微观经济学第十四章习题.docx
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微观经济学第十四章习题.docx
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微观经济学第十四章习题
Microeconomics-Testbank1(Hubbard/O'Brien)
Chapter14MonopolyandAntitrustPolicy
1)
Amonopolyisasellerofaproduct:
A)
withmanysubstitutes.
B)
withoutaclosesubstitute.
C)
withaperfectlyinelasticdemand.
D)
withoutaawell-defineddemandcurve.
Answer:
B
Diff:
1
PageRef:
444
2)
Amonopolistisasellerwho:
A)
hastoconsidertheactionsofothersellers.
B)
issmallrelativetothemarket.
C)
canignorethethreatofcompetitionfromotherfirms.
D)
alloftheabove.
Answer:
C
Diff:
2
PageRef:
445
3)
Thedemandcurveforthemonopolist'sproductis:
A)
themarketdemandfortheproduct.
B)
moreelasticthanthemarketdemandfortheproduct.
C)
moreinelasticthanthemarketdemandfortheproduct.
D)
undefined.
Answer:
A
Diff:
2
PageRef:
451
4)
Tosellmoreoutput,themonopolist:
A)
onlyhastoproducemore.
B)
hastolowertheproduct'sprice.
C)
mustlowerproductioncosts.
D)
hastoadvertisetheproductextensively.
Answer:
B
Diff:
2
PageRef:
452
5)
Tokeepamonopolyafirmmusthave:
A)
aperfectlyinelasticdemand.
B)
aninsurmountablebarriertoentry.
C)
marginalrevenueequaltodemand.
D)
alloftheabove.
Answer:
B
Diff:
2
PageRef:
445
6)
Alocalelectricity-generatingcompanyhasamonopolythatisprotectedbyabarriertoentrythattakestheformof:
A)
controlofakeyrawmaterial.
B)
networkexternalities.
C)
economiesofscale.
D)
noneoftheabove.
Answer:
C
Diff:
2
PageRef:
450
7)
Apatentorcopyrightisabarriertoentrybasedon:
A)
ownershipofakeynecessaryrawmaterial.
B)
largeeconomiesofscaleasoutputincreases.
C)
governmentactiontoprotectoneproducer.
D)
widespreadnetworkexternalitiesinsupplyofthegoodorservice.
Answer:
C
Diff:
2
PageRef:
445
8)
Apublicfranchiseis:
A)
ownershipofakeynecessaryrawmaterial.
B)
governmentownershipandoperationofalegalmonopoly.
C)
governmentdesignationthataprivatefirmistheonlylegalproducerofagoodorservice.
D)
anunregulatedmonopolynecessaryforthepublicgood.
Answer:
C
Diff:
2
PageRef:
445
9)
Apublicenterpriseis:
A)
anyprivatebusinessthatisnot-for-profit.
B)
governmentownershipandoperationofalegalmonopoly.
C)
governmentdesignationthataprivatefirmistheonlylegalproducerofagoodorservice.
D)
anunregulatedmonopolynecessaryforthepublicgood.
Answer:
B
Diff:
2
PageRef:
445
10)
AUnitedStatesgovernmentpatentlasts:
A)
forever.
B)
50years.
C)
20years.
D)
7years.
Answer:
C
Diff:
2
PageRef:
446
11)
Governmentsgrantpatentstoencourage:
A)
researchanddevelopmentonnewproducts.
B)
competition.
C)
lowprices.
D)
alloftheabove.
Answer:
A
Diff:
2
PageRef:
446
12)
Governmentsgrantpatentsto:
A)
compensatefirmsforresearchanddevelopmentcosts.
B)
encouragecompetition.
C)
encouragelowprices.
D)
alloftheabove.
Answer:
A
Diff:
2
PageRef:
446
13)
Patentprotectionisofvitalimportancefor:
A)
furnitureproducers.
B)
softwarefirms.
C)
pharmaceuticalfirms.
D)
automakers.
Answer:
C
Diff:
2
PageRef:
446
14)
Ownershipofakeyresourceisimportantin:
A)
aluminumproduction.
B)
nickelproduction.
C)
professionsports.
D)
allofthese.
Answer:
D
Diff:
1
PageRef:
447
15)
Anetworkexternalityis:
A)
havinganetworkofsuppliersandbuyersforagoodorservice.
B)
havinglobbyiststoadvocateapublicfranchise.
C)
agoodorservicewhoseusefulnessincreaseswiththenumberofpeopleusingit.
D)
agoodorservicethatrequiresconnectiontoanetworkforittobeuseful.
Answer:
C
Diff:
2
PageRef:
448
16)
Avirtuouscycleis:
A)
usinglobbyiststopetitionCongresstograntapublicfranchise.
B)
usingmonopolyprofitstocreatenewproductsforadditionalmonopolyprofits.
C)
attractingenoughbuyersinitiallytoincreaseaproduct'susefulnesstoattractmorebuyers.
D)
attractingenoughsalestogaineconomiesofscale.
Answer:
C
Diff:
2
PageRef:
449
17)
Foranaturalmonopolytoexist:
A)
afirmmustcontinuallybuyuprivals.
