微观经济学第十四章习题.docx
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微观经济学第十四章习题
Microeconomics-Testbank1（Hubbard/O'Brien）
Chapter14MonopolyandAntitrustPolicy
1）Amonopolyisasellerofaproduct:
A）withmanysubstitutes.
B）withoutaclosesubstitute.
C）withaperfectlyinelasticdemand.
D）withoutaawell-defineddemandcurve.Answer:
BDiff:
1PageRef:
444
2）Amonopolistisasellerwho:
A）hastoconsidertheactionsofothersellers.
B）issmallrelativetothemarket.
C）canignorethethreatofcompetitionfromotherfirms.
D）alloftheabove.
Answer:
C
Diff:
2PageRef:
445
3）Thedemandcurveforthemonopolist'sproductis:
A）themarketdemandfortheproduct.
B）moreelasticthanthemarketdemandfortheproduct.
C）moreinelasticthanthemarketdemandfortheproduct.
D）undefined.
Answer:
A
Diff:
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451
4）Tosellmoreoutput,themonopolist:
A）onlyhastoproducemore.
B）hastolowertheproduct'sprice.
C）mustlowerproductioncosts.
D）hastoadvertisetheproductextensively.Answer:
B
Diff:
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452
5）Tokeepamonopolyafirmmusthave:
A）aperfectlyinelasticdemand.
B）aninsurmountablebarriertoentry.
C）marginalrevenueequaltodemand.
D）alloftheabove.
Answer:
B
Diff:
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6）Alocalelectricity-generatingcompanyhasamonopolythatisprotectedbyabarriertoentrythattakestheformof:
A）controlofakeyrawmaterial.
B）networkexternalities.
C）economiesofscale.
D）noneoftheabove.Answer:
CDiff:
2PageRef:
450
7）Apatentorcopyrightisabarriertoentrybasedon:
A）ownershipofakeynecessaryrawmaterial.
B）largeeconomiesofscaleasoutputincreases.
C）governmentactiontoprotectoneproducer.
D）widespreadnetworkexternalitiesinsupplyofthegoodorservice.Answer:
C
Diff:
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445
8）Apublicfranchiseis:
A）ownershipofakeynecessaryrawmaterial.
B）governmentownershipandoperationofalegalmonopoly.
C）governmentdesignationthataprivatefirmistheonlylegalproducerofagoodorservice.
D）anunregulatedmonopolynecessaryforthepublicgood.Answer:
C
Diff:
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445
9）Apublicenterpriseis:
A）anyprivatebusinessthatisnot-for-profit.
B）governmentownershipandoperationofalegalmonopoly.
C）governmentdesignationthataprivatefirmistheonlylegalproducerofagoodorservice.
D）anunregulatedmonopolynecessaryforthepublicgood.Answer:
B
Diff:
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445
10）AUnitedStatesgovernmentpatentlasts:
A）forever.
B）50years.
C）20years.
D）7years.Answer:
CDiff:
2PageRef:
446
11）Governmentsgrantpatentstoencourage:
A）researchanddevelopmentonnewproducts.
B）competition.
C）lowprices.
D）alloftheabove.Answer:
ADiff:
2PageRef:
446
12）Governmentsgrantpatentsto:
A）compensatefirmsforresearchanddevelopmentcosts.
B）encouragecompetition.
C）encouragelowprices.
D）alloftheabove.Answer:
ADiff:
2PageRef:
446
13）Patentprotectionisofvitalimportancefor:
A）furnitureproducers.
B）softwarefirms.
C）pharmaceuticalfirms.
D）automakers.
Answer:
C
Diff:
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446
14）Ownershipofakeyresourceisimportantin:
A）aluminumproduction.
B）nickelproduction.
C）professionsports.
D）allofthese.
Answer:
D
Diff:
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15）Anetworkexternalityis:
A）havinganetworkofsuppliersandbuyersforagoodorservice.
B）havinglobbyiststoadvocateapublicfranchise.
C）agoodorservicewhoseusefulnessincreaseswiththenumberofpeopleusingit.
D）agoodorservicethatrequiresconnectiontoanetworkforittobeuseful.
Answer:
C
Diff:
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448
16）Avirtuouscycleis:
A）usinglobbyiststopetitionCongresstograntapublicfranchise.
B）usingmonopolyprofitstocreatenewproductsforadditionalmonopolyprofits.
C）attractingenoughbuyersinitiallytoincreaseaproduct'susefulnesstoattractmorebuyers.
D）attractingenoughsalestogaineconomiesofscale.Answer:
C
Diff:
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17）Foranaturalmonopolytoexist:
A）afirmmustcontinuallybuyuprivals.
B）afirm'slongrunaveragecostcurvemustexhibitdiseconomiesofscale.
C）afirm'slongrunaveragecostcurvemustexhibiteconomiesofscale.
D）afirmmusthaveapatent.
Answer:
C
Diff:
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449
18）Anaturalmonopolyischaracterizedby:
A）largemarginalcostsrelativetofixedcosts.
B）smallfixedcostsrelativetovariablecosts.
C）largefixedcostsrelativetovariablecosts.
D）fixedcoststhatareequaltovariablecosts.
Answer:
C
Diff:
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450
19）Amonopolist'sprofitmaximizingpriceandoutputis:
A）whereaveragetotalcostaresmallest.
B）wheretotalcostsarethesmallestrelativetoprice.
C）wheremarginalrevenueequalsmarginalcostandchargingthepriceonmarketdemandforthatoutput.
D）wherepriceisashighaspossible.
