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Liberty University ECON 213 Quiz 10 Complete Solutions Correct Answers Key

A solved Quiz 10 for ECON 213, providing correct answers for effective revision.

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    Liberty University ECON 213 quiz 1 0 complete solutions correct answers key Two different versions Version A Quiz Question 1 When resources are used to secure monopoly rights through the political process: Question 2 Refer to the accompanying table, which represents the costs and production for a monopolist, to answer the questions that follow. The profit made by this profit maximizing firm is: Question 3 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 4 Patents and copyrights can: Question 5 At low price levels, demand tends to be _________ and the price effect is _________, relative to the output effect. Question 6 The _________ means that the government can regulate a natural monopoly to minimize deadweight loss without forcing the private firm out of the market. Question 7 Refer to the accompanying figure to answer the questions that follow. Which of the following is the most efficient price and quantity combination for society? Question 8 Refer to the accompanying figure to answer the questions that follow. The figure shows which type of market? Question 9 Refer to the accompanying figure. The revenue received by the profit maximizing monopolist in this market is represented by: Question 10 The typical result of monopoly is __________ prices and __________ output than we find in a competitive market. Question 11 The demand curve for Angel’s Airport Shuttle is downward sloping. With only this information, it can be concluded that Angel’s Airport Shuttle: Question 12 Problems raising capital is an example of: Question 13 When marginal revenue is negative, the:

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    Question 14 Control of resources, problems raising capital, and economies of scale are all examples of: Question 15 Refer to the accompanying figure to answer the questions that follow. The consumer surplus associated with this profit maximizing monopoly is represented by areas: Question 16 When a monopolist lowers a price from $80 to $70, the quantity that the firm is able to sell increases from 100 to 150. The change in revenue associated with the price effect is equal to: Question 17 Papa Joe’s Car Dealership is the only dealership in Victorville, California. The owner, Papa Joe: experiences large economies of scale. Because he is the only seller of cars in the town, Question 18 Willow Park is a small community in Texas with only one gas station. The price of gasoline in Willow Park most likely: Question 19 Refer to the accompanying figure to answer the questions that follow. The profit - maximizing price and quantity are: Question 20 Two government created barriers to entry are: Version B Quiz Question 1 A monopoly: Question 2 When marginal revenue is negative, the: Question 3 If a monopolist is producing a quantity where marginal revenue is equal to $125 and the marginal cost is equal to $125, the monopolist should: Question 4 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 5 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: Question 6 Which of the following is a characteristic of a monopoly but not of a competitive market?

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