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.
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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.
The deadweight loss that arises from a monopoly is a consequence of the fact that the monopoly__________________
A. quantity is lower than the socially-optimal quantity.
B. price equals marginal revenue.
C. price is the same as average revenue.
D. earns positive profits.
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