经济学原理对应练习--15Word文档格式.doc

经济学原理对应练习--15Word文档格式.doc

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Interpretive

2. Angeloisawholesalemeatballdistributor.HesellshismeatballstoallthefinestItalianrestaurantsintown.NobodycanmakemeatballslikeAngelo.Asaresult,hisistheonlybusinessintownthatsellsmeatballstorestaurants.AssumingthatAngeloismaximizinghisprofit,whichofthefollowingstatementsistrue?

a. Meatballpriceswillbelessthanmarginalcost.

b. Meatballpriceswillequalmarginalcost.

c. Meatballpriceswillexceedmarginalcost.

d. Meatballpriceswillbeafunctionofsupplyanddemandandwillthereforeoscillatearoundmarginalcosts.

C PTS:

2 REF:

Pricing MSC:

3. Amonopoly'

smarginalcostwill

a. belessthanitsaveragefixedcost.

b. belessthanthepriceperunitofitsproduct.

c. exceeditsmarginalrevenue.

d. equalitsaveragetotalcost.

Marginalcost MSC:

4. Whichofthefollowingstatementsis（are）trueofamonopoly?

（i） Amonopolyhastheabilitytosetthepriceofitsproductatwhateverlevelitdesires.

（ii） Amonopoly'

stotalrevenuewillalwaysincreasewhenitincreasesthepriceofitsproduct.

（iii） Amonopolycanearnunlimitedprofits.

a. （i）only

b. （ii）only

c. （i）and（ii）

d. （ii）and（iii）

A PTS:

5. YoungJohnnyinheritedtheonlylocalcableTVcompanyintownafterhisfatherpassedaway.Thecompanyiscompletelyunregulatedbythegovernmentandisthereforefreetooperateasitwishes.AssumingthatJohnnyunderstandsthetruepowerofhisnewmonopoly,heisprobablymostexcitedaboutwhichofthefollowingstatements?

（i） HewillbeabletosetthepriceofcableTVserviceatwhateverlevelhewishes.

（ii） ThecustomerswillbeforcedtopurchasecableTVserviceatwhateverpricehewantstoset.

（iii） Hewillbeabletoachieveanyprofitlevelthathedesires.

c. （i）and（iii）

d. Alloftheabovearecorrect.

6. Whichofthefollowingisanexampleofabarriertoentry?

（i） Akeyresourceisownedbyasinglefirm.

（ii） Thecostsofproductionmakeasingleproducermoreefficientthanalargenumberofproducers.

（iii） Thegovernmenthasgiventheexistingmonopolytheexclusiverighttoproducethegood.

a. （i）and（ii）

b. （ii）and（iii）

c. （i）only

d. Alloftheaboveareexamplesofbarrierstoentry.

D PTS:

Barrierstoentry MSC:

7. Whichofthefollowingarenecessarycharacteristicsofamonopoly?

（i） Thefirmisthesolesellerofitsproduct.

（ii） Thefirm'

sproductdoesnothaveclosesubstitutes.

（iii） Thefirmgeneratesalargeeconomicprofit.

（iv） Thefirmislocatedinasmallgeographicmarket.

b. （i）and（iii）

c. （ii）and（iv）

d. （i）,（ii）,and（iii）

8. Afundamentalsourceofmonopolymarketpowerarisesfrom

a. perfectlyelasticdemand.

b. perfectlyinelasticdemand.

c. barrierstoentry.

d. availabilityof"

free"

naturalresources,suchaswaterorair.

9. Becausemonopolyfirmsdonothavetocompetewithotherfirms,theoutcomeinamarketwithamonopolyisoften

a. notinthebestinterestofsociety.

b. onethatfailstomaximizetotaleconomicwell-being.

c. inefficient.

Welfare MSC:

10. Anaturalmonopolyoccurswhen

a. theproductissoldinitsnaturalstate（suchaswaterordiamonds）.

b. thereareeconomiesofscaleovertherelevantrangeofoutput.

c. thefirmischaracterizedbyarisingmarginalcostcurve.

d. productionrequirestheuseoffreenaturalresources,suchaswaterorair.

