经济学原理对应练习15.docx
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经济学原理对应练习15.docx
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经济学原理对应练习15
Chapter15
MultipleChoice
1.Whichofthefollowingstatementsiscorrect?
a.Acompetitivefirmisapricemakerandamonopolyisapricetaker.
b.Acompetitivefirmisapricetakerandamonopolyisapricemaker.
c.Bothcompetitivefirmsandmonopoliesarepricetakers.
d.Bothcompetitivefirmsandmonopoliesarepricemakers.
ANS:
BPTS:
1DIF:
1REF:
15-1
TOP:
MonopolyMSC:
Interpretive
2.Angeloisawholesalemeatballdistributor.HesellshismeatballstoallthefinestItalianrestaurantsintown.NobodycanmakemeatballslikeAngelo.Asaresult,hisistheonlybusinessintownthatsellsmeatballstorestaurants.AssumingthatAngeloismaximizinghisprofit,whichofthefollowingstatementsistrue?
a.Meatballpriceswillbelessthanmarginalcost.
b.Meatballpriceswillequalmarginalcost.
c.Meatballpriceswillexceedmarginalcost.
d.Meatballpriceswillbeafunctionofsupplyanddemandandwillthereforeoscillatearoundmarginalcosts.
ANS:
CPTS:
1DIF:
2REF:
15-1
TOP:
PricingMSC:
Interpretive
3.Amonopoly'smarginalcostwill
a.belessthanitsaveragefixedcost.
b.belessthanthepriceperunitofitsproduct.
c.exceeditsmarginalrevenue.
d.equalitsaveragetotalcost.
ANS:
BPTS:
1DIF:
2REF:
15-1
TOP:
MarginalcostMSC:
Interpretive
4.Whichofthefollowingstatementsis(are)trueofamonopoly?
(i)Amonopolyhastheabilitytosetthepriceofitsproductatwhateverlevelitdesires.
(ii)Amonopoly'stotalrevenuewillalwaysincreasewhenitincreasesthepriceofitsproduct.
(iii)Amonopolycanearnunlimitedprofits.
a.(i)only
b.(ii)only
c.(i)and(ii)
d.(ii)and(iii)
ANS:
APTS:
1DIF:
2REF:
15-1
TOP:
MonopolyMSC:
Interpretive
5.YoungJohnnyinheritedtheonlylocalcableTVcompanyintownafterhisfatherpassedaway.Thecompanyiscompletelyunregulatedbythegovernmentandisthereforefreetooperateasitwishes.AssumingthatJohnnyunderstandsthetruepowerofhisnewmonopoly,heisprobablymostexcitedaboutwhichofthefollowingstatements?
(i)HewillbeabletosetthepriceofcableTVserviceatwhateverlevelhewishes.
(ii)ThecustomerswillbeforcedtopurchasecableTVserviceatwhateverpricehewantstoset.
(iii)Hewillbeabletoachieveanyprofitlevelthathedesires.
a.(i)only
b.(ii)only
c.(i)and(iii)
d.Alloftheabovearecorrect.
ANS:
APTS:
1DIF:
2REF:
15-1
TOP:
MonopolyMSC:
Interpretive
6.Whichofthefollowingisanexampleofabarriertoentry?
(i)Akeyresourceisownedbyasinglefirm.
(ii)Thecostsofproductionmakeasingleproducermoreefficientthanalargenumberofproducers.
(iii)Thegovernmenthasgiventheexistingmonopolytheexclusiverighttoproducethegood.
a.(i)and(ii)
b.(ii)and(iii)
c.(i)only
d.Alloftheaboveareexamplesofbarrierstoentry.
ANS:
DPTS:
1DIF:
1REF:
15-1
TOP:
BarrierstoentryMSC:
Interpretive
7.Whichofthefollowingarenecessarycharacteristicsofamonopoly?
(i)Thefirmisthesolesellerofitsproduct.
(ii)Thefirm'sproductdoesnothaveclosesubstitutes.
(iii)Thefirmgeneratesalargeeconomicprofit.
