What is a natural monopoly?

  

QUESTION 7(2 POINTS)
When a monopoly’s costs are
minimized because of economies of scale, we often call this type of monopoly…
Question 7 options:

A)
A GEOGRAPHIC MONOPOLY.

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b)
government monopoly.

c)
a natural monopoly.

d)
an illegal monopoly.

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QUESTION 8(2 POINTS)
When a monopoly is the only supplier
within 200 miles, we often call this type of monopoly…
Question 8 options:

A)
A NATURAL MONOPOLY.

b)
an illegal monopoly.

c)
government monopoly.

d)
a geographic monopoly.

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QUESTION 9(2 POINTS)
Firms operating in highly
competitive markets tend to supply at a level where…
Question 9 options:

A)
MC = P.

b)
MC > P.

c)
MC = Total Cost.

d)
MC < P. Save QUESTION 10(2 POINTS) A firm operating as a monopoly tends to supply at a level where... Question 10 options: A) MC > P.

b)
MC < P. c) MC = Total Cost. d) MC = P. Save QUESTION 11(2 POINTS) Farmers producing and then selling field corn at an agricultural elevator could be used as a legitimate example of... Question 11 options: A) PERFECT COMPETITION. b) an oligopoly. c) monopolistic competition. d) a monopoly. Save QUESTION 12(2 POINTS) In order to try to convince consumers that their product is better than the competition's product, a monopolistic comeptitor would likely... Question 12 options: A) COLLUDE WITH THE OTHER 4 OR 5 COMPANIES IN THE MARKET. b) advertise about product differentiation. c) sell a homogeneous product. d) have a horizontal demand curve. Save QUESTION 13(2 POINTS) An example of a horizontal merger would be... Question 13 options: A) JIMMY'S TREE FARM MERGING WITH LOUISVILLE SLUGGER BASEBALL BAT COMPANY. b) Sam's Seaweed Harvesting merging with Bob's Burgers. c) Wilson Tennis Balls merging with Penn Tennis Balls. d) Tina's Trucking merging with Patty's Produce. Save QUESTION 14(2 POINTS) If the HHI changes by 400 as the result of a horizontal merger,... Question 14 options: A) CONGRESS IS UNLIKELY TO APPROVE THE MERGER. b) Congress is likely to approve the merger. c) the Department of Justice is likely to approve the merger. d) the Department of Justice is unlikely to approve the merger. Save QUESTION 15(2 POINTS) If a company with 10% market share merges with a company with 5% market share, the HHI will... Question 15 options: A) REMAIN UNCHANGED. b) change by 225 points. c) change by 100 points. d) change by 15 points. Save QUESTION 16(2 POINTS) The Shutdown Rule states that a company should stay open in the short run as long as it can cover its... Question 16 options: A) FIXED COST. b) marginal cost. c) total cost. d) variable cost. Save QUESTION 17(2 POINTS) What should a company do in the short run if it sells 5,000 items at $60 each, has a total cost of $140,000 when production is 0, and has a total cost of $400,000 when it produces those 5,000 items? Question 17 options: A) SHUT DOWN TO MINIMIZE LOSS SINCE ITS REVENUE OF $300,000 DOES NOT COVER ITS TOTAL COST OF $400,000. b) Shut down to minimize loss since losing $100,000 is better than losing its fixed cost of $140,000. c) Stay open to minimize loss since its revenue of $300,000 covers its variable cost of $260,000. d) Stay open to minimize loss since losing $100,000 is better than losing its variable cost of $140,000. Save QUESTION 18(2 POINTS) The profit-maximizong supply level
for a competitive firm is where…
Question 18 options:

A)
TOTAL REVENUE = TOTAL COST.

b)
MR

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