A) monopoly profits.
B) an unattainable surplus.
C) a deadweight loss.
D) an external cost.
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A) there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers.
B) there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers.
C) consumers' comparison-shop.
D) the demand curve is vertical.
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A) $50
B) $150
C) $250
D) $500
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A) marginal revenue is less than price.
B) marginal revenue equals price.
C) marginal revenue is greater than price.
D) marginal revenue equals average revenue.
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A) 
.
B) 
.
C) 
.
D) 
.
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A) at the point at which TR = TC.
B) at the point at which MR = MC.
C) at any point it wants because it is the only producer of the product.
D) at the point at which TR is maximum.
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A) P < ATC for every level of output.
B) P > ATC for every level of output.
C) P > AVC for every level of output.
D) P < AVC for every level of output.
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The social cost of a monopoly comes from...View Answer
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A) simply moves across its horizontal demand curve to a larger quantity.
B) moves down its demand curve to a lower price that will increase quantity demand.
C) can continue to receive the same price it always has as long as it has its customers' goodwill.
D) must be willing to lower the barriers to entry that have protected it.
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A) negative.
B) zero.
C) positive.
D) undetermined without more information.
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A) the importance of specialized capital equipment in its production techniques increased.
B) the time length of patents increased.
C) environmental regulations increased that required the purchase of special capital equipment.
D) tariffs on competing products were lowered.
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A) AVC is a minimum.
B) AFC is very high.
C) ATC lies above the demand curve.
D) ATC lies below the demand curve.
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A) a farmer
B) an airline
C) a university
D) a producer of copyrighted computer software
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A) the industry demand curve.
B) the same as the demand curve for a perfectly competitive firm.
C) a perfectly inelastic demand curve.
D) a unitary elastic demand curve.
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A) 
and 
.
B) 
and 
.
C) 
and 
.
D) 
and 
.
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A) its economic profit will be zero.
B) its economic profit will be positive.
C) it is maximizing its profits.
D) it is minimizing its losses.
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A) is the same as its marginal revenue curve.
B) is perfectly inelastic.
C) lies below the marginal revenue curve.
D) is the market demand curve.
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A) makes it illegal for firms to enter the industry.
B) can be thought of as unrelated to monopoly.
C) slows or even prevents entry into a market.
D) usually takes the form of a cartel.
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A) positive.
B) negative.
C) zero.
D) undefined.
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A) as elastic.
B) more elastic.
C) less elastic.
D) perfectly elastic.
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