1. A monopolist is good a. one of a large number of small firms that produce a b
ID: 1110778 • Letter: 1
Question
1. A monopolist is good a. one of a large number of small firms that produce a b. one of a small number of large firms that produce a differentiated good c. a single seller of a product with many close substitutes d. one of a small number of large firms that produce a homogeneous good e. a single seller of a product with no close substitutes 2. U.S. patent laws establish property rights for inventors of new products a. forever b. until a superior invention comes along c. for 3 years d. for 10 years e. for 20 years 3. A natural monopoly results when a firm has a. b. c. a license a patent official approval to produce a product e. exclusive use of a natural resource 4. A monopolist's demand curve is a. its marginal cost curve b. its marginal revenue curve c. identical to the market demand curve d. the same as the demand curve of a firm in perfect competition e. nonexistent 5. For a monopolist, a. P=MR=AR b, P=MR > AR c, P > MR=AR d, P=MR MRExplanation / Answer
1. Option e is correct (by definition)
2. Option e is correct
3. Option d is correct (Natural monopoly - Decreasing average costs over the range of market demand)
4. Option c is correct (identical to the market demand curve)
5. Option e is correct (P = AR > MR)
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