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Dashboard  My courses  Ekonomika Pengantar 1_MOOC  Monopoly  Quiz_Week12_RegulerE

Ekonomika Pengantar 1 Quiz_Week12_RegulerE

Started on Tuesday, 22 November 2022, 10:19 AM

State Finished
Completed on Tuesday, 22 November 2022, 10:25 AM
Time taken 6 mins 37 secs
Marks 15.00/15.00
Grade 100.00 out of 100.00

Question 1 Correct Mark 1.00 out of 1.00

Monopoly causes deadweight losses because _____

(1) monopolist’s profit-maximizing level of output is below the level that maximizes the sum of
consumer and producer surplus.
(2) when the monopoly charges a price above marginal cost.
(3) some consumers who value the good more than its cost of production do not buy it.

(1), (2, and (3)

(2) & (3)

(1) only

(1) & (2)

Your answer is correct.

The correct answer is:
(1), (2, and (3)
Question 2 Correct Mark 1.00 out of 1.00

Profit-maximizing in monopoly follow ______

P = MR; at the profit-maximizing level of output, P = MC.

P > MR; at the profit-maximizing level of output, P < MC.

P > MR; at the profit-maximizing level of output, P > MC.

P < MR; at the profit-maximizing level of output, P > MC.

Your answer is correct.

The correct answer is:

P > MR; at the profit-maximizing level of output, P > MC.

Question 3 Correct Mark 1.00 out of 1.00

A monopoly’s marginal revenue is always below the price of its good, this is because the
monopoly ____.

face downward sloping demand curve

one seller

price taker

no close substitute of the good

Your answer is correct.

The correct answer is:
face downward sloping demand curve
Question 4 Correct Mark 1.00 out of 1.00

The deadweight loss from monopoly stems from the fact that monopolies produce ______.

less than the socially efficient level of output

higher than the socially efficient level of output

higher than the socially efficient level of price

less than the socially efficient level of price

Your answer is correct.

The correct answer is:

less than the socially efficient level of output

Question 5 Correct Mark 1.00 out of 1.00

The price effect in the monopoly means ________.

if the monopolist sells one more unit, his total revenue will rise

if the monopolist sells one more unit, he must increase price

if the monopolist sells one more unit, he must lower price

if the monopolist sells one more unit, his total revenue will decrease

Your answer is correct.

The correct answer is:

if the monopolist sells one more unit, he must lower price
Question 6 Correct Mark 1.00 out of 1.00

In monopoly, f marginal revenue is greater than marginal cost, profit can be increased by
______.

raising the firm’s level of price

decreasing the firm’s level of price

raising the firm’s level of output

decreasing the firm’s level of output

Your answer is correct.

The correct answer is:

raising the firm’s level of output

Question 7 Correct Mark 1.00 out of 1.00

A monopoly set the price _____ marginal cost to receive a maximum profit.

greater than

equal to

equal to or lower than

lower than

Your answer is correct.

The correct answer is:

greater than
Question 8 Correct Mark 1.00 out of 1.00

The key difference between a competitive firm and a monopoly is, except ____

ability to influence the price of its output

there are many sellers in the competitive market

a competitive firm faces a perfectly inelastic demand at the market price

monopoly is the only firm in the market

Your answer is correct.

The correct answer is:

a competitive firm faces a perfectly inelastic demand at the market price

Question 9 Correct Mark 1.00 out of 1.00

A monopoly can earn positive profits because it ______

can set the price it charges for its output but faces a horizontal demand curve.
takes the market price as given and can sell unlimited quantities.
can maintain a price such that total revenues will exceed total costs.

can sell unlimited quantities at any price it chooses.

Your answer is correct.

The correct answer is:

can maintain a price such that total revenues will exceed total costs.
Question 10 Correct Mark 1.00 out of 1.00

A perfectly competitive market _____

promotes general economic well-being, whereas a monopoly market may not be in the best
interests of society.

may not be in the best interests of society, whereas a monopoly market promotes general economic
well-being.

and a monopoly market are equally likely to promote general economic well-being.

is less likely to promote general economic well-being than a monopoly market.

Your answer is correct.

The correct answer is:

promotes general economic well-being, whereas a monopoly market may not be in the best
interests of society.

Question 11 Correct Mark 1.00 out of 1.00

Below are the characteristics of monopoly market, except ____

Price taker

Face downward sloping demand curve

No close substitute of the good

One seller

Your answer is correct.

The correct answer is:

Price taker
Question 12 Correct Mark 1.00 out of 1.00

A benefit of a monopoly is ______

lower prices.

greater creativity by authors who can copyright their novels.

a wide variety of similar products.

decreasing long-run average total costs.

Your answer is correct.

The correct answer is:

greater creativity by authors who can copyright their novels.

Question 13 Correct Mark 1.00 out of 1.00

A natural monopoly arises when ______.

the ownership of factor of production

the government ownership

a single firm can supply a good or service to an entire market at a smaller cost than could two or
more firms

patent

Your answer is correct.

The correct answer is:

a single firm can supply a good or service to an entire market at a smaller cost than could two or
more firms
Question 14 Correct Mark 1.00 out of 1.00

Which of the following would be most likely to have monopoly power?

a local restaurant

an online bookstore

a municipal water company

a grocery store

Your answer is correct.

The correct answer is:

a municipal water company

Question 15 Correct Mark 1.00 out of 1.00

The output effect in the monopoly means ______.

if the monopolist sells one more unit, he must lower price

if the monopolist sells one more unit, he must increase price

if the monopolist sells one more unit, his total revenue will decrease

if the monopolist sells one more unit, his total revenue will rise

Your answer is correct.

The correct answer is:

if the monopolist sells one more unit, his total revenue will rise

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