Sec 15.2 MC How Monopolies Make Production and Pricing Decisions

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1、1. Whichofthefollowingstatementsis(are)trueofamonopoly?(i)Amonopolyhastheabilitytosetthepriceofitsproductatwhateverlevelitdesires.(ii)Amonopoly'stotalrevenuewillalwaysincreasewhenitincreasesthepriceofitsproduct.(iii)Themoreamonopolyincreasesoutput,thehighertheprofits. a. (i)only b. (ii)only 

2、c. (i)and(ii)only d. (ii)and(iii)onlyANSWER:  aDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.003-Analyzethebehaviorandmarketeffectsofmonopolies.TOPICS:  MonopoliesKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  001.15.2-MC-MANK082. AmandainheritedtheonlylocalcableTV/Internetcompanyintowna

3、fterherfatherpassedaway.Thecompanyhasalocalmonopolyonthedeliveryofhigh-speedInternetservice.Thecompanyiscompletelyunregulatedbythegovernmentandisthereforefreetooperateasitwishes.AssumethatAmandaunderstandsthetruepowerofhernewmonopoly.Whichofthefollowingstatementsis(are)correct?(i)Shewillbeab

4、letosetthepriceofhigh-speedInternetserviceatwhateverlevelshewishes.(ii)Thecustomerswillbeforcedtopurchasehigh-speedInternetserviceatwhateverpriceshewantstoset.(iii)Shewillbeabletoachieveanyprofitlevelthatshedesires. a. (i)only b. (ii)only c. (i)and(iii)only d. (i),(ii),and(iii)ANSWER:  aDIFF

5、ICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.003-Analyzethebehaviorandmarketeffectsofmonopolies.TOPICS:  MonopoliesKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.15.2-MC-MANK083. Themarketdemandcurveforamonopolististypically a. unitpriceelastic. b. downwardsloping. c. horizontal. d. ver

6、tical.ANSWER:  bDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.003-Analyzethebehaviorandmarketeffectsofmonopolies.TOPICS:  MonopoliesKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  003.15.2-MC-MANK08CopyrightCengageLearning.PoweredbyCognero.Page 674. Amonopolistfacesa a. horizontaldemandcu

7、rve. b. verticaldemandcurve. c. downward-slopingdemandcurve. d. U-shapeddemandcurve.ANSWER:  cDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.003-Analyzethebehaviorandmarketeffectsofmonopolies.TOPICS:  MonopoliesKEYWORDS:  BLOOM'S:ComprehensionCUS