economics-Global Economics WGU Quiz

, Business - economics II of VI pages



Circle the letter of the Answer that corresponds to the displayed Question.

1. monopolies are
A: price is determined by market demand, if one firm increases production (Q) this will impact the price
B price takers (influence price)
C: decrease Q
D: P / Q


2. monopoly market decision
A P/Q
B: = below price above supply curve
C: Quantity
D: collude & form a cartel (monopoly) -maximize total market profit


3. MC > MR
A: to entries
B: equals Total surplus (TS)
C decrease Q
D: price takers (influence price)


4. duopoly choice 2`
A: price
B: no close substitutes
C: decrease Q
D don't collude (self interest) higher individual firm profits possible, difficult to agree (anti-trust laws)


5. MR = MC
A this is Great!
B: collude & form a cartel (monopoly) -maximize total market profit
C: to entries
D: of products and services


6. monopolies are the sole sellers
A: increase output
B: declines until zero economic profits are realized
C of products and services
D: strategy that is best for a player in a game regardless of the strategies chosen by the other players




Business - 2024/25 2024/2025 Edition