经济学原理对应练习--15Word格式文档下载.doc
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经济学原理对应练习--15Word格式文档下载.doc
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ANS:
B PTS:
1 DIF:
1 REF:
15-1
TOP:
Monopoly MSC:
Interpretive
2. Angeloisawholesalemeatballdistributor.HesellshismeatballstoallthefinestItalianrestaurantsintown.NobodycanmakemeatballslikeAngelo.Asaresult,hisistheonlybusinessintownthatsellsmeatballstorestaurants.AssumingthatAngeloismaximizinghisprofit,whichofthefollowingstatementsistrue?
a. Meatballpriceswillbelessthanmarginalcost.
b. Meatballpriceswillequalmarginalcost.
c. Meatballpriceswillexceedmarginalcost.
d. Meatballpriceswillbeafunctionofsupplyanddemandandwillthereforeoscillatearoundmarginalcosts.
C PTS:
2 REF:
Pricing MSC:
3. Amonopoly'
smarginalcostwill
a. belessthanitsaveragefixedcost.
b. belessthanthepriceperunitofitsproduct.
c. exceeditsmarginalrevenue.
d. equalitsaveragetotalcost.
Marginalcost MSC:
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)
A PTS:
5. YoungJohnnyinheritedtheonlylocalcableTVcompanyintownafterhisfatherpassedaway.Thecompanyiscompletelyunregulatedbythegovernmentandisthereforefreetooperateasitwishes.AssumingthatJohnnyunderstandsthetruepowerofhisnewmonopoly,heisprobablymostexcitedaboutwhichofthefollowingstatements?
(i) HewillbeabletosetthepriceofcableTVserviceatwhateverlevelhewishes.
(ii) ThecustomerswillbeforcedtopurchasecableTVserviceatwhateverpricehewantstoset.
(iii) Hewillbeabletoachieveanyprofitlevelthathedesires.
c. (i)and(iii)
d. Alloftheabovearecorrect.
6. Whichofthefollowingisanexampleofabarriertoentry?
(i) Akeyresourceisownedbyasinglefirm.
(ii) Thecostsofproductionmakeasingleproducermoreefficientthanalargenumberofproducers.
(iii) Thegovernmenthasgiventheexistingmonopolytheexclusiverighttoproducethegood.
a. (i)and(ii)
b. (ii)and(iii)
c. (i)only
d. Alloftheaboveareexamplesofbarrierstoentry.
D PTS:
Barrierstoentry MSC:
7. Whichofthefollowingarenecessarycharacteristicsofamonopoly?
(i) Thefirmisthesolesellerofitsproduct.
(ii) Thefirm'
sproductdoesnothaveclosesubstitutes.
(iii) Thefirmgeneratesalargeeconomicprofit.
(iv) Thefirmislocatedinasmallgeographicmarket.
b. (i)and(iii)
c. (ii)and(iv)
d. (i),(ii),and(iii)
8. Afundamentalsourceofmonopolymarketpowerarisesfrom
a. perfectlyelasticdemand.
b. perfectlyinelasticdemand.
c. barrierstoentry.
d. availabilityof"
free"
naturalresources,suchaswaterorair.
9. Becausemonopolyfirmsdonothavetocompetewithotherfirms,theoutcomeinamarketwithamonopolyisoften
a. notinthebestinterestofsociety.
b. onethatfailstomaximizetotaleconomicwell-being.
c. inefficient.
Welfare MSC:
10. Anaturalmonopolyoccurswhen
a. theproductissoldinitsnaturalstate(suchaswaterordiamonds).
b. thereareeconomiesofscaleovertherelevantrangeofoutput.
c. thefirmischaracterizedbyarisingmarginalcostcurve.
d. productionrequirestheuseoffreenaturalresources,suchaswaterorair.
Naturalmonopoly MSC:
11. Anindustryisanaturalmonopolywhen
(i) thegovernmentassiststhefirminmaintainingthemonopoly.
(ii) asinglefirmownsakeyresource.
(iii) asinglefirmcansupplyagoodorservicetoanentiremarketatasmallercostthancouldtwoormorefirms.
a. (ii)only
b. (iii)only
12. Whenanaturalmonopolyexists,itis
a. alwayscosteffectiveforgovernment-ownedfirmstoproducetheproduct
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