1 A monopoly is a firm that produces a equilibrium in the industry bThe smallest amount of output in the industry c Competition in the industry d all the output in the industry 2 The profit-maxi

1 A monopoly is a firm that produces 

a equilibrium in the industry

bThe smallest amount of output in the industry

c Competition in the industry

d  all the output in the industry

2 The profit-maximizing firm will be earning total revenue of

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Multiple Choice

OFIN.

OFJM.

OFKL.

OGHM

3 

If a monopolist's marginal cost equals its marginal revenue

Multiple Choice

output should be raised.

output should be reduced.

production is at its most efficient level.

profits are maximized or losses are minimized.

4 

Government licensing, patents, and government franchising are all examples of

Multiple Choice

economies of scale.

economies of being established.

legal barriers to entry.

control of an essential resource.

5

There are only two justifications for monopoly: _____ and _____.

Multiple Choice

economies of scale; natural monopolies

economies of scale; patents

natural monopolies; patents

imperfect competition; being established

6

Output      Price

1               $20

2                18

3                16

4               14

5                12

The marginal revenue that would be derived from production of the second unit would be

Multiple Choice

$20.

$18.

$16.

$14.

.