What is a key characteristic of a monopoly that differentiates it from perfect competition?
Micro Unit 4 Intro- Imperfect Competition AP Economics

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Business
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Low barriers to entry
Many firms in the market
Unique product with no close substitutes
Price is set by the market
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a monopoly, why does marginal revenue not equal the price?
Because the firm has no control over the price
Because the firm can sell unlimited units at the same price
Because the demand curve is horizontal
Because lowering the price to sell more units reduces revenue from previous units
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to total revenue when a monopolist lowers the price to sell more units?
Total revenue always increases
Total revenue always decreases
Total revenue may increase or decrease depending on the price elasticity of demand
Total revenue remains constant
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the demand curve typically represented in a monopoly?
Downward-sloping
Horizontal
Vertical
Upward-sloping
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to understand the graphical representation of demand and marginal revenue in monopolies?
To determine the number of firms in a market
To predict the behavior of firms in perfect competition
To analyze the impact of government regulations on monopolies
To understand how monopolies set prices and output levels
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