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Question 11 A patent provides legal protection for an invent

Paper help Economics Question 11 A patent provides legal protection for an invent

Economics

Question 11 A patent provides legal protection for an invent

Question 11 A patent provides legal protection for an invention for Question 11 options: … Show more Question 11 A patent provides legal protection for an invention for Question 11 options: 9 years. 3 years. 20 years. 5 years. Question 12 Refer to the above table. Given the demand and cost schedules, what is the profit-maximizing price for this monopolist? Question 12 options: 20 7 3 24 Question 13 For a monopolist the reason that marginal revenue is less than price is Question 13 options: due to the U-shaped average revenue curve. due to the perfectly elastic demand curve that the monopolist faces. because of the lack of competition in the market. because the monopolist must lower the price of the good in order to sell an additional unit. Question 14 Entry barriers are most significant in Question 14 options: pure monopoly. monopolistic competition. pure competition. oligopoly. Question 15 Refer to the above table. Given the demand and cost schedules, what does profit equal for this monopolist? Question 15 options: 68 220 500 152 Question 16 Successive downward movements along the demand curve for the product of a monopolist always generate successive Question 16 options: decreases in the additional per-unit revenues earned by the monopolist. increases in the monopolist’s average total costs. increases in the monopolist’s marginal revenue. decreases in the additional per-unit costs incurred by the monopolist. Question 17 The market structure where there is a single supplier of a good or service for which there is no close substitute is Question 17 options: the most economically efficient market structure. a price searcher. a monopoly. a tariff. Question 18 Some industries exist where, in order to enter the industry a firm must incur a large fixed cost before being able to start producing. Which of the following statements is true? Question 18 options: The government always produces these goods. This creates barriers to entry and firms will earn monopoly profits. This situation usually means that the government steps in and provides firms with startup costs. This industry will attract a lot of firms. Question 19 Which of the following statements is true about the price that a monopolist charges? Question 19 options: Too much of the good is being produced in a competitive market and not enough is being produced in a monopoly. Due to the way that prices are set. The value that society places on the last unit produced in a monopoly is greater than its cost. The price is the same as the price that would be charged if there was perfect competition. The difference between the price charged by a monopolist and a perfect competitor is due to differences in costs. Question 20 Refer to the above figure. Profits for this firm are Question 20 options: negative. zero. positive. undetermined without more information. • Show less

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