Economics part 2

Economics part 2

University

36 Qs

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Economics part 2

Economics part 2

Assessment

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Business

University

Medium

Created by

Trevor Turner

Used 2+ times

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36 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A(n) ______ exists when increasing returns to scale provide a large cost advantage to a single firm that produces all of an industry's output.

  oligopoly

competitive equilibrium

legal monopoly

natural monopoly

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A(n)______ gives an inventor a temporary monopoly on the use or sale of an invention.

patent

copyright

monopoly

externality

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Most electric, gas, and water companies are examples of _____ monopolies.

unregulated

natural

restricted-input

sunk-cost

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

  Suppose you were the only firm that has an official license to sell corn dogs in your community. Your monopoly would result from:

control of a scarce resource or input.

technological superiority.

increasing returns to scale.

government-created barriers.

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The land you own has the only known source of macinannea root, needed to make a special anti-inflammatory itch lotion. In this case, your monopoly results from:

government restrictions.

location.

sunk costs.

ownership of scarce inputs.

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

  Suppose that Intel (a monopoly computer chip maker) increases production from 10 microchips to 11 microchips, causing the market price to fall from $30 per unit to $29 per unit. Marginal revenue from the 11th unit is:

$1.

$9.

$19.

$29.

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

James operates a monopoly hiking gear store in the woodland trails near his home in the Ozarks. He is currently producing at an output level where marginal revenue equals marginal cost. If James were to reduce his output, he:

can charge a higher price.

will increase profits.

will decrease marginal revenue.

can't change the price because it is a price taker.

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