(iv)Thefirmislocatedinasmallgeographicmarket.
a.(i)and(ii)
b.(i)and(iii)
c.(ii)and(iv)
d.(i),(ii),and(iii)
ANS:
APTS:
1DIF:
2REF:
15-1
TOP:
MonopolyMSC:
Interpretive
8.Afundamentalsourceofmonopolymarketpowerarisesfrom
a.perfectlyelasticdemand.
b.perfectlyinelasticdemand.
c.barrierstoentry.
d.availabilityof"free"naturalresources,suchaswaterorair.
ANS:
CPTS:
1DIF:
2REF:
15-1
TOP:
BarrierstoentryMSC:
Interpretive
9.Becausemonopolyfirmsdonothavetocompetewithotherfirms,theoutcomeinamarketwithamonopolyisoften
a.notinthebestinterestofsociety.
b.onethatfailstomaximizetotaleconomicwell-being.
c.inefficient.
d.Alloftheabovearecorrect.
ANS:
DPTS:
1DIF:
2REF:
15-1
TOP:
WelfareMSC:
Interpretive
10.Anaturalmonopolyoccurswhen
a.theproductissoldinitsnaturalstate(suchaswaterordiamonds).
b.thereareeconomiesofscaleovertherelevantrangeofoutput.
c.thefirmischaracterizedbyarisingmarginalcostcurve.
d.productionrequirestheuseoffreenaturalresources,suchaswaterorair.
ANS:
BPTS:
1DIF:
2REF:
15-1
TOP:
NaturalmonopolyMSC:
Interpretive
11.Anindustryisanaturalmonopolywhen
(i)thegovernmentassiststhefirminmaintainingthemonopoly.
(ii)asinglefirmownsakeyresource.
(iii)asinglefirmcansupplyagoodorservicetoanentiremarketatasmallercostthancouldtwoormorefirms.
a.(ii)only
b.(iii)only
c.(i)and(ii)
d.(ii)and(iii)
ANS:
BPTS:
1DIF:
2REF:
15-1
TOP:
NaturalmonopolyMSC:
Interpretive
12.Whenanaturalmonopolyexists,itis
a.alwayscosteffectiveforgovernment-ownedfirmstoproducetheproduct.
b.nevercosteffectiveforonefirmtoproducetheproduct.
c.alwayscosteffectivefortwoormoreprivatefirmstoproducetheproduct.
d.nevercosteffectivefortwoormoreprivatefirmstoproducetheproduct.
ANS:
DPTS:
1DIF:
2REF:
15-1
TOP:
NaturalmonopolyMSC:
Definitional
13.Thedefiningcharacteristicofanaturalmonopolyis
a.constantmarginalcostovertherelevantrangeofoutput.
b.economiesofscaleovertherelevantrangeofoutput.
c.constantreturnstoscaleovertherelevantrangeofoutput.
d.diseconomiesofscaleovertherelevantrangeofoutput.
ANS:
BPTS:
1DIF:
2REF:
15-1
TOP:
NaturalmonopolyMSC:
Definitional
14.Naturalmonopoliesdifferfromotherformsofmonopolybecausethey
a.arenotsubjecttobarrierstoentry.
b.arenotregulatedbygovernment.
c.generallydon'tmakeaprofit.
d.aregenerallynotworriedaboutcompetitionerodingtheirmonopolypositioninthemarket.
ANS:
DPTS:
1DIF:
2REF:
15-1
TOP:
NaturalmonopolyMSC:
Interpretive
15.Patentandcopyrightlawsaremajorsourcesof
a.naturalmonopolies.
b.government-createdmonopolies.
c.resourcemonopolies.
d.antitrustregulation.
ANS:
BPTS:
1DIF:
1REF:
15-1
TOP:
PatentsMSC:
Interpretive
16.Encouragingfirmstoinvestinresearchanddevelopmentandindividualstoengageincreativeendeavorssuchaswritingnovelsisonejustificationfor
a.resourcemonopolies.
b.naturalmonopolies.
c.government-createdmonopolies.
d.breakingupmonopoliesintosmallerfirms.
ANS:
CPTS:
1DIF:
1REF:
15-1
TOP:
PatentsMSC:
Interpretive
17.Whenafirm'saveragetotalcostcurvecontinuallydeclines,thefirmisa
a.government-createdmonopoly.
b.naturalmonopoly.
c.revenuemonopoly.
d.Alloftheabovearecorrect.
