Economics Study Set 4
Quiz 15: Monopoly and Antitrust Policy
Refer to Figure 15-1
Refer to Figure 15-1.If the firm's average total cost curve is ATC3,the firm will A) suffer a loss. B) break even. C) make a profit. D) face competition.
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If a firm's average total cost is less than price where MR=MC, A) the firm should shut down. B) the firm should raise its price. C) the firm should continue to produce the output it is producing. D) the firm should cut back on its output to lower its cost.
Refer to Table 15-1.What is the marginal revenue from the sale of the 12th unit? A) $75 B) $50 C) $20 D) -$5
Refer to Table 15-1.What is the firm's profit-maximizing output and what is the price charged to sell this output? A) P = $85; Q = 10 B) P = $80; Q = 11 C) P = $70; Q = 13 D) P = $65; Q = 14
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