微观经济ch13.docx
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微观经济ch13.docx
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微观经济ch13
Chapter13Monopoly
13.1MonopolyandHowItArises
1)Anexclusiverightgrantedtoafirmtosupplyagoodorserviceis
A)alicence.
B)apatent.
C)apublicfranchise.
D)theessentialcharacteristicofnaturalmonopoly.
E)aneconomyofscale.
Answer:
C
Diff:
1Type:
MC
Topic:
MonopolyandHowItArises
2)Anaturalmonopolyexistswhen
A)thegovernmentprotectsthefirmbygrantinganexclusivefranchise.
B)productioncantakeplacewithconstantreturnstoscale.
C)therearenorivalsinthemarket.
D)onefirmcansupplytheentiremarketatalowercostthantwoormorefirms.
E)theaveragetotalcostcurveisupwardsloping.
Answer:
D
Diff:
1Type:
MC
Topic:
MonopolyandHowItArises
3)Inanaturalmonopoly,thelong-runaveragecostcurve
A)isdownwardslopingintherelevantrangeofoutputlevels.
B)ishorizontalintherelevantrangeofoutputlevels.
C)isupwardslopingintherelevantrangeofoutputlevels.
D)maybeeitherupwardslopingordownwardslopingintherelevantrangeofoutputlevels.
E)liesbelowthemarginalcostcurve.
Answer:
A
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
4)Whichoneofthefollowingisanexampleofanaturalbarriertoentryofnewfirmsintoanindustry?
A)licensingofprofessions
B)economiesofscale
C)issuingapatent
D)apublicfranchise
E)alloftheabove
Answer:
B
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
Source:
StudyGuide
5)Topreventmonopolyfromarising,theremustbe
A)asinglesupplierofagoodinthemarket.
B)noclosesubstitutesforthegood.
C)barrierspreventingentryofotherfirms.
D)freedomofentryintothemarket.
E)economiesofscale.
Answer:
D
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
6)SupposeinanindustryafirmrealizeseconomiesofscaleovertheentirelengthofitsLRACcurve.Inthissituation,thefirmis
A)anaturalmonopoly.
B)afixed-costmonopoly.
C)anoutput-discriminatingmonopoly.
D)aperfect-pricediscriminatingmonopoly.
E)aconstanttotalvariablecostmonopoly.
Answer:
A
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
7)Whichofthefollowingisleastlikelytobeanaturalmonopoly?
A)subwayservices
B)electricutilities
C)waterandsewerservices
D)taxicabservice
E)cabletelevisionservices
Answer:
D
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
8)Asingle-pricemonopolyisafirmthat________eachunitofitsoutput________.A________monopolysellsdifferentunitsofagoodorservicefordifferentprices.
A)produces;ataconstantcost;discriminatory
B)mustsell;forthesamepricetoallitscustomers;price-discriminating
C)produces;ataconstantcost;price-discriminating
D)mustsell;forthesamepricetoallitscustomers;discriminatory
E)mustsell;atthesamepriceasaperfectlycompetitivefirm;price-discriminating
Answer:
B
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
Source:
MyEconLab
9)CanadaPosthasamonopolyonresidentialmaildelivery.PfizerInc.makesLIPITOR,aprescriptiondrugthatlowerscholesterol.RogersCommunicationsisthesoleproviderofcabletelevisionserviceinsomepartsofOntario.Themonopolieswhicharelegalmonopoliesare________.
A)onlyPfizer
B)CanadaPost,Pfizer,andRogersCommunications
C)CanadaPostandPfizer
D)onlyCanadaPost
E)noneoftheabove
Answer:
C
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
Source:
MyEconLab
10)CanadaPosthasamonopolyonresidentialmaildelivery.PfizerInc.makesLIPITOR,aprescriptiondrugthatlowerscholesterol.RogersCommunicationsisthesoleproviderofcabletelevisionserviceinsomepartsofOntario.Themonopolieswhichprofitfrompricediscriminationare________.
A)CanadaPostandRogersCommunications
B)onlyPfizer
C)onlyCanadaPost
D)allthreemonopolies
E)noneoftheabove
Answer:
D
Diff:
2Type:
MC
Topic:
MonopolyandHowItArises
Source:
MyEconLab
11)Amonopolyarisesfortwokeyreasons,whichare________.
A)barrierstoentryandnoclosesubstitutes
B)franchisesandbarrierstoentry
C)barrierstoentryandclosesubstitutes
D)closesubstitutesandnobarrierstoentry
E)naturalandlegal
Answer:
A
Type:
MC
Topic:
MonopolyandHowItArises
Skill:
Recognition
AACSB:
ReflectiveThinking
12)Amonopolyisamarketwithasinglefirmthat
A)producesagoodorserviceforwhichnoclosesubstituteexistsandwhichisprotectedbyabarrierthatpreventsotherfirmsfromsellingthatgoodorservice.
B)purchasesitsfactorsofproductionfromonlyonesupplierbecauseofabarrierpreventingitfrombuyingfromothersuppliers.
C)producesagoodorserviceforwhichnoclosesubstituteexistsandthatsellsallitsoutputtoonebuyerbecausethereisbarrierpreventingotherbuyersfrompurchasingthegoodorservice.
