
Imperfect Markets
Quiz
•
Social Studies
•
12th Grade
•
Medium
Chris Swanson
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Assume that the government regulates a monopoly so that it definitely won't have to subsidize the firm. In this case, regulators would set a price equal to:
Average variable cost
Average total cost
Average fixed cost
Marginal cost
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Compared to a perfectly competitive industry, a monopoly’s price and quantity will be which of the following?
P=Higher; Q=Same
P=Lower; Q=Same
P=Lower; Q=Higher
P=Higher; Q=Lower
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A monopoly introduces a technological innovation that lowers the marginal cost of production. The price of the good and the quantity are most likely to change in which of the following ways?
P=Decrease; Q=Increase
P=Decrease; Q=Decrease
P=Increase; Q=Increase
P=Increase; Q=Decrease
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a monopolist wants to sell a larger quantity of its good, it must
set a higher price
maintain the current price
set a lower price
implement new technology
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In a normally functioning monopoly, if the firm's total revenue is falling, it marginal revenue must be
positive
negative
zero
greater than TR
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A formal organization of sellers or producers who cooperate on the production, pricing, and marketing of a product
Imperfect competition
Monopoly
Cartel
Market structure
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