AP Micro - Monopolies

AP Micro - Monopolies

12th Grade

28 Qs

quiz-placeholder

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AP Micro - Monopolies

AP Micro - Monopolies

Assessment

Quiz

History

12th Grade

Medium

Created by

Shelley Buck

Used 314+ times

FREE Resource

28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When one or more unit is sold, the total revenue increases by the price at which the unit is sold. This is known as
quantity effect
price effect
substitution effect
income effect

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In order to sell the last unit, a monopolist must cut the market price on all units sold. This will decrease TR. This idea is known as the
quantity effect
Price effect
Substitution effect
Income Effect

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

For a monopolist, Total Revenue is highest when 
Marginal Revenue is equal to zero
Marginal Revenue is the highest
marginal revenue is negative
marginal revenue is increasing

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

To maximize profits, the monopolist will produce where
MR=MC
MR>MC
MR = 0

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image
The monopolist's profit-maximizing output is
0
4
8
10

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image
The monopolist's total revenue equals
$80
$160
$240
$300

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image
The monopolist's total cost equals
$20
$80
$160
$0

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