Q1. Which of the following is least likely to be considered a reason for the existence of a natural monopoly? Firms:

A)   that can maximize profit when price equals marginal cost.

B)   that have significant economies of scope.

C)   for which average total cost decreases over the entire range of industry demand.

Q2. In a natural monopoly:

A)   the average total cost of production continually declines with increased output.

B)   one firm controls all natural resources.

C)   the price charged by a monopolist is determined by the intersection of the demand curve with the marginal cost curve.

Q3. In a natural monopoly:

A)   the price charged by a monopolist is determined by the intersection of the demand curve with the marginal cost curve.

B)   the average total cost of production continually declines with increased output.

C)   one firm controls all natural resources.

Q4. Which of the following statements regarding monopolies is least accurate?

A)     Monopolists will try to get favorable treatment from the government called rent seeking.

B)     Inefficient producers are able to survive.

C)     Due to the law of diminishing returns, natural monopolies exhibit an upward sloping average total cost curve.

Q5. Which of the following statements regarding monopolies is least accurate?

A)     Inefficient producers are able to survive.

B)     Due to the law of diminishing returns, natural monopolies exhibit an upward sloping average total cost curve.

C)     Monopolists will try to get favorable treatment from the government called rent seeking.

答案和详解如下：

Q1. Which of the following is least likely to be considered a reason for the existence of a natural monopoly? Firms:

A)   that can maximize profit when price equals marginal cost.

B)   that have significant economies of scope.

C)   for which average total cost decreases over the entire range of industry demand.

Correct answer is A)

Profit maximization occurs when price equals marginal cost in a perfectly competitive industry, not a monopoly. A natural monopoly exists when economies of scale or scope are so significant that total industry production should be produced by only one firm. In this case, average total cost declines over the entire range of demand.

Q2. In a natural monopoly:

A)   the average total cost of production continually declines with increased output.

B)   one firm controls all natural resources.

C)   the price charged by a monopolist is determined by the intersection of the demand curve with the marginal cost curve.

Correct answer is A)

A monopoly situation in which the average total cost of production continually declines with increased output is called a natural monopoly.

Q3. In a natural monopoly:

A)   the price charged by a monopolist is determined by the intersection of the demand curve with the marginal cost curve.

B)   the average total cost of production continually declines with increased output.

C)   one firm controls all natural resources.

Correct answer is B)

A monopoly situation in which the average total cost of production continually declines with increased output is called a natural monopoly.

Q4. Which of the following statements regarding monopolies is least accurate?

A)     Monopolists will try to get favorable treatment from the government called rent seeking.

B)     Inefficient producers are able to survive.

C)     Due to the law of diminishing returns, natural monopolies exhibit an upward sloping average total cost curve.

Correct answer is C)         

Natural monopolies have economies of scale that are so pronounced their average total cost curve is downward sloping in the region of relevant market demand.

Q5. Which of the following statements regarding monopolies is least accurate?

A)     Inefficient producers are able to survive.

B)     Due to the law of diminishing returns, natural monopolies exhibit an upward sloping average total cost curve.

C)     Monopolists will try to get favorable treatment from the government called rent seeking.

Correct answer is B)

Natural monopolies have economies of scale that are so pronounced their average total cost curve is downward sloping in the region of relevant market demand.

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