Which of the following is NOT a characteristic of a monopoly?

Recall the Application about South African consumer lender that offered different interest rates in Show more Recall the Application about South African consumer lender that offered different interest rates in loan offers via mass mailings answer the following question(s). According to the Application the number of men who accepted a particular loan offer from the mass mailings_when the offer letter included the picture of a A. increased; man rather than the picture of a woman B. was unaffected; either a man or a woman c. increased; woman rather than the picture of a man D. decreased; either a man or a woman A benefit to consumers of monopolistic ally competitive markets is that: A. goods are sold at the lowest possible average cost of production. B. consumers have a variety- of products from which to choose. c. consumers only have to choose from one product. D. price is equal to marginal cost in equilibrium. Which of the following is an example of a monopolistic ally competitive firm A. Tinos Italian eatery a local restaurant B. Northwest Electricity a supplier of electricity- in the Northwest U.S. c. TCI Cablevision a supplier of cable television services D. Farmer Smiths corn farm Recall the Application about the price competition between satellite and cable TV services to answer the following question(s). Recall the Application. In most cases where satellite TV service is introduced in an area with cable TV service the price of the cable TV service usually: A. is unaffected. B. increases. C. initially increases then decreases. D. decreases. When a second firm enters a monopolists market: A. the quantity- produced by the first firm will increase. B. the first firms profits will decrease. c. market price will rise. D. AH of the above will occur. Figure 10.1 shows a monopolists demand curve. If the monopolist increases output from two to three units what is its marginal revenue? A. $15. B. $5. C. $3. D. $12. In order to practice price discrirnination a firm must: A. be able to divide consumers into groups with different demands for their product. B. avoid detection by the government. c. have a homogeneous product. D. advertise their product. Why do pharmaceutical firms benefit most from patent protection A. Because research and development of drugs require large expenditures that need to be recouped while the patent is still valid. B. Because pharmaceutical companies pay large taxes to the government. c. Because only physicians can legally prescribe pharmaceutical drugs. D. Because pharmaceutical drugs need to be controlled by the government. In the long run the main reason that a monopolist can earn positive economic profits while a perfectly competitive firm cannot is: A. there are no barriers to entry in a perfectly competitive market. B. perfectly competitive firms face greater opportunity costs. c. monopolists enjoy greater economies of scale. D. the monopolist faces an inelastic demand for its product. Which of the following is NOT a characteristic of a monopoly? A. A monopolists sales revenue is constrained by the market demand. B. A monopolist is a price taker. c. There exist barriers to entry-. D. There is only one seller. Show less

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