In the long-run, profit maximizing monopolists

| November 18, 2015

In the long-run, profit maximizing monopolists

  1. Price where MC and price are equal
  2. Never make positive economic profits
  3. Produce where average total costs are minimized
  4. Will produce with the same size operation as a perfectly competitive firm would use in the long run

 

If a profit maximizing monopolist faces a linear demand curve and has zero marginal cost, it will produce at:

  1. lowest point of marginal revenue curve
  2. elasticity of demand equals 1
  3. lowest point of marginal profit curve
  4. all of the choices are correct

 

If a profit maximizing monopolist faces a linear demand curve and has zero marginal cost, it will produce where demand elasticity is __________________ if it will produce at all.

  1. Inelastic

    B. Elastic

    C. 1

    D. Information is inadequate to answer the question

 

 

If a firm could perfectly price discriminate

A. The marginal revenue curve would be the same as the demand curve
B. The marginal revenue curve would lie below the demand curve
C. The marginal revenue curve would lie above the demand curve
D. There would be no marginal revenue function

 

 

If the demand curve for a single price monopolist always is a downward sloping straight line, then marginal revenue

A. Will be a straight line with a negative slope of twice the demand curve slope
B. Will be a straight line with a negative slope of one-half the demand curve slope
C. Will be identical to the demand curve
D. Will be a horizontal line

 

The demand equation for a single price monopolist is P = 50 – Q. The marginal revenue equation for this monopolist is

 

  1. 25 – Q
  2. 50 – 2Q
  3. 50 – Q
  4. 100 – Q

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