Answer:
C
Diff:
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453
20）Amonopoly:
A）alwaysearnsaprofit.
B）isapricetaker.
C）mustlowerpricetosellmoreofitsproduct.
D）alloftheabove.
Answer:
C
Diff:
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452
21）Ifamonopolist'spriceis$50aunitanditsmarginalcostis$25,then:
A）tomaximizeprofitthefirmshouldincreaseoutput.
B）tomaximizeprofitthefirmshoulddecreaseoutput.
C）tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D）notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.Answer:
D
Diff:
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453
22）Ifamonopolist'smarginalrevenueis$35aunitanditsmarginalcostis$25,then:
A）tomaximizeprofitthefirmshouldincreaseoutput.
B）tomaximizeprofitthefirmshoulddecreaseoutput.
C）tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D）notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.Answer:
A
Diff:
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453
23）Ifamonopolist'smarginalrevenueis$15aunitanditsmarginalcostis$25,then:
A）tomaximizeprofitthefirmshouldincreaseoutput.
B）tomaximizeprofitthefirmshoulddecreaseoutput.
C）tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D）notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.Answer:
B
Diff:
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453
24）Ifamonopolist'smarginalrevenueis$25aunitanditsmarginalcostis$25,then:
A）tomaximizeprofitthefirmshouldincreaseoutput.
B）tomaximizeprofitthefirmshoulddecreaseoutput.
C）tomaximizeprofitthefirmshouldcontinuetoproducetheoutputitisproducing.
D）notenoughinformationisgiventosaysaywhatthefirmshoulddotomaximizeprofit.
Answer:
C
Diff:
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453
25）Ifamonopolist'spriceis$50attheoutputwheremarginalrevenueequalsmarginalcostandaveragetotalcostis$43,then:
A）thefirmsaverageprofitis$50.
B）thefirmsaverageprofitis$43.
C）thefirmsaverageprofitis$7.
D）Notenoughinformationisgiventoanswerthequestion.
Answer:
C
Diff:
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454
26）Ifamonopolist'spriceis$50at63unitsofoutputandmarginalrevenueequalsmarginalcostandaveragetotalcostequals$43,thenthefirm'stotalprofitis:
A）$3,150.
B）$2,709.
C）$441.
D）$7.
Answer:
C
Diff:
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454
RefertoFigure14.1forthequestionsabove.
27）Toprofitmaximizethefirminfigure14.1willproduce:
A）Q1.
B）Q2.
C）Q3.
D）Q4.
Answer:
B
Diff:
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453
28）Theprofitmaximizepriceforthefirminfigure14.1is:
A）P1.
B）P2.
C）P3.
D）P4.
Answer:
C
Diff:
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453
29）IfaveragetotalcostsareATC1,thefirminfigure14.1will:
A）sufferaloss.
B）breakeven.
C）makeaprofit.
D）facecompetition.
Answer:
C
Diff:
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453
30）IfaveragetotalcostsareATC2,thefirminfigure14.1will:
A）sufferaloss.
B）breakeven.
C）makeaprofit.
D）facecompetition.
Answer:
B
Diff:
3PageRef:
453
31）IfaveragetotalcostsareATC3,thefirminfigure14.1will:
A）sufferaloss.
B）breakeven.
C）makeaprofit.
D）facecompetition.
Answer:
A
Diff:
3PageRef:
453
32）Infigure14.1,thedifferencebetweenthemonopolyoutputandthecompetitiveoutputis:
A）Q2-Q1.
B）Q3-Q1.
C）Q3-Q2.
D）Q4-Q2.
Answer:
C
Diff:
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456
33）Economicefficiencyinamarketoccurswhen:
A）consumersurplusismaximized.
B）producersurplusismaximized.
C）consumersurplusplusproducersurplusismaximized.
D）priceisaslowaspossible.
Answer:
C
Diff:
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457
34）Aprofitmaximizingmonopolist'spriceis:
A）equaltowhatthepricewouldbeifthemononoplist'sindustrywerecompetitive.
B）lessthanwhatthepricewouldbeifthemononoplist'sindustrywerecompetitive.
C）greaterthanwhatthepricewouldbeifthemononoplist'sindustrywerecompetitive.
D）notconsistentlyrelatedtopriceifthemarketwerecompetitive.
Answer:
C
Diff:
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456
35）Outputunderamonopolyis:
A）equaltowhatoutputwouldbeiftheindustrywerecompetitive.
B）lessthanwhatoutputwouldbeiftheindustrywerecompetitive.
C）greaterthanwhatoutputwouldbeiftheindustrywerecompetitive.
D）hasnoconsistentrelationshiptowhatoutputwouldbeiftheindustrywerecompetitive.Answer:
B
Diff:
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456
36）Comparedtoperfectcompetition,undermonopoly:
A）consumersurplusisunchangedbecausepriceandoutputisthesame.
B）consumersurplusisdecreasedbecausepriceishigherandoutputislower.
C）consumersurplusisincreasedbecausepriceishigherandoutputisthesame.
D）consumersurplusiseliminated.
Answer:
B
Diff:
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457
37）Comparedtoperfectcompetition,amonopoly:
A）increasesconsumersurplus.
B）causesadeadweightwelfareloss.
C）increasestotalsurplus.
D）alloftheabove.
Answer:
B
Diff:
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457
38）Comparedtoperfectcompetition,withmonopoly:
A）consumersurplusisreduced.
B）outputisreduced.
C）totalsurplusisreduced.
D）alloftheabove.
Answer:
D
Diff:
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457
39）Relativetoaperfe
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