Econ B 251 Final Exam 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
Which of the following are characteristics of a monopoly? - 🧠 ANSWER
✔✔the firms demand cure is downward sloping, there are high barriers to
entry or exit, the firm determines the price to charge it's buyers.
Which of the following are barriers to entry for a monopoly? - 🧠 ANSWER
✔✔patents, ownership of a vital resource, public franchises
Which of the following is true for BOTH a monopoly and a perfectly
competitive firm? - 🧠 ANSWER ✔✔The profit maximizing output level
occurs where marginal revenue is equal to marginal cost
The profit maximizing single price monopolist produces along the elastic
portion of its demand curve - 🧠 ANSWER ✔✔elastic
,Quantity ( Pizzas per day)
0
1
2
3
4
5
Price (dollars per pizzas)
$20
18
16
14
12
10
The table above shows the demand for a monopolist's output. The marginal
revenue of increasing production from 3 to 4 units is $ - 🧠 ANSWER ✔✔6
,Quantity ( Pizzas per day)
0
1
2
3
4
5
Price (dollars per pizzas)
$20
18
16
14
12
10
The table above shows the demand for a monopolists output. iF the
pizzeria is a single-price monopoly and the marginal cost of a pizza is $6,
then the firms profit maximizing output is --- pizzas. At that amount the firm
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, charges a price of $--- and its total revenue is $--- - 🧠 ANSWER ✔✔4, 12,
48
Joe, a hair dresser, offers students a discount price on haircuts. This form
of pricing is an example of - 🧠 ANSWER ✔✔price discrimination
The more perfectly a monopoly can price discriminate, the --- its output and
the --- its profit. - 🧠 ANSWER ✔✔larger, larger
compared to a similar perfectly competitive industry, a single-price
monopoly decreases consumer surplus and decreases economic
efficiency. - 🧠 ANSWER ✔✔Decreases, decreases
Rent seeking by a monopolist --- the social cost of a monopoly and --- its ---
- 🧠 ANSWER ✔✔increases, cost, increases, average total cost
Which of the following are characteristics of perfect competition? - 🧠
ANSWER ✔✔many sellers, there are no barriers to entry or exit, the market
demand curve is downward sloping
The demand for corn from Hoosier farm is perfectly elastic because corn
from Hoosier farms is - 🧠 ANSWER ✔✔a perfect substitute for corn from
other farms
Questions with 100% Correct Answers |
Latest Update
Which of the following are characteristics of a monopoly? - 🧠 ANSWER
✔✔the firms demand cure is downward sloping, there are high barriers to
entry or exit, the firm determines the price to charge it's buyers.
Which of the following are barriers to entry for a monopoly? - 🧠 ANSWER
✔✔patents, ownership of a vital resource, public franchises
Which of the following is true for BOTH a monopoly and a perfectly
competitive firm? - 🧠 ANSWER ✔✔The profit maximizing output level
occurs where marginal revenue is equal to marginal cost
The profit maximizing single price monopolist produces along the elastic
portion of its demand curve - 🧠 ANSWER ✔✔elastic
,Quantity ( Pizzas per day)
0
1
2
3
4
5
Price (dollars per pizzas)
$20
18
16
14
12
10
The table above shows the demand for a monopolist's output. The marginal
revenue of increasing production from 3 to 4 units is $ - 🧠 ANSWER ✔✔6
,Quantity ( Pizzas per day)
0
1
2
3
4
5
Price (dollars per pizzas)
$20
18
16
14
12
10
The table above shows the demand for a monopolists output. iF the
pizzeria is a single-price monopoly and the marginal cost of a pizza is $6,
then the firms profit maximizing output is --- pizzas. At that amount the firm
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, charges a price of $--- and its total revenue is $--- - 🧠 ANSWER ✔✔4, 12,
48
Joe, a hair dresser, offers students a discount price on haircuts. This form
of pricing is an example of - 🧠 ANSWER ✔✔price discrimination
The more perfectly a monopoly can price discriminate, the --- its output and
the --- its profit. - 🧠 ANSWER ✔✔larger, larger
compared to a similar perfectly competitive industry, a single-price
monopoly decreases consumer surplus and decreases economic
efficiency. - 🧠 ANSWER ✔✔Decreases, decreases
Rent seeking by a monopolist --- the social cost of a monopoly and --- its ---
- 🧠 ANSWER ✔✔increases, cost, increases, average total cost
Which of the following are characteristics of perfect competition? - 🧠
ANSWER ✔✔many sellers, there are no barriers to entry or exit, the market
demand curve is downward sloping
The demand for corn from Hoosier farm is perfectly elastic because corn
from Hoosier farms is - 🧠 ANSWER ✔✔a perfect substitute for corn from
other farms
