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答复

connie198226

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Jessicahp

STUDY

mayanfang1

答案和详解如下：

Q6. Which of the following is least relevant when explaining why monopoly firms can earn positive economic profits over the long term?

A)  Control over production input resources.

B)  The ability to use price discrimination.

C)  The existence of economies of scale.

Correct answer is B)

High entry barriers due to economies of scale, government licensing, resource controls, and patents prevent new firms from entering the market to exploit positive economic profit opportunities.

Q7. What is the relationship between price and marginal revenue for a price searcher?

A)   Marginal revenue < price.

B)   Marginal revenue > price.

C)   Marginal revenue = price.

Correct answer is A)

For a price searcher, demand is downward sloping, marginal revenue is less than price since price must be reduced to sell additional units of output.

Q8. Which of the following is least accurate regarding the relationship between price (P), marginal revenue (MR), average total cost (ATC), and marginal cost (MC) at the profit maximizing output under monopoly?

A)   P = MR.

B)   MR < ATC.

C)   MR = MC.

Correct answer is A)

To maximize profit, all firms expand output until marginal revenue equals marginal cost. Price is determined from the demand curve, which is above the marginal revenue curve since a monopoly faces a downward sloping demand curve.

Q9. Which of the following statements regarding a monopolist is most accurate?

A)   A monopolist will maximize the average profit per unit sold.

B)   A monopolist will charge the highest price for which he can sell his product.

C)   A monopolist, like any other profit-maximizing firm, will sell at the output level where marginal revenue equals marginal cost.

Correct answer is C)         

The demand curve for monopolists slopes downward to the right reflecting the fact that a higher price results in lower demand. Monopolists maximize profits by expanding output until marginal revenue equals marginal cost.

Q10. A monopolist will continue expanding output as long as:

A)   marginal revenue is greater than marginal cost.

B)   marginal revenue is positive.

C)   economic profit is greater than zero.

Correct answer is A)

The optimum behavior of all firms is to produce until the point where MR = MC. So, the monopolist can increase total profit by increasing production as long as marginal revenue is greater than marginal costs.