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PreFinal Quiz (Monopoly)

This document contains a quiz on monopoly with two sections - a matching type question section with 5 items and a multiple choice section with 10 items. The matching questions cover different types of monopolies including natural monopoly, legal monopoly, government monopoly, patent monopoly, and resource monopoly. The multiple choice questions test understanding of monopoly concepts like why monopolies can set their own prices, the benefit of economies of scale to consumers, price discrimination, profit maximization rules, barriers to entry for monopolies, marginal revenue, social benefits, and how deadweight loss impacts social welfare.

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Thirdy Suarez
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89 views

PreFinal Quiz (Monopoly)

This document contains a quiz on monopoly with two sections - a matching type question section with 5 items and a multiple choice section with 10 items. The matching questions cover different types of monopolies including natural monopoly, legal monopoly, government monopoly, patent monopoly, and resource monopoly. The multiple choice questions test understanding of monopoly concepts like why monopolies can set their own prices, the benefit of economies of scale to consumers, price discrimination, profit maximization rules, barriers to entry for monopolies, marginal revenue, social benefits, and how deadweight loss impacts social welfare.

Uploaded by

Thirdy Suarez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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BM1704

eLMS QUIZ: MONOPOLY

I. MATCHING TYPE (5 items x 2 points)

A. Natural monopoly
B. Legal monopoly
C. Government monopoly
D. Patent monopoly
E. Resource monopoly
F. Limited monopoly

1. This is a monopoly that is publicly owned by the leader/s of a country.

2. This type of monopoly can protect new inventions.

3. This type of monopoly emerges because a single firm has control of a product's
entire supply.

4. This monopoly is granted by a country's ruling body to privately owned firms.

5. This monopoly exists because the firm can provide the product at a lower cost
per unit than any other firm.

II. MULTIPLE CHOICE (10 items x 2 points)


1. Why is a monopoly able to set its own product's price?
A. They have more buyers C. They have market power
B. They have higher costs of production D. They earn supernormal profits

2. What is the benefit that consumers can get from having economies of scale in a
monopoly?
A. Lowered prices C. Freedom of choice
B. More products D. Less production time

3. Which of the following best describes price discrimination?


A. Charging different prices for different products for the same consumer
B. Charging a different price for the same product for different consumers
C. Charging the same price for different products for the same consumer
D. Charging the same price for different products for different consumers

4. In a monopoly, which of the following is considered as the market demand curve?

09 eLMS Quiz 1 *Property of STI


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BM1704

A. Production cost curve C. Marginal cost curve


B. Average sales curve D. Monopolist's demand curve

5. Which of the following is the profit maximization rule in a monopoly?


A. MR = MC C. MR = MC = P
B. MC = P D. MR > MC

6. Which of these will be earned by a monopoly in the long run?


A. Normal profits C. Supernormal profit
B. Breakeven D. Loss

7. This is what the monopoly firm earns if it sells one (1) more unit.
A. Average revenue C. Average cost
B. Marginal revenue D. Marginal cost

8. Why is the long run not applicable to a monopoly?


A. They have unique products
B. Their costs are always variable
C. They are regulated by the government
D. They have barriers to entry

9. How is the marginal social benefit measured?


A. Price of the product
B. Cost of the product
C. Price that consumers are willing to pay for additional output
D. Cost that the firm is willing to shoulder for producing additional output

10. How does a deadweight loss affect social welfare?


A. Social welfare will increase C. There is not enough information
B. Social welfare will decrease D. Social welfare is not affected

09 eLMS Quiz 1 *Property of STI


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