D)cannotcontrolthepriceitsetsforitsgoodorservicebecausethereisbarrierthatpreventsthefirmfromchangingtheprice.
E)producesitsgoodorserviceusinglabourfromasinglesource,whichisusuallyaunion.
Answer:
A
Type:
MC
Topic:
MonopolyandHowItArises
Skill:
Recognition
AACSB:
ReflectiveThinking
13)Firmsthatcanpricediscriminatebetweencustomersdosoto________.
A)increaseconsumersurplus
B)increaseemployment
C)increaseeconomicprofit
D)decreasethequantitytheyproduce
E)increaseproducersurplusanddeadweightloss
Answer:
C
Type:
MC
Topic:
MonopolyandHowItArises
Skill:
Recognition
AACSB:
ReflectiveThinking
14)Whichoneofthefollowingismostlikelytobeanaturalmonopoly?
A)sandwichshops
B)printingservices
C)weldingservices
D)automotiveservice
E)electricutilities
Answer:
E
Diff:
1Type:
MC
Topic:
MonopolyRegulation
15)WhenDominantPizzaiswillingtosellapizzatoastudentwholiveson-campusatalowerpricethanitsellstheidenticalpizzatoastudentwholivesablockawayfromthecampus,thepizzafirmis
A)implementingunfairpricingpractices.
B)incurringalossonon-campussales.
C)eliminatingallcompetition.
D)locatedclosetothecampus.
E)practisingpricediscrimination.
Answer:
E
Type:
MC
Figure13.1.1
16)RefertoFigure13.1.1.Thequantitydemandedbythemarketis8millioncubicmetresamonth.Thismarketis
A)alegalmonopoly.
B)servedbyaperfectpricediscriminatingmonopoly.
C)servedbymanyfirmseachmakinganeconomicprofit.
D)servedbymanyfirmseachincurringaneconomicloss.
E)anaturalmonopoly.
Answer:
E
Type:
MC
13.2ASingle-PriceMonopoly'sOutputandPriceDecision
Usethefigurebelowtoanswerthefollowingquestion.
Figure13.2.1
1)RefertoFigure13.2.1.Thissingle-pricemonopolyproduces________unitsperdayandchargesapriceof$________perunit.
A)zero;0
B)20;75
C)40;50
D)20;50
E)20;20
Answer:
B
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
2)Toincreasesalesfrom7unitsto8units,asingle-pricemonopolistmustdropthepricefrom$7perunitto$6perunit.Whatismarginalrevenueinthisrange?
A)$48
B)$6
C)$1
D)-$1
E)Noneoftheabove.
Answer:
D
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
Source:
StudyGuide
Usethefigurebelowtoanswerthefollowingquestions.
Figure13.2.2
3)Forthesingle-pricemonopolyshowninFigure13.2.2,whenprofitismaximized,quantityis
A)3andpriceis$3.
B)3andpriceis$6.
C)4andpriceis$4.
D)4andpriceis$5.
E)5andpriceis$4.
Answer:
B
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
Source:
StudyGuide
4)RefertoFigure13.2.2.Ifthesingle-pricemonopolyshowninFigure13.2.2ismaximizingprofit,whatistotaleconomicprofit?
A)$3
B)$4
C)$6
D)$9
E)Noneoftheabove.
Answer:
C
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
Source:
StudyGuide
5)Ifaprofit-maximizingmonopolyisproducinganoutputatwhichmarginalcostexceedsmarginalrevenue,it
A)shouldraisepriceanddecreaseoutput.
B)shouldlowerpriceandincreaseoutput.
C)shouldlowerpriceanddecreaseoutput.
D)isincurringaneconomicloss.
E)ismaximizingprofit.
Answer:
A
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
Source:
StudyGuide
Usethefigurebelowtoanswerthefollowingquestions.
Figure13.2.3
6)RefertoFigure13.2.3.Assumethisfirmisasingle-pricemonopoly.Whatistheprofit-maximizingpricetochargeforthetickets?
A)$5.00
B)$4.00
C)$3.00
D)$2.00
E)$3.50
Answer:
E
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
7)RefertoFigure13.2.3.Assumethisfirmisasingle-pricemonopoly.Howmanyticketsdoesthismonopolistselltomaximizeeconomicprofit?
A)20tickets
B)30tickets
C)50tickets
D)60tickets
E)100tickets
Answer:
B
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
Usethefigurebelowtoanswerthefollowingquestion.
Figure13.2.4
8)RefertoFigure13.2.4.Grannie'sistheonlycakebakeryonCoastalIsland.ThegraphshowsGrannie'sdemandcurve,marginalrevenuecurve,andmarginalcostcurve.Grannie'sprofit-maximizingpriceis________acakeanditsprofit-maximizingoutputis________cakesaweek.
A)$28;12
B)$16;12
C)$36;2
D)$16;24
E)$24;16
Answer:
A
Diff:
2Type:
MC
Topic:
ASingle-PriceMonopoly'sOutputandPriceDecision
Source:
MyEconLab
9)Amonopoly________makepositiveeconomicprofitinthelongrunbecause________.
A)can;barrierstoentrypreventotherfirmsfromenteringthemarketandsharingtheprofit
B)cannot;eventuallydemandwilldecreaseandpriceswillfall
C)cannot;otherfirms
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