Q6. 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)   Perfect competition.

B)   Monopoly.

C)   Oligopoly.

Q7. Which of the following statements about monopolies is most accurate?

A)   A monopolist's optimal production quantity is at the point where marginal revenue equals marginal cost.

B)   Monopolists charge the highest possible price.

C)   A monopoly structure is characterized by a well-defined product for which there are no good complements.

Q8. Which of the following situations is least likely to lead to high barriers to entry and monopoly supply?

A)   Natural resources are spread among many firms.

B)   Economies of scale are present.

C)   Governmental licensing and regulations are present.

答案和详解如下：

Q6. 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)   Perfect competition.

B)   Monopoly.

C)   Oligopoly.

Correct answer is B)

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.

Q7. Which of the following statements about monopolies is most accurate?

A)   A monopolist's optimal production quantity is at the point where marginal revenue equals marginal cost.

B)   Monopolists charge the highest possible price.

C)   A monopoly structure is characterized by a well-defined product for which there are no good complements.

Correct answer is A)

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.

Q8. Which of the following situations is least likely to lead to high barriers to entry and monopoly supply?

A)   Natural resources are spread among many firms.

B)   Economies of scale are present.

C)   Governmental licensing and regulations are present.

Correct answer is A)

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.