ANS:
BPTS:
1DIF:
1REF:
15-1
TOP:
NaturalmonopolyMSC:
Definitional
18.Thesimplestwayforamonopolytoariseisforasinglefirmto
a.decreaseitspricebelowitscompetitors’prices.
b.decreaseproductiontoincreasedemandforitsproduct.
c.makepricingdecisionsjointlywithotherfirms.
d.ownakeyresource.
ANS:
DPTS:
1DIF:
1REF:
15-1
TOP:
MonopolyMSC:
Interpretive
19.Agovernment-createdmonopolyariseswhen
a.governmentspendinginacertainindustrygivesrisetomonopolypower.
b.thegovernmentexercisesitsmarketcontrolbyencouragingcompetitionamongsellers.
c.thegovernmentgivesafirmtheexclusiverighttosellsomegoodorservice.
d.Bothaandcarecorrect.
ANS:
CPTS:
1DIF:
2REF:
15-1
TOP:
PatentsMSC:
Interpretive
20.Allowinganinventortohavetheexclusiverightstomarkethernewinventionwillleadto
(i)aproductthatispricedhigherthanitwouldbewithouttheexclusiverights.
(ii)desirablebehaviorinthesensethatinventorsareencouragedtoinvent.
(iii)higherprofitsfortheinventor.
a.(i)and(ii)
b.(ii)and(iii)
c.(i)and(iii)
d.(i),(ii),and(iii)
ANS:
DPTS:
1DIF:
2REF:
15-1
TOP:
PatentsMSC:
Interpretive
21.Drugcompaniesareallowedtobemonopolistsinthedrugstheydiscoverinorderto
a.allowdrugcompaniestochargeapricethatisequaltotheirmarginalcost.
b.discouragenewfirmsfromenteringthedrugmarket.
c.encourageresearch.
d.allowthegovernmenttoearnpatentrevenue.
ANS:
CPTS:
1DIF:
2REF:
15-1
TOP:
PatentsMSC:
Interpretive
22.Authorsareallowedtobemonopolistsinthesaleoftheirbooksinorderto
a.encourageauthorstowritemoreandbetterbooks.
b.correctforthenegativeexternalitiesthattheinternetandtelevisionimpose.
c.satisfyliteraryadvocacygroupsthatexercisetheirlobbyingpower.
d.promoteasocietyinwhichpeoplethinkforthemselvesandlearnfromwhicheverbookstheyplease.
ANS:
APTS:
1DIF:
2REF:
15-1
TOP:
CopyrightsMSC:
Interpretive
23.Whichofthefollowingstatementsistrueaboutpatentsandcopyrights?
(i)Theybothhavebenefitsandcosts.
(ii)Theyleadtohigherprices.
(iii)Theyenhancetheabilityofmonopoliststoearnabove-averageprofits.
a.(i)and(ii)
b.(ii)and(iii)
c.(ii)only
d.(i),(ii),and(iii)
ANS:
DPTS:
1DIF:
2REF:
15-1
TOP:
PatentsMSC:
Interpretive
Figure15-1
24.RefertoFigure15-1.Theshapeoftheaveragetotalcostcurverevealsinformationaboutthenatureofthebarriertoentrythatmightexistinamonopolymarket.Whichofthefollowingmonopolytypesbestcoincideswiththefigure?
a.Ownershipofakeyresourcebyasinglefirm
b.Naturalmonopoly
c.Government-createdmonopoly
d.Apatentorcopyrightmonopoly
ANS:
BPTS:
1DIF:
2REF:
15-1
TOP:
NaturalmonopolyMSC:
Analytical
25.RefertoFigure15-1.Theshapeoftheaveragetotalcostcurveinthefiguresuggestsanopportunityforaprofit-maximizingmonopolisttotakeadvantageof
a.economiesofscale.
b.diseconomiesofscale.
c.diminishingmarginalproduct.
d.increasingmarginalcost.
ANS:
APTS:
1DIF:
1REF:
15-1
TOP:
Economi
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