Liberty University ECON 213 Quiz 10 Complete Solutions Correct Answers Key
A solved Quiz 10 for ECON 213, providing correct answers for effective revision.
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Liberty University ECON 213 quiz 10 complete solutions correct answers key
Two different versions
Version A Quiz
Question 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 a
monopolist, to answer the questions that follow. The profit made by this profitmaximizing firm is:
Question 3 Refer to the accompanying figure to answer the questions that follow. If the
government 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.
Question 6 The _________ means that the government can regulate a natural monopoly to
minimize 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 the
following is the most efficient price and quantity combination for society?
Question 8 Refer to the accompanying figure to answer the questions that follow. The figure
shows which type of market?
Question 9 Refer to the accompanying figure. The revenue received by the profitmaximizing
monopolist in this market is represented by:
Question 10 The typical result of monopoly is __________ prices and __________ output than we find
in a competitive market.
Question 11 The demand curve for Angel’s Airport Shuttle is downwardsloping. With only this
information, 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:
Two different versions
Version A Quiz
Question 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 a
monopolist, to answer the questions that follow. The profit made by this profitmaximizing firm is:
Question 3 Refer to the accompanying figure to answer the questions that follow. If the
government 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.
Question 6 The _________ means that the government can regulate a natural monopoly to
minimize 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 the
following is the most efficient price and quantity combination for society?
Question 8 Refer to the accompanying figure to answer the questions that follow. The figure
shows which type of market?
Question 9 Refer to the accompanying figure. The revenue received by the profitmaximizing
monopolist in this market is represented by:
Question 10 The typical result of monopoly is __________ prices and __________ output than we find
in a competitive market.
Question 11 The demand curve for Angel’s Airport Shuttle is downwardsloping. With only this
information, 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:
Question 14 Control of resources, problems raising capital, and economies of scale are all
examples of:
Question 15 Refer to the accompanying figure to answer the questions that follow. The consumer
surplus 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 able
to sell increases from 100 to 150. The change in revenue associated with the price effect is equal
to:
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 of
gasoline 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 Quiz
Question 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 and
the marginal cost is equal to $125, the monopolist should:
Question 4 Refer to the accompanying figure to answer the questions that follow. When the price
changes 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. The
profitmaximizing price for this firm is:
Question 6 Which of the following is a characteristic of a monopoly but not of a competitive
market?
examples of:
Question 15 Refer to the accompanying figure to answer the questions that follow. The consumer
surplus 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 able
to sell increases from 100 to 150. The change in revenue associated with the price effect is equal
to:
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 of
gasoline 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 Quiz
Question 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 and
the marginal cost is equal to $125, the monopolist should:
Question 4 Refer to the accompanying figure to answer the questions that follow. When the price
changes 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. The
profitmaximizing price for this firm is:
Question 6 Which of the following is a characteristic of a monopoly but not of a competitive
market?
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Document Details
University
Liberty University
Subject
Economics