Multiple Choice
Which of the following statements describes how a monopolist's revenue curves compare to those of a perfectly competitive firm?
A) The monopolist's marginal revenue curve is downward sloping, while the perfectly competitive firm's is flat.
B) The monopolist's average revenue curve is not equal to price, as it is for a perfectly competitive firm.
C) The monopolist's marginal revenue curve is flat, while the perfectly competitive firm's is downward sloping.
D) The monopolist's total revenue curve is linear, while the perfectly competitive firm's is convex.
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Price discrimination is:<br>A)the practice of charging customers
Q22: A natural monopolist that sets prices equal
Q23: A government-owned monopoly is more likely to:<br>A)provide
Q24: Government regulations:<br>A)always seek to increase competition.<br>B)sometimes protect
Q25: Protecting intellectual property rights:<br>A)always benefits society.<br>B)never benefits
Q27: With regard to monopolies, economists believe:<br>A)the government
Q28: The equilibrium price and quantity in a
Q29: Unregulated natural monopolies:<br>A)never capture the lowest costs
Q30: When government agencies become privatized:<br>A)they are sold
Q31: A firm that is the sole producer