B)
afirm'slongrunaveragecostcurvemustexhibitdiseconomiesofscale.
C)
afirm'slongrunaveragecostcurvemustexhibiteconomiesofscale.
D)
afirmmusthaveapatent.
Answer:
C
Diff:
2
PageRef:
449
18)
Anaturalmonopolyischaracterizedby:
A)
largemarginalcostsrelativetofixedcosts.
B)
smallfixedcostsrelativetovariablecosts.
C)
largefixedcostsrelativetovariablecosts.
D)
fixedcoststhatareequaltovariablecosts.
Answer:
C
Diff:
2
PageRef:
450
19)
Amonopolist'sprofitmaximizingpriceandoutputis:
A)
whereaveragetotalcostaresmallest.
B)
wheretotalcostsarethesmallestrelativetoprice.
C)
wheremarginalrevenueequalsmarginalcostandchargingthepriceonmarketdemandforthatoutput.
D)
wherepriceisashighaspossible.
Answer:
C
Diff:
3
PageRef:
453
20)
Amonopoly:
A)
alwaysearnsaprofit.
B)
isapricetaker.
C)
mustlowerpricetosellmoreofitsproduct.
D)
alloftheabove.
Answer:
C
Diff:
2
PageRef:
452
21)
Ifamonopolist'spriceis$50aunitanditsmarginalcostis$25,then:
A)
tomaximizeprofitthefirmshouldincreaseoutput.
B)
tomaximizeprofitthefirmshoulddecreaseoutput.
C)
tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D)
notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.
Answer:
D
Diff:
3
PageRef:
453
22)
Ifamonopolist'smarginalrevenueis$35aunitanditsmarginalcostis$25,then:
A)
tomaximizeprofitthefirmshouldincreaseoutput.
B)
tomaximizeprofitthefirmshoulddecreaseoutput.
C)
tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D)
notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.
Answer:
A
Diff:
2
PageRef:
453
23)
Ifamonopolist'smarginalrevenueis$15aunitanditsmarginalcostis$25,then:
A)
tomaximizeprofitthefirmshouldincreaseoutput.
B)
tomaximizeprofitthefirmshoulddecreaseoutput.
C)
tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D)
notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.
Answer:
B
Diff:
2
PageRef:
453
24)
Ifamonopolist'smarginalrevenueis$25aunitanditsmarginalcostis$25,then:
A)
tomaximizeprofitthefirmshouldincreaseoutput.
B)
tomaximizeprofitthefirmshoulddecreaseoutput.
C)
tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D)
notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.
Answer:
C
Diff:
2
PageRef:
453
25)
Ifamonopolist'spriceis$50attheoutputwheremarginalrevenueequalsmarginalcostandaveragetotalcostis$43,then:
A)
thefirmsaverageprofitis$50.
B)
thefirmsaverageprofitis$43.
C)
thefirmsaverageprofitis$7.
D)
Notenoughinformationisgiventoanswerthequestion.
Answer:
C
Diff:
2
PageRef:
454
26)
Ifamonopolist'spriceis$50at63unitsofoutputandmarginalrevenueequalsmarginalcostandaveragetotalcostequals$43,thenthefirm'stotalprofitis:
A)
$3,150.
B)
$2,709.
C)
$441.
D)
$7.
Answer:
C
Diff:
3
PageRef:
454
RefertoFigure14.1forthequestionsabove.
Figure14.1
27)
Toprofitmaximizethefirminfigure14.1willproduce:
A)
Q1.
B)
Q2.
C)
Q3.
D)
Q4.
Answer:
B
Diff:
3
PageRef:
453
28)
Theprofitmaximizepriceforthefirminfigure14.1is:
A)
P1.
B)
P2.
C)
P3.
D)
P4.
Answer:
C
Diff:
3
PageRef:
453
29)
IfaveragetotalcostsareATC1,thefirminfigure14.1will:
A)
sufferaloss.
B)
breakeven.
C)
makeaprofit.
D)
facecompetition.
Answer:
C
Diff:
3
PageRef:
453
30)
IfaveragetotalcostsareATC2,thefirminfigure14.1will:
A)
sufferaloss.
B)
breakeven.
C)
makeaprofit.
D)
facecompetition.
Answer:
B
Diff:
3
PageRef:
453
31)
IfaveragetotalcostsareATC3,thefirminfigure14.1will:
A)
sufferaloss.
B)
breakeven.
C)
makeaprofit.
D)
facecompetition.
Answer:
A
Diff:
3
PageRef:
453
32)
Infigure14.1,thedifferencebetweenthemonopolyoutputandthecompetitiveoutputis:
A)
Q2-Q1.
B)
Q3-Q1.
C)
Q3-Q2.
D)
Q4-Q2.
Answer:
C
Diff:
3
PageRef:
456
33)
Economicefficiencyinamarketoccurswhen:
A)
consumersurplusismaximized.
B)
producersurplusismaximized.
C)
consumersurplusplusproducersurplusismaximized.
D)
priceisaslowaspossible.
Answer:
C
Diff:
2
PageRef:
457
34)
Aprofitmaximizingmonopolist'spriceis:
A)
equaltowhatthepricewouldbeifthemonon
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