part 10 11 A Quick Review of Perfect Competition and MonopolyFigure 39.1Graphs of Monopoly and Perfect CompetitionMonopolyPerfect CompetitionRMCATCMCATCAVCKD= MR(G.M.H.MRE LMQUANTITYABDQUANTITYThese questions are based on Figure 39.1. Underline the correct answer. Assume that the monopolycan set only one price. Both the monopoly and the perfect competitor seek to maximize profits.1. A monopoly firm will maximize profits at what price?(B) OB(A) OA(C) OC(D) OR2. Economic profits for the monopoly firm are represented by the area of which rectangle?(C) AJHB(A) OCGE(B) OAJE(D) BAJN3. Total costs for the monopoly firm are represented by the area of which rectangle?(A) BKLO(B) CGEO(C) AJEO(D) BHEO4. The total revenue for the monopoly firm is represented by the area of which rectangle?(C) AJHB(A) OCGE(B) OAJE(D) BAJH5. The perfect competitor will maximize profits at what output level?(в) ов(A) OA(C) 0G(D) ODCOSTS/REVENUE (DOLLARS)-------COSTS/REVENUE (DOLLARS) 6. The perfect competitor will shut down below which price-output relationship?(A) K(C) L(B) M(D) R7. At price OG, the area of which rectangle represents total revenue for the profit-maximizing per-fect competitor?(A) OGKC(B) OFJC(C) FGKJ(D) EFJH8. At output OC, total variable cost is represented by the area of which rectangle?(A) OGKC(B) FGKJ(C) OEHC(D) OFIC9. At price OG, profits for the perfect competitor are represented by the area of which rectangle?(C) FGKJ(A) OGKC(B) OFJC(D) OEHC10. At what price-output relationship will a perfect competitor operate in the long run?(A) K(B) L(C) M(D) R11, For the monopolist, what is the area of consumer surplus?(B) AJGC(A) ABHJ(C) ARJ(D) ARJE

Here, two graphs are given representing two firms in different forms of market.

Figure 39.1 Graphs of Monopoly and Perfect Competition Monopoly Perfect Competition R MC ATC MC ATC AVC H K D= MR KG .M. H. MR E LM A B D QUANTITY QUANTITY These questions are based on Figure 39.1. Underline the correct answer. Assume that the monopoly can set only one price. Both the monopoly and the perfect competitor seek to maximize profits. COSTS/REVENUE (DOLLARS) B. COSTS/REVENUE (DOLLARS)

Figure 39.1 Graphs of Monopoly and Perfect Competition Monopoly Perfect Competition R MC ATC MC ATC AVC H K D= MR KG .M. H. MR E LM A B D QUANTITY QUANTITY These questions are based on Figure 39.1. Underline the correct answer. Assume that the monopoly can set only one price. Both the monopoly and the perfect competitor seek to maximize profits. COSTS/REVENUE (DOLLARS) B. COSTS/REVENUE (DOLLARS)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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