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Microeconomics

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Quiz 12

1. A firm has market power

A. When it can profitably charge any price of its choosing

B. When it is characterized as a price taker

C. When it can profitably charge a price that is above its marginal cost

D. Only when it is the sole firm producing in a market

2. A monopoly market is

A. A market with many sellers

B. A market with a single seller

C. A market with a few sellers

D. B and C

3. An oligopoly market is

A. A market with many sellers

B. A market with a single seller

C. A market with a few sellers

D. B and C

4. Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand

function is

, where P is the price, in dollars, of a cubic yard of concrete

and Q is the number of cubic yards sold per year. What is KGC's inverse demand function?

A.

B.

C.

D.

5. Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand

function is

, where P is the price, in dollars, of a cubic yard of concrete

and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?

A.

B.

C.

D.

17-1

Chapter 17 - Monopoly

6. Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand

function is

, where P is the price, in dollars, of a cubic yard of concrete

and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it

sells 5,000 cubic years of concrete per year?

A. $37.5

B. $25

C. $50

D. $0

7. Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand

function is

, where P is the price, in dollars, of a cubic yard of concrete

and Q is the number of cubic yards sold per year. What price does KGC charge per unit when

it sells 5,000 cubic years of concrete per year?

A. $12.5

B. $25

C. $37.5

D. $50

8. Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand

function is

, where P is the price, in dollars, of a cubic yard of concrete

and Q is the number of cubic yards sold per year. What is the difference between price and

marginal revenue when KGC sells 5,000 cubic years of concrete per year?

A. $12.5

B. $25

C. $37.5

D. $50

9. The more elastic is the demand for a product

A. The greater the difference between marginal revenue and price

B. The closer is marginal revenue to the price

C. The more a firm must reduce its price to increase its sales

D. A and C

10. When a monopolist maximizes its profit by selling a positive amount

A. Its marginal revenue must equal its marginal cost at that quantity

B. Its marginal revenue must exceed its marginal cost at that quantity

C. Its marginal revenue must be less than its marginal cost at that quantity

D. Its marginal revenue must be equal to zero

17-2

Chapter 17 - Monopoly

, where Q is

the number of cubic yards of concrete it produces per year. In addition, it has a fixed cost of

$50,000 per year. KGC's demand function is

. What is the profit

maximizing sales quantity?

A. 20

B. 2,000

C. 8,000

D. 0

12. Suppose Kate's Great Crete (KGC) has marginal costs of

, where Q is

the number of cubic yards of concrete it produces per year. In addition, it has an fixed cost of

$50,000 per year. KGC's demand function is

. What is the profit

maximizing sales price?

A. $47.7

B. $30

C. $45

D. $50

13. Suppose Kate's Great Crete (KGC) has annual variable costs of

and marginal costs of

, where Q is the number of cubic yards of concrete

it produces per year. In addition, it has a fixed cost of $50,000 per year. KGC's demand

function is

A. $30,000

B. $90,000

C. $120,000

D. -$30,000

A. Is the amount by which its price exceeds its marginal cost, expressed as a percentage

of its price

B. Is the amount by which its marginal cost exceeds its average cost

C. Is the amount by which its average cost exceeds its marginal cost

D. Is the value of its profit

14. A firm's markup over its marginal cost is greater

A. The more elastic is the demand curve

B. The less elastic is the demand curve

C. The lower its fixed costs

D. The lower its average costs

17-3

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