.MC)  (Q1C + Q2).MC)  Q2].MC)  (Q1C + Q2). the industry will be purely competitive.

If a regulatory commission seeks to achieve the most efficient allocation of resources to this line of production. Refer to the above diagram for a pure monopolist. P4. price P3 and producing output Q3. P1. P2. C. D. price P2 and producing output Q2. 171. P1. B. P4. B. 172." it will set price at: A. D. P2. If the commission seeks to provide the monopolist with a "fair return. P3.Chapter 10 . 10-44 . Suppose a regulatory commission is created to determine a legal price for the monopoly. C.Pure Monopoly 170. Refer to the above diagram for a pure monopolist. D. price P1 and producing output Q1. it will set a price of: A. B. a price above P3 and selling a quantity less than Q3. If the monopolist is unregulated. it will maximize profits by charging: A. C. Refer to the above diagram for a pure monopolist. P3.

at which marginal revenue is zero. 175.Pure Monopoly 173. B. average total cost. C. tax the monopolist P3P1 per unit to prevent the monopolist from realizing an economic profit. subsidize the monopolist or the monopolist will go bankrupt in the long run. 10-45 . it should select a price: A. which corresponds with the equality of marginal cost and marginal revenue. 176. marginal cost. at which the average total cost curve intersects the demand curve. tax the monopolist P1P2 per unit to prevent the monopolist from realizing an economic profit. The dilemma of regulation refers to the idea that: A. B. D. C. B. If a regulatory commission wants to establish a socially optimal price for a natural monopoly. it will have to: A. marginal revenue. If a regulatory commission wants to provide a natural monopoly with a fair return. subsidize the monopolist P1P4 per unit to allow the monopolist to break even. B. at which the marginal cost curve intersects the demand curve. Refer to the above diagram for a pure monopolist. D. minimum average fixed cost. the regulated price which achieves allocative efficiency is also likely to result in losses. D. regulated pricing always conflicts with the "due process" provision of the Constitution. 174. the regulated price which results in a "fair return" restricts output by more than would unregulated monopoly.Chapter 10 . C. it should establish a price that is equal to: A. D. the regulated price which achieves allocative efficiency is also likely to result in persistent economic profits. If a regulatory commission sets price to achieve the most efficient allocation of resources. C.

neither productive nor allocative efficiency is being achieved. resource allocation will be worsened. the firm will earn only a normal profit. B. allocative efficiency is being achieved. B. 179. output will decrease. the monopoly may incur a loss. If a regulatory commission forces a natural monopoly to charge a price equal to its marginal cost: A. productive efficiency is being achieved.Chapter 10 . C. C. resource allocation will worsen. 180. B. This means that: A. the firm will earn an economic profit. 178. If a regulatory commission forces a natural monopoly to charge a price equal to its average total cost: A. C. the firm must be subsidized or it will go bankrupt. the firm will realize an economic profit. B. but not productive efficiency. D.Pure Monopoly 177. output will decrease. both productive and allocative efficiency are being achieved. If a regulatory commission imposes upon a nondiscriminating natural monopoly a price that is equal to marginal cost and below average total cost at the resulting output. the firm will earn only a normal profit. D. but not allocative efficiency. Suppose for a regulated monopoly that price equals minimum ATC but price exceeds MC. D. then: A. 10-46 . C. allocative efficiency will be worsened. D. the monopolist will realize a normal profit.

Q2 and realize a normal profit. maximize profits. If a regulatory commission set a maximum price of P1. reduce output below the profit-maximizing level. Q4 and realize a normal profit. the monopolist would: A. B. D. be unable to make a normal profit. B. close down in the short run. 182. Q4 and realize a loss. C. Q3 and realize an economic profit. If a regulatory commission were to set a maximum price of P3. the monopolist would produce output: A. Refer to the above diagram for a natural monopolist. increase output beyond the profit-maximizing level. B. D. If a regulatory commission set a maximum price of P2. D. Refer to the above diagram for a natural monopolist. C. produce output Q3 and realize an economic profit. produce output Q3 and realize a normal profit. 183. the monopolist would: A.Pure Monopoly 181. 10-47 . produce output Q1 and realize an economic profit. C.Chapter 10 . Refer to the above diagram for a natural monopolist.

