A natural monopoly occurs when__________________
A. the product is sold in its natural state, such as water or diamonds.
B. there are economies of scale over the relevant range of output.
C. the firm is characterized by a rising marginal cost curve.
D. production requires the use of free natural resources, such as water or air.
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When a firm operates under conditions of monopoly, its price is__________________
A. not constrained.
B. constrained by marginal cost.
C. constrained by demand.
D. constrained only by its social agenda.
When a monopolist decreases the price of its good, consumers__________________
A. continue to buy the same amount.
B. buy more.
C. buy less.
D. may buy more or less, depending on the price elasticity of demand.
A monopolist maximizes profits by __________________
A. producing an output level where marginal revenue equals marginal cost.
B. charging a price equal to marginal revenue and marginal cost.
C. charging a price where marginal cost equals average total cost.
D. Both a and b are correct.
A monopolist produces__________________
A. more than the socially efficient quantity of output but at a higher price than in a competitive market.
B. less than the socially efficient quantity of output but at a higher price than in a competitive market.
C. the socially efficient quantity of output but at a higher price than in a competitive market.
D. possibly more or possibly less than the socially efficient quantity of output, but definitely at a higher price than in a competitive market.
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