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micro quiz 6.pdf

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York University
ECON 1000

Principles of MicroeconomicsFall 2007 Quiz 6NameMULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question on theaccompanying scantron1A monopoly is best defined as a firm that1Acannot control the price it sets for its good or service because there is barrier that preventsthe firm from changing the priceBpurchases its resources from only one supplier because of a barrier preventing it frombuying from other suppliersCproduces a good or service for which no close substitute existsand that sells all itsoutput to one buyer because there is barrier preventing other buyers from purchasing thegood or serviceDproduces a good or service for which no close substitute exists and which is protected bya barrier that prevents other firms from selling that good or service2If the government grants a firm a public franchise to supply coal a monopoly is created by2Aa legal barrier to entryBa natural barrier to entryCprice discriminationDAll of the above answers are correct3Natural monopolies occur when there are strong3Anatural resources involvedBdiseconomies of scaleCeconomies of scaleDexternal economies4For a singleprice monopolist price ismarginal revenue4Agreater thanBless thanCequal toDless than or equal to but never more thanQuantityPriceunitsdollars per unit4165146125The table above gives the demand for a monopolists output What is the marginal revenue of5increasing production from 4 to 5 unitsA70B14C6D161
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