5学原理》(微观)第五版测试题库-(15)

1002Chapter15MonopolyTRUE/FALSE1.Monopolistscanachieveanylevelofprofittheydesirebecausetheyhaveunlimitedmarketpower.ANS:FDIF:2REF:15-0NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive2.Evenwithmarketpower,monopolistscannotachieveanylevelofprofittheydesirebecausetheywillselllowerquantitiesathigherprices.ANS:TDIF:2REF:15-0NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive3.Onecharacteristicofamonopolymarketisthattheproductisvirtuallyidenticaltoproductsproducedbycompetingfirms.ANS:FDIF:2REF:15-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Definitional4.Thefundamentalcauseofmonopoliesisbarrierstoentry.ANS:TDIF:2REF:15-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive5.TheDeBeersDiamondcompanyadvertisesheavilytopromotethesaleofalldiamonds,notjustitsown.Thisisevidencethatithasamonopolypositiontosomedegree.ANS:TDIF:1REF:15-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive6.TheDeBeersDiamondcompanyisnotworriedaboutdifferentiatingitsproductfromallothergemstones.ANS:FDIF:1REF:15-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive7.Theamountofpowerthatamonopolyhasdependsonwhetherthereareclosesubstitutesforitsproduct.ANS:TDIF:1REF:15-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive8.IftheABCcompanyownstheexclusiverightstominelandinAfghanistanforLapisLazuli,ararestoneusedinjewelrywhichisfoundonlyinAfghanistan,thecompanybenefitsfromabarriertoentry.ANS:TDIF:1REF:15-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Applicative9.Copyrightsandpatentsareexamplesofbarrierstoentrythataffordfirmsmonopolypricingpowers.ANS:TDIF:2REF:15-1NAT:AnalyticLOC:MonopolyTOP:PatentsMSC:Interpretive10.Ifthegovernmentdeemsanewlyinventeddrugtobetrulyoriginal,thepharmaceuticalcompanyisgiventheexclusiverighttomanufactureandsellthedrugfor50years.ANS:FDIF:1REF:15-1NAT:AnalyticLOC:MonopolyTOP:PatentsMSC:Interpretive11.Anaturalmonopolyhaseconomiesofscaleformostifnotallofitsrangeofoutput.ANS:TDIF:2REF:15-1NAT:AnalyticLOC:MonopolyTOP:NaturalmonopolyMSC:Applicative12.Decliningaveragetotalcostwithincreasedproductionisoneofthedefiningcharacteristicsofanaturalmonopoly.ANS:TDIF:1REF:15-1NAT:AnalyticLOC:MonopolyTOP:NaturalmonopolyMSC:DefinitionalChapter15/Monopoly100313.Amonopolistmaximizesprofitbyproducinganoutputlevelwheremarginalcostequalsprice.ANS:FDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Interpretive14.Amonopolistproducesanoutputlevelwheremarginalrevenueequalsmarginalcostandchargesapricewheremarginalcostequalsaveragetotalcost.ANS:FDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Applicative15.Averagerevenueforamonopolyisthetotalrevenuedividedbythequantityproduced.ANS:TDIF:1REF:15-2NAT:AnalyticLOC:MonopolyTOP:AveragerevenueMSC:Definitional16.Foramonopoly,marginalrevenueisoftengreaterthanthepricetheychargefortheirgood.ANS:FDIF:1REF:15-2NAT:AnalyticLOC:MonopolyTOP:MarginalrevenueMSC:Interpretive17.Likecompetitivefirms,monopolieschoosetoproduceaquantityinwhichmarginalrevenueequalsmarginalcost.ANS:TDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Interpretive18.Likecompetitivefirms,monopolieschargeapriceequaltomarginalcost.ANS:FDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Interpretive19.AmonopolistproduceswherePMC=MR.ANS:TDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Interpretive20.AmonopolistproduceswhereP=MC=MR.ANS:FDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Interpretive21.Amonopolistdoesnothaveasupplycurvebecausethefirm’sdecisionabouthowmuchtosupplyisimpossibletoseparatefromthedemandcurveitfaces.ANS:TDIF:2REF:15-2NAT:AnalyticLOC:MonopolyTOP:SupplycurveMSC:Interpretive22.Amonopolist’ssupplycurveisvertical.ANS:FDIF:1REF:15-2NAT:AnalyticLOC:MonopolyTOP:SupplycurveMSC:Applicative23.Amonopolist’ssupplycurveishorizontal.ANS:FDIF:1REF:15-2NAT:AnalyticLOC:MonopolyTOP:SupplycurveMSC:Applicative24.Duringthelifeofadrugpatent,themonopolypharmaceuticalfirmmaximizesprofitbyproducingthequantityatwhichmarginalrevenueequalsmarginalcost.ANS:TDIF:1REF:15-2NAT:AnalyticLOC:MonopolyTOP:ProfitmaximizationMSC:Interpretive25.Thesociallyefficientquantityisfoundwherethedemandcurveintersectsthemarginalcostcurve.ANS:TDIF:2REF:15-3NAT:AnalyticLOC:MonopolyTOP:DeadweightlossMSC:Interpretive26.Thedeadweightlossforamonopolistequalsone-halfofitsprofitsforanygivenlevelofoutput.ANS:FDIF:2REF:15-3NAT:AnalyticLOC:MonopolyTOP:DeadweightlossMSC:Interpretive1004Chapter15/Monopoly27.Amonopolycreatesadeadweightlosstosocietybecauseitearnsbothshort-runandlong-runpositiveeconomicprofits.ANS:FDIF:2REF:15-3NAT:AnalyticLOC:MonopolyTOP:DeadweightlossMSC:Interpretive28.Amonopolycreatesadeadweightlosstosocietybecauseitproduceslessoutputthanthesociallyefficientlevel.ANS:TDIF:2REF:15-3NAT:AnalyticLOC:MonopolyTOP:DeadweightlossMSC:Interpretive29.Supposeaprofit-maximizingmonopolistfacesaconstantmarginalcostof$10,producesanoutputlevelof100units,andchargesapriceof$50.Thesociallyefficientlevelofoutputis200units.Assumethatthedemandcurveandmarginalrevenuecurvearethetypicaldownward-slopingstraightlines.Th