Chapter 12 Monopoly - Sample Questions MULTIPLE CHOICE ...

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Chapter 12 Monopoly - Sample QuestionsMULTIPLE CHOICE . Choose the one alternative that best completes the statement or answers the ) Unregulated monopoliesA) cannot change the market ) can influence the market quantity and ) cannot ) take the market price as )2) The following are key features of a Monopoly EXCEPTA) diseconomies of ) no close ) influence over )barriers to )3) Which of the following statements about a Monopoly is FALSE?A) A Monopoly is the only supplier of the ) Monopolies have no barriers to entry or ) The good produced by a Monopoly has no close ) None of the above; that is, all of the above answers are true statements about a )4) Which of the following is LEAST likely to be a Monopoly ?A) the sole owner of an occupational licenseB) a pharmaceutical company with a patent on a drugC) a store in a large shopping mallD) the holder of a public franchise4)5) A public franchise isA) an exclusive right granted to an inventor of a ) a government issued license required to practice a ) a unique source of raw ) an exclusive right granted to a firm to supply a good or )6) Public franchises create monopolies by restrictingA) ) ) ) )7) A patent grantsA) a guarantee of quality to ) an exclusive right to an inventor of a ) the right to practice a ) control over a unique source or supply of raw )8) Patents create monopolies by restrictingA) )

A)demand is inelastic. B)demand is elastic. C)demand is unit elastic. D)total revenue is at a minimum. 28) 29)The figure above shows a monopoly firm's demand curve. The monopoly's total revenue is at its maximum when the firm produces at point A)t.B)u.C)x.D)r. 29) 30)The figure above shows a monopoly firm's demand curve.

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