Answer to Question #183414 in Macroeconomics for James

Question

QUESTION 16

If buyers have a range of similar options available from other firms:

1. Then the monopolist must produce a larger quantity.
2. Then the monopolist cannot raise their price.
3. Then the monopolist cannot lower their price.
4. Then the monopolist will earn the highest profits.
5. Then the firm is not a monopoly.

QUESTION 17

No monopolist can require consumers to:

1. Pay a high price.
2. Pay a low price.
3. Purchase its product.
4. All of the above.
5. None of the above.  

QUESTION 18

The challenge for the monopolist is to strike a profit-maximizing balance between:

1. Beans and weaners.
2. Salty and sweet.
3. Profits and losses.
4. The price it charges and the quantity that it sells.
5. The price it charges and the happiness of consumers.

QUESTION 19

The demand curve perceived by a perfectly competitive firm is:

1. A tiny slice of the entire market demand curve.
2. Misleading to a firm.
3. Beneficial to the sellers.
4. All of the above.
5. None of the above.

Answer 1

16 - 5

17 - 4

18 - 4

19 - 1