Question 1

A patent for a new product or a new business process is typically granted for a hundred years.

Accepted Answer

A) True 
 B)False

Question 2

Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's

Accepted Answer

A)   price, output, and average total cost would all be higher.
B)   price and average total cost would be higher, but output would be lower.
C)   price, output, and average total cost would all be lower.
D)   price and output would be lower, but average total cost would be higher.

Question 3

A monopolist, being the sole seller in a market, is assured of positive economic profits.

Accepted Answer

A) True 
 B)False

Question 4

To maximize profit, a pure monopolist must

Accepted Answer

A)   maximize its total revenue.
B)   maximize the difference between marginal revenue and marginal cost.
C)   maximize the difference between total revenue and total cost.
D)   produce where average total cost is at a minimum.

Exam 12: Pure Monopoly

Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's

Correct Answer
verified

A monopolist, being the sole seller in a market, is assured of positive economic profits.

Correct Answer
verified

To maximize profit, a pure monopolist must

Correct Answer
verified

A patent for a new product or a new business process is typically granted for a hundred years.

Correct Answer
verified

Exam 12: Pure Monopoly

Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's

Correct AnswerverifiedShow Answer

A monopolist, being the sole seller in a market, is assured of positive economic profits.

Correct AnswerverifiedShow Answer

To maximize profit, a pure monopolist must

Correct AnswerverifiedShow Answer

A patent for a new product or a new business process is typically granted for a hundred years.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified