Liberty ECON 213 Quiz 10 Answers Complete Solutions

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Question 1

Most economists are against monopolies because:

Question 2

Refer to the accompanying table, which represents the costs and production for a monopolist, to answer the questions that follow. As production increases, the price consumers are willing to pay for the good:

Question 3

Lobbying the government to place harsh tariffs on imports is a form of:

Question 4

Refer to the accompanying figure to answer the questions that follow. When this firm is producing at the profit­maximizing price and quantity, its total revenue is:

Question 5

The government oversight and management of monopolies:

Question 6

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:

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Question 7

Barriers to entry:

Question 8

To maximize profits, a monopolist chooses the quantity where:

Question 9

Control of resources is an example of:

Question 10

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 11

Christopher’s Campground is the only campground located in Abilene, Texas. Christopher’s Campground’s demand curve is:

Question 12

Refer to the accompanying figure to answer the questions that follow. When the price changes from $50 to $30, the output effect leads to an increase of _________ in revenue.

Question 13

When a competitive market becomes controlled by a monopoly, the price _________ and the output _________.

Question 14

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 15

Ash is the preferred wood to be used in the production of baseball bats. If a company were to buy the rights to harvesting the ash trees out of all the forests in North America, which of the following barriers of entry has this company created?

Question 16

Refer to the accompanying table, which represents the costs and production for a monopolist, to answer the questions that follow. The profit­maximizing price for this firm is:

Question 17

The marginal revenue lies _________ the demand curve because there is a(n) _________ effect whenever the price is lowered.

Question 18

If a monopolist is producing a quantity where marginal revenue is equal to $16 and the marginal cost is equal to $17, the monopolist should:

Question 19

When marginal revenue intersects marginal cost on a graph:

Question 20

Inefficient output and price, few choices, and rent seeking are all problems associated with: