I need an ECONOMICS expert to answer all questions correctly.
The profit-maximizing monopolist facing a negative-sloping demand curve will always
at an output greater than the output where average total
costs are minimized.
at an output short of that output where average total costs
at an output equal to industry output under perfect
at an output short of that output where the profits are
The next 4 (from 9~12) questions refer to the following table showing the total cost
schedule for a perfectly competitive firm. You need to calculate marginal costs (MC) at
each output rate to answer.
If market price is $40, how many units of output will the firm produce for profitmaximization?
2 units of
3 units of
4 units of
5 units of
If market price is $40, what is the maximum profit the firm can earn?
If market price is $20, how many units of output will the firm produce?
If the firm shouts down, its short-run loss will be
unavailable because of insufficient
In the short-run cost analysis, when a firm?s marginal cost (MC) is unavailable, the best
alternative of MC is its
average total cost
average fixed cost
total variable cost
average variable cost
When we use the Lerner
index (i.e. CH 12) to define the market power for two firms which are all price searchers,
one firm charging at a price in which the demand is more elastic compared with another
firm?s implies that the firm has
no market power.
less market power .
greater market power.
the same market power as
A monopoly?s _______ changes with the shift of demand curve, when all the other
total cost (TC) curve
marginal cost (MC)
average cost (AC)
marginal revenue (MR)
The Prisoner?s Dilemma 2X2 game can be used to explain why oligopolists
tend easily to achieve collusion in games.
choose the best strategy to benefit the
are suspicious that other players may
double cross them.
can rely on cooperative behavior by all
Which of the following profit-maximizing equilibrium condition is correct for a monopoly
with positive profit?
P = ATC = MR =
P > ATC > MR >
P > ATC > MR =
P = ATC > MR >
Which of the following is NOT a market characteristic for monopoly?
One firm is the only supplier of a product.
Entry into the market is blocked.
The firm can influence market price though output
The firm?s product has few close substitutes.
The following table shows the demand schedule for round-trip flights between Houston
and Tokyo for business travelers:
Demand Schedule of Business
Suppose an airline? marginal cost per seat for the round-trip fight is $500. For profitmaximization, the airline should charge $_____ per round-trip (Hint: Apply the ?half-way
rule? of MR, CH 12).
Which of the following is the best definition of fixed costs?
The costs associated with capital input.
The long-run total costs paid by an
The short-run costs paid for labor input.
The short-run total costs paid by a
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