Liberty University ECON 213 quiz 10 complete Answers | Rated A+$ 14.00

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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