Chapter 10 . B. (Consider This) Children are charged less than adults for admission to professional baseball games but are charged the same prices as adults at the concession stands. D. 33 percent of the world's rough-cut diamonds. C. This pricing system occurs because: A. (Consider This) Children are charged less than adults for admission to professional baseball games but are charged the same prices as adults at the concession stands. (Last Word) Over a recently ended 66-year period. 80 percent of the world's rough-cut diamonds. operated substantially in accord with the predictions of the unregulated monopoly model. was regulated by the South African government and thus had to limit prices to average total cost. B. (Last Word) DeBeers Consolidated Mines markets about: A. D. 45 percent of the world's rough-cut diamonds. B. earned only a normal profit because of its high mining and marketing costs.S. antimonopoly laws and therefore could not control diamond prices. it must be able to set the product price. D. The seller must have some monopoly power. but can personally consume more than one concession item. The items cannot be bought by people in the low-price group and transferred to members of the high-price group. Groups must have different elasticities of demand for the product. DeBeers: A. children have an elastic demand for game ticket but an inelastic demand for concession items. 10-48 . C. B. D. children have an inelastic demand for game tickets but an elastic demand for concession items. C. Which of the following conditions of price discrimination explain why this occurs? A. that is. the seller can prevent children from buying game tickets for adults but cannot prevent children from buying concession items for adults. 187. 55 percent of the world's rough-cut diamonds.Pure Monopoly 184. children can personally "consume" only a single game ticket. The seller must be able to identify buyers by group characteristics such as age or income. 185. was subject to U. C. 186.

Chapter 10 . (Last Word) In a recent policy change. abandon its 66-year policy of trying to monopolize the sale of rough-cut diamonds. A pure monopolist will maximize profits by producing at that output where price and marginal cost are equal. Pure monopolists always earn economic profits. In the long run a pure monopolist must produce at that output where average total cost is at a minimum. sell off its entire inventory of diamonds. purchase the entire output of other mines and withhold diamonds from the market to bolster diamond prices. B. True False 191. In the short run a pure monopolist will maximize profits by producing at that level of output where the difference between price and average total cost is at a maximum. abandon its policy of profit maximization. True False 192. True False 190. True False 10-49 . D. True False 193. C. DeBeers has decided to: A.Pure Monopoly 188. True / False Questions 189. In the short run a pure monopolist will charge the highest price the market will bear for its product.

The profit-maximizing output for this firm is M. a pure monopolist can increase price and increase volume of sales simultaneously. True False 197. If the XYZ Company can sell 4 units per week at $10 per unit and 5 units per week at $9 per unit. Refer to the above diagram for a nondiscriminating monopolist.Pure Monopoly 194.Chapter 10 . Because of their large-scale level of production. True False 196. the marginal revenue of the fifth unit is $5. At the profitmaximizing output the firm's economic profit will be BAFG. Because of the ability to influence price. True False 10-50 . pure monopolists overallocate resources to their industry by producing beyond the P = MC output. Refer to the above diagram for a nondiscriminating monopolist. True False 198. True False 195.

Pure Monopoly 199. the monopolist will produce output N. Refer to the above diagram for a nondiscriminating monopolist. True False 205. At output R economic profits will be zero. Refer to the above diagram for a nondiscriminating monopolist. Refer to the above diagram for a nondiscriminating monopolist.Chapter 10 . True False 201. From society's point of view it would be desirable to have the monopolist produce a larger output than M. At output Q production will be unprofitable. True False 204. True False 202. The profit-maximizing price for this firm is J. Refer to the above diagram for a nondiscriminating monopolist. True False 10-51 . At output Q average variable cost is QJ. If the government regulates the monopolist so that it charges the "fair return" price. Refer to the above diagram for a nondiscriminating monopolist. True False 200. At output M total cost will be 0CHM. Refer to the above diagram for a nondiscriminating monopolist. Refer to the above diagram for a nondiscriminating monopolist. True False 203.

Chapter 10 . True False 209. Refer to the above diagrams. the monopolist will produce output Q. Refer to the above diagrams. True False 207. True False 208.Pure Monopoly 206. Both firms are selling their products in purely competitive markets. If the government regulates the monopolist so that it charges the price that achieves allocative efficiency. Firm B's average revenue curve coincides with its marginal revenue curve. Refer to the above diagrams. Refer to the above diagrams. Refer to the above diagram for a nondiscriminating monopolist. True False 210. The demand for Firm A's product is perfectly elastic. True False 10-52 . The demand for Firm B's product is elastic at all prices in excess of $4.

Price discrimination will result in consumers with more elastic demand purchasing more of the good than when a single price is charged to all consumers in the market. The demand for Firm B's product is inelastic at all prices below $4. If drawn. Firm A's average revenue curve would lie below its demand curve.Pure Monopoly 211.Chapter 10 . True False 214. True False 212. True False 215. True False 216. True False 213. Price discrimination occurs whenever a firm sells a good for two different prices. standard product that everyone else is using. True False 10-53 . Extensive network effects may drive a market toward natural monopoly because consumers tend to choose a common. Refer to the above diagrams. True False 217. Natural monopoly may result where products produce substantial network effects and can be simultaneously consumed by a large number of consumers. Price discrimination is illegal in the United States under antitrust regulations. Successful price discrimination requires that buyers charged the different prices be physically separated. Refer to the above diagrams. True False 218.

Chapter 10 .Pure Monopoly 10-54 .

Chapter 10 .Pure Monopoly 10-55 .

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