Liberty University ECON 213 quiz 10 complete Answers | Rated A+
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Question 1 Most economists are against monopolies because:
Question 2 Refer to the accompanying table, which represents the costs and production for a monopolist, to answer the questions that follow. As production increases, the price consumers are willing to pay for the good:
Question 3 Lobbying the government to place harsh tariffs on imports is a form of:
Question 4 Refer to the accompanying figure to answer the questions that follow. When this firm is producing at the profitmaximizing price and quantity, its total revenue is:
Question 5 The government oversight and management of monopolies:
Question 6 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 7 Barriers to entry:
Question 8 To maximize profits, a monopolist chooses the quantity where:
Question 9 Control of resources is an example of:
Question 10 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 11 Christopher’s Campground is the only campground located in Abilene, Texas. Christopher’s Campground’s demand curve is:
Question 12 Refer to the accompanying figure to answer the questions that follow. When the price changes from $50 to $30, the output effect leads to an increase of _________ in revenue.
Question 13 When a competitive market becomes controlled by a monopoly, the price _________ and the output _________.
Question 14 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 15 Ash is the preferred wood to be used in the production of baseball bats. If a company were to buy the rights to harvesting the ash trees out of all the forests in North America, which of the following barriers of entry has this company created?
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