[单选]Which of the following would be most likely to have monopoly power?
A. a national florist
B. an online bookstore
C. a local restaurant
D. a local electrical cooperative
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[单选]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.
[单选]A monopolist's average revenue is always
A. equal to marginal revenue.
B. greater than the price of its product.
C. equal to the price of its product.
D. less than the price of its product.
[单选]For a monopolist, when does marginal revenue exceed average revenue?
A. never
B. when output is less than the profit-maximizing level of output
C. when output is greater than the profit-maximizing level of output
D. for all levels of output greater than zero
[单选]Many economists criticize monopolists because they
A. charge a price that equals marginal cost rather than a price that equals average cost.
B. do not innovate.
C. produce a large quantity of waste.
D. produce less than the socially efficient level of output.
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