Question:

Microeconomics help. I just want to double check on these that I am iffy about. Thanks!?

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7. Compared to a perfectly competitive industry, a monopolist ______. (Points: 1)

produces a large quantity

charges a higher price

increases consumer surplus

all of the above

8. Suppose a monopoly is producing at the profit-maximizing level of output. At that level of output ______. (Points: 1)

marginal revenue equals marginal cost

marginal revenue is greater than marginal cost

marginal revenue is less than marginal cost

price is less than marginal cost

9. In an industry characterized by extensive economies of scale ______. (Points: 1)

small companies are more profitable than large companies

large companies are more profitable than small companies

small and large companies are equally profitable

small companies will drive out large companies

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1 ANSWERS


  1. 7-charges a higher price

    8-marginal revenue equals marginal cost

    9-large companies are more profitable than small companies

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