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标题: Reading 19: Monopoly - LOS d ～ Q1-3 [打印本页]

作者: mayanfang1 时间: 2009-1-14 13:52 标题: [2009]Session 5 - Reading 19: Monopoly - LOS d ～ Q1-3

Q1. When producers expend resources to establish monopoly power in a market, this is called:

A) surplus allocation.

B) rent seeking.

C) resource rationalization.

Q2. Even though the producer surplus increases under a monopoly scenario, relative to one of perfect competition, the consumer surplus decreases by:

A) a lesser amount.

B) an equal amount.

C) a greater amount.

Q3. Compared to a competitive market, a monopoly situation will produce:

A) less output, and the sum of the consumer surplus and the producer surplus will be increased.

B) more output, and the sum of the consumer surplus and the producer surplus will be reduced.

C) less output, and the sum of the consumer surplus and the producer surplus will be reduced.

作者: mayanfang1 时间: 2009-1-14 13:53

答案和详解如下：

Q1. When producers expend resources to establish monopoly power in a market, this is called:

A) surplus allocation.

B) rent seeking.

C) resource rationalization.

Correct answer is B)

When producers expend resources and time in an effort to establish a monopoly position, this behavior is described as rent seeking.

Q2. Even though the producer surplus increases under a monopoly scenario, relative to one of perfect competition, the consumer surplus decreases by:

A) a lesser amount.

B) an equal amount.

C) a greater amount.

Correct answer is C)

The consumer surplus decreases by a greater amount than the producer surplus increases, with the difference representing a deadweight loss.

Q3. Compared to a competitive market, a monopoly situation will produce:

A) less output, and the sum of the consumer surplus and the producer surplus will be increased.

B) more output, and the sum of the consumer surplus and the producer surplus will be reduced.

C) less output, and the sum of the consumer surplus and the producer surplus will be reduced.

Correct answer is C)

A monopolist, faced with the same demand curve that would exist under perfect competition, will decrease output to the point that marginal revenue equals marginal cost. This will have the effect of reducing the sum of the consumer surplus and the producer surplus, relative to what they would have been under perfect competition. However, the size of the producer surplus increases on an absolute basis at the expense of the consumer surplus.

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