Question : 23) The demand curve facing a single-price monopoly A) lies below : 1241235

 

23) The demand curve facing a single-price monopoly

A) lies below the marginal revenue curve.

B) lies above the marginal revenue curve.

C) is the same as only the marginal revenue curve.

D) is the same as only the marginal cost curve.

E) is the same as both the marginal revenue curve and the marginal cost curve.

24) A single-price monopoly has a marginal revenue curve that is

A) horizontal and equal to price.

B) downward sloping and lies below the demand curve.

C) upward sloping and is the same as its supply curve.

D) downward sloping and lies above the demand curve.

E) vertical at the profit-maximizing quantity.

 

25) If Microsoft is a monopoly and currently charges prices where its demand is elastic, then Microsoft’s marginal revenue is

A) negative.

B) positive.

C) zero.

D) minimized.

E) undefined.

 

26) When marginal revenue is positive, total revenue ________ when output increases and demand is ________.

A) decreases; elastic

B) decreases; inelastic

C) increases; elastic

D) increases; inelastic

E) does not change; unit elastic

27) The relationship between marginal revenue and elasticity is

A) when demand is elastic, marginal revenue is positive and when demand is inelastic, marginal revenue is negative.

B) whenever the elasticity is positive, marginal revenue is positive.

C) whenever the elasticity is negative, marginal revenue is positive.

D) when demand is elastic, marginal revenue is negative and when demand is inelastic, marginal revenue is positive.

E) that total revenue equals zero at the quantity for which the demand is unit elastic.

 

28) If total revenue falls when output increases, marginal revenue is

A) positive.

B) negative.

C) zero.

D) greater than total revenue.

E) elastic.

 

29) If the Boston Red Sox baseball team is currently charging a ticket price where its demand is inelastic, then the Red Sox’s marginal revenue is

A) negative.

B) positive.

C) zero.

D) maximized.

E) undefined.

30) Allegiant Air holds a natural monopoly on most of the routes it serves in the United States. Allegiant Air’s marginal revenue will ________ when its total revenue ________.

A) equal $0; is maximized

B) be negative; is maximized

C) be positive; is maximized

D) inelastic; is increasing

E) elastic; is increasing

 

31) Allegiant Air holds a natural monopoly on most of the routes it serves in the United States. Allegiant Air ________ operate on the ________ portion of its demand curve when total revenue is ________.

A) will always; elastic; increasing

B) will usually; elastic; decreasing

C) will never; elastic; increasing

D) will always; inelastic; increasing

E) will never; inelastic; increasing

32) Use the figure above to answer this question. Mary is the only veterinarian in a small town. To maximize her profit, Mary will choose to treat ________ animals per hour and charge ________ per customer in order to ________.

A) 4; $50; maximize profit

B) 6; $20; maximize profit

C) 6; $30; minimize average total cost

D) 4; $50; operate on the inelastic portion of her demand curve

E) 6; $20; minimize cost in order to attract more customers

 

33) Use the figure above to answer this question. Mary is the only veterinarian in a small town and rents a space for her practice. If Mary’s landlord decided to charge ________ per hour in rent, Mary would ________.

A) $20 more; earn $0 economic profit

B) $20 more; still earn an economic profit because she is a monopolist

C) $30 more; earn $0 economic profit

D) $10 less; raise her prices and earn a higher profit

E) $30 more; operate on the inelastic portion of her demand curve

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more