Naturalmonopoly MSC:

11. Anindustryisanaturalmonopolywhen

（i） thegovernmentassiststhefirminmaintainingthemonopoly.

（ii） asinglefirmownsakeyresource.

（iii） asinglefirmcansupplyagoodorservicetoanentiremarketatasmallercostthancouldtwoormorefirms.

a. （ii）only

b. （iii）only

12. Whenanaturalmonopolyexists,itis

a. alwayscosteffectiveforgovernment-ownedfirmstoproducetheproduct.

b. nevercosteffectiveforonefirmtoproducetheproduct.

c. alwayscosteffectivefortwoormoreprivatefirmstoproducetheproduct.

d. nevercosteffectivefortwoormoreprivatefirmstoproducetheproduct.

Definitional

13. Thedefiningcharacteristicofanaturalmonopolyis

a. constantmarginalcostovertherelevantrangeofoutput.

b. economiesofscaleovertherelevantrangeofoutput.

c. constantreturnstoscaleovertherelevantrangeofoutput.

d. diseconomiesofscaleovertherelevantrangeofoutput.

14. Naturalmonopoliesdifferfromotherformsofmonopolybecausethey

a. arenotsubjecttobarrierstoentry.

b. arenotregulatedbygovernment.

c. generallydon'

tmakeaprofit.

d. aregenerallynotworriedaboutcompetitionerodingtheirmonopolypositioninthemarket.

15. Patentandcopyrightlawsaremajorsourcesof

a. naturalmonopolies.

b. government-createdmonopolies.

c. resourcemonopolies.

d. antitrustregulation.

Patents MSC:

16. Encouragingfirmstoinvestinresearchanddevelopmentandindividualstoengageincreativeendeavorssuchaswritingnovelsisonejustificationfor

a. resourcemonopolies.

b. naturalmonopolies.

c. government-createdmonopolies.

d. breakingupmonopoliesintosmallerfirms.

17. Whenafirm'

saveragetotalcostcurvecontinuallydeclines,thefirmisa

a. government-createdmonopoly.

b. naturalmonopoly.

c. revenuemonopoly.

18. Thesimplestwayforamonopolytoariseisforasinglefirmto

a. decreaseitspricebelowitscompetitors’prices.

b. decreaseproductiontoincreasedemandforitsproduct.

c. makepricingdecisionsjointlywithotherfirms.

d. ownakeyresource.

19. Agovernment-createdmonopolyariseswhen

a. governmentspendinginacertainindustrygivesrisetomonopolypower.

b. thegovernmentexercisesitsmarketcontrolbyencouragingcompetitionamongsellers.

c. thegovernmentgivesafirmtheexclusiverighttosellsomegoodorservice.

d. Bothaandcarecorrect.

20. Allowinganinventortohavetheexclusiverightstomarkethernewinventionwillleadto

（i） aproductthatispricedhigherthanitwouldbewithouttheexclusiverights.

（ii） desirablebehaviorinthesensethatinventorsareencouragedtoinvent.

（iii） higherprofitsfortheinventor.

21. Drugcompaniesareallowedtobemonopolistsinthedrugstheydiscoverinorderto

a. allowdrugcompaniestochargeapricethatisequaltotheirmarginalcost.

b. discouragenewfirmsfromenteringthedrugmarket.

c. encourageresearch.

d. allowthegovernmenttoearnpatentrevenue.

22. Authorsareallowedtobemonopolistsinthesaleoftheirbooksinorderto

a. encourageauthorstowritemoreandbetterbooks.

b. correctforthenegativeexternalitiesthattheinternetandtelevisionimpose.

c. satisfyliteraryadvocacygroupsthatexercisetheirlobbyingpower.

d. promoteasocietyinwhichpeoplethinkforthemselvesandlearnfromwhicheverbookstheyplease.

Copyrights MSC:

23. Whichofthefollowingstatementsistrueaboutpatentsandcopyrights?

（i） Theybothhavebenefitsandcosts.