Q1. A monopolist will expand production until:
A) MR = MC and the price of the product will be determined by the MR curve.
B) P = MC and the price of the product will be determined by the MC curve.
C) MR = MC and the price of the product will be determined by the demand curve.
Q2. If a profit maximizing firm finds that its marginal revenue exceeds its marginal cost, it should increase output:
A) if it is a price taker, but not if it is a price searcher.
B) if it is a price searcher, but not if it is a price taker.
C) regardless of whether it is a price taker or a price searcher.
Q3. Which of the following statements about a monopolist is least accurate?
A) A monopolist will always be able to earn economic profit.
B) A profit-maximizing monopolist will expand output until marginal revenue equals marginal cost.
C) A profit-maximizing monopolist will supply less of his product than the amount consistent with the conditions of ideal static efficiency for an economy.
Q4. At an output quantity equal to 250, a monopoly firm faces a demand curve with a price (P) of $50, a marginal cost (MC) and marginal revenue (MR) equal to $10, and an average total cost (ATC) equal to $12. The economic profit for this monopoly firm is closest to:
A) $12,500.
B) $10,000.
C) $9,500.
Q5. Monopolists will maximize profit by producing at an output level where which of the following conditions exists?
A) Marginal revenue = marginal cost < price.
B) Price = marginal revenue = marginal cost.
C) Price = demand = marginal revenue = marginal cost.
答案和详解如下：
Q1. A monopolist will expand production until:
A) MR = MC and the price of the product will be determined by the MR curve.
B) P = MC and the price of the product will be determined by the MC curve.
C) MR = MC and the price of the product will be determined by the demand curve.
Correct answer is C)
A monopolist will expand production until MR = MC. The demand curve lies above the intersection of the MR and MC curve and the price charged is the price on the demand curve for the output where MR = MC.
Q2. If a profit maximizing firm finds that its marginal revenue exceeds its marginal cost, it should increase output:
A) if it is a price taker, but not if it is a price searcher.
B) if it is a price searcher, but not if it is a price taker.
C) regardless of whether it is a price taker or a price searcher.
Correct answer is C)
Any firm will maximize profits by producing the output where MR = MC.
Q3. Which of the following statements about a monopolist is least accurate?
A) A monopolist will always be able to earn economic profit.
B) A profit-maximizing monopolist will expand output until marginal revenue equals marginal cost.
C) A profit-maximizing monopolist will supply less of his product than the amount consistent with the conditions of ideal static efficiency for an economy.
Correct answer is A)
Monopolists maximize profit when MR = MC. If the ATC curve lies above the demand curve, monopolists will lose money.
Q4. At an output quantity equal to 250, a monopoly firm faces a demand curve with a price (P) of $50, a marginal cost (MC) and marginal revenue (MR) equal to $10, and an average total cost (ATC) equal to $12. The economic profit for this monopoly firm is closest to:
A) $12,500.
B) $10,000.
C) $9,500.
Correct answer is C)
Economic profit = Total revenue – total cost, where total revenue = PQ and total cost = ATC × Q. So, Economic profit = $9,500 = ($50)(250) – ($12)(250).
Q5. Monopolists will maximize profit by producing at an output level where which of the following conditions exists?
A) Marginal revenue = marginal cost < price.
B) Price = marginal revenue = marginal cost.
C) Price = demand = marginal revenue = marginal cost.
Correct answer is A)
To maximize profit, monopolists will expand output until marginal revenue equals marginal cost. Price will be greater than marginal revenue because a monopolist faces a downward sloping demand curve.
哈哈，全做对了，奖励一下自己
[em02]monopoly
tried ,thank
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