Liberty University ECON 213 Quiz 10 Complete Solutions Correct Answers Key

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Liberty University ECON 213 quiz 10complete solutions correct answers keyTwo different versionsVersion A QuizQuestion 1 When resources are used to secure monopoly rights through the political process:Question 2 Refer to the accompanying table, which represents the costs and production for amonopolist, to answer the questions that follow. The profit made by this profitmaximizing firm is:Question3Refertotheaccompanyingfiguretoanswerthequestionsthatfollow.Ifthegovernment forces a firm to produce at the point that generates the greatest welfare for society,that firm would make _________ in profits.Question 4 Patents and copyrights can:Question 5 At low price levels, demand tends to be _________ and the price effect is _________,relative to the output effect.Question6The_________meansthatthegovernmentcanregulateanaturalmonopolytominimize deadweight loss without forcing the private firm out of the market.Question 7 Refer to the accompanying figure to answer the questions that follow. Which of thefollowing is the most efficient price and quantity combination for society?Question 8 Refer to the accompanying figure to answer the questions that follow. The figureshows which type of market?Question9Refertotheaccompanyingfigure.Therevenuereceivedbytheprofitmaximizingmonopolist in this market is represented by:Question 10 The typical result of monopoly is __________ prices and __________ output than we findin a competitive market.Question 11 The demand curve for Angel’s Airport Shuttle is downwardsloping. With only thisinformation, it can be concluded that Angel’s Airport Shuttle:Question 12 Problems raising capital is an example of:Question 13 When marginal revenue is negative, the:

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Question14Controlofresources,problemsraisingcapital,andeconomiesofscaleareallexamples of:Question 15 Refer to the accompanying figure to answer the questions that follow. The consumersurplus associated with this profitmaximizing monopoly is represented by areas:Question 16 When a monopolist lowers a price from $80 to $70, the quantity that the firm is ableto sell increases from 100 to 150. The change in revenue associated with the price effect is equalto:Question 17 Papa Joe’s Car Dealership is the only dealership in Victorville, California. The owner,Papa Joe: experiences large economies of scale. Because he is the only seller of cars in the town,Question 18 Willow Park is a small community in Texas with only one gas station. The price ofgasoline in Willow Park most likely:Question 19 Refer to the accompanying figure to answer the questions that follow. The profit-maximizing price and quantity are:Question 20 Two governmentcreated barriers to entry are:Version B QuizQuestion 1 A monopoly:Question 2 When marginal revenue is negative, the:Question 3 If a monopolist is producing a quantity where marginal revenue is equal to $125 andthe marginal cost is equal to $125, the monopolist should:Question 4 Refer to the accompanying figure to answer the questions that follow. When the pricechanges from $50 to $30, the price effect leads to a loss of _________ in revenue.Question 5 The equation of a firm’s marginal revenue curve is estimated to be P = 50–Q(quantity), and the equations of their marginal cost curve is estimated to be P = 10 + 3Q. Theprofitmaximizing price for this firm is:Question 6 Which of the following is a characteristic of a monopoly but not of a competitivemarket?

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