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Practice Quiz



This activity contains 19 questions.

Question 1.
Which of the following is the more precise definition of pure monopoly?

 
End of Question 1


Question 2.
Refer to the figure below. Which of the following statements is entirely correct? As demand rotates clockwise:

 
End of Question 2


Question 3.
Refer to the figure below. Maximum total revenue is reached:

 
End of Question 3


Question 4.
Refer to the figure below. How much is the marginal revenue associated with increasing quantity sold from 2 to 3 units?

 
End of Question 4


Question 5.
Refer to the figure below. An increase in price along the elastic range of the demand curve will cause:

 
End of Question 5


Question 6.
Refer to the figure below. If the monopoly wants to maximize revenue, it will set price:

 
End of Question 6


Question 7.
Refer to the figure below. How much profit does the profit-maximizing monopoly earn?

 
End of Question 7


Question 8.
Refer to the figure below. Assume that the firm is producing 600 units. What should the firm do in order to maximize profit?

 
End of Question 8


Question 9.
Refer to the figure below. In order to maximize profit, what price should the firm charge?

 
End of Question 9


Question 10.
Refer to the figure below. What do the areas A and B show?

 
End of Question 10


Question 11.
Refer to the figure below. From the structure of cost and revenue of the firm, you could predict that this monopoly will:

 
End of Question 11


Question 12.
Refer to the figure below. How much of the total fixed cost is the monopoly able to pay when it sells 10,000 units?

 
End of Question 12


Question 13.
Refer to the figure below. According to the information in the graph:

 
End of Question 13


Question 14.
Refer to the figure below. What happens when the monopoly produces the level of output Q0?

 
End of Question 14


Question 15.
Refer to the figure below. The area of the shaded triangle between points c, d, and e> represents:

 
End of Question 15


Question 16.
Refer to the figure below. Which of the points in the graph is more closely associated with rate-of-return regulation?

 
End of Question 16


Question 17.
Refer to the figure below. The graph describes:

 
End of Question 17


Question 18.
The key feature of an oligopoly is that:

 
End of Question 18


Question 19.
Refer to the figure below. The graph shows the revenue and cost structure of a monopolistically competitive firm. How is this graph similar, or different, from the graph that depicts a pure monopoly?

 
End of Question 19





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