标题: Reading 19: Monopoly LOS a习题精选 [打印本页]
作者: honeycfa 时间: 2010-4-17 09:16 标题: [2010]Session 5-Reading 19: Monopoly LOS a习题精选
LOS a: Describe the characteristics of a monopoly, including factors that allow a monopoly to arise and monopoly price-setting strategies.
Which of the following is least likely a barrier to entry?
Often barriers to entry are government licensing and legal barriers.
作者: honeycfa 时间: 2010-4-17 09:16
There are four main barriers to entry. Which of the following is least likely a barrier to entry?
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C) |
Allocative Efficiency. | |
The other barriers to entry are government licensing and legal barriers such as utilities are given the exclusive right to supply electricity in certain areas.
作者: honeycfa 时间: 2010-4-17 09:16
Which of the following is NOT a barrier to entry?
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C) |
Government licensing and legal barriers. | |
Few sellers are a characteristic, not a barrier, of a price-searcher market where there are high barriers to entry. Other barriers are patents or exclusive rights of production.
作者: honeycfa 时间: 2010-4-17 09:17
Which of the following most accurately describes the competitive structure that is characterized by a firm that operates with the lowest average total cost and has the capacity to produce all of an industry’s output?
A natural monopoly is characterized by a single firm within the industry that has sufficient capacity to meet the entire demand of an industry because at that scale the lowest average total cost is achieved.
作者: honeycfa 时间: 2010-4-17 09:17
Which one of the following is most likely to contribute to the presence of monopoly in an industry?
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Legal barriers to entry into the industry. | |
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Inefficiency attributable to bureaucratic decision-making procedures in the industry. | |
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Diseconomies of scale. | |
An example of an industry with legal barriers is utility firms, which are granted exclusive rights to supply electricity in certain areas.
作者: honeycfa 时间: 2010-4-17 09:17
Which of the following most accurately describes a market structure that has one seller of a specific, well-defined product that has no good substitutes?
A monopoly is characterized by one seller, a specific and well-defined product for which there is no good substitutes, and high barriers to entry.
作者: honeycfa 时间: 2010-4-17 09:17
Which of the following statements about monopolies is most accurate?
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A monopolist's optimal production quantity is at the point where marginal revenue equals marginal cost. | |
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Monopolists charge the highest possible price. | |
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A monopoly structure is characterized by a well-defined product for which there are no good complements. | |
All firms maximize profits where MR = MC. Because of a downward-sloping demand curve and high barriers to entry, monopolists can charge a price higher than MC. Like other price searchers, monopolists take price from the demand curve (at the quantity where MR=MC).
Both remaining statements are false. A monopoly structure is characterized by a well-defined product for which there are no good substitutes. Monopolists want to maximize profits, not price.
作者: honeycfa 时间: 2010-4-17 09:18
Which of the following situations is least likely to lead to high barriers to entry and monopoly supply?
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Natural resources are spread among many firms. | |
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Economies of scale are present. | |
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Governmental licensing and regulations are present. | |
All cases except wide distribution of a natural resource facilitate a monopoly. If natural resource ownership is concentrated in one firm a monopoly would result.
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