[Solved] Which of the Following Is True

What is meant by the term natural monopoly? A)A single producer in a market,usually supported by government subsidies,who is able to produce at a higher cost than competing firms could. B)A single producer in a market,usually with patent rights,who is able to produce at a cost equal to those of the competing firms. C)A single producer in a market,usually with large economies of scale,who is able to produce at a lower cost than competing firms could. D)A single producer in a market,usually with monopoly rights over input resources,who is able to produce at a higher cost than competing firms could.

Who is a natural monopolist? A)A single producer in a market,usually with monopoly rights over input resources,who is able to produce at a higher cost than competing firms could. B)A single producer in a market,usually provided with a government licence,who is able to charge a price higher than competing firms could. C)A single producer in a market,usually benefiting from government subsidies,who is able to produce at a higher cost than competing firms could. D)A single producer in a market,usually with large economies of scale,who is able to produce at a lower cost than competing firms could.

What is the term used for those goods and services which are regarded as essential and which are therefore usually provided by the government? A)Merit goods. B)Private utilities C)Public utilities D)Market goods

All of the following statements,except one,are true about a monopolist.Which is the exception? A)Its demand curve is downward-sloping. B)Average revenue and price are the same. C)Marginal revenue and price are the same. D)Marginal revenue and marginal cost are equal at the profit maximizing output.

Sole ownership of a particular resource is an example of what? A)A natural monopoly. B)A technical barrier to entry. C)An economic barrier to entry. D)A public utility.

All of the following,except one,are true statements about a natural monopoly.Which one is the exception? A)It is able to produce at a lower cost than competing firms could. B)It has economies of scale and a declining LRAC over the relevant range of demand. C)The demand for its product is perfectly elastic. D)The demand is perfectly inelastic.

All of the following statements,except one,are true about a monopolist.Which is the exception? A)The monopolist can determine the price,but the market will determine the quantity purchased. B)The monopolist can determine the quantity offered for purchase but the market will determine the price. C)The monopolist can determine both the quantity offered for purchase and the price. D)The monopolist faces a downward-sloping market demand curve.

Which of the following statements is true regarding the marginal revenue curve of the monopolist? A)It is twice as steep as the average revenue curve. B)It could also be called a price curve. C)It is a horizontal line. D)It is the same as its average revenue curve.

All of the following,except one,are examples of barriers to entry.Which is the exception? A)Economies of scale. B)Minimum-wage legislation. C)Copyrights. D)Government licences.

Figure 10.10 depicts the cost and revenue curves for a monopolist. -Refer to Figure 10.10 to answer this question.What are the profit-maximizing level of output and price respectively? A)30 and $20. B)30 and $35. C)35 and $27.50. D)40 and $30. E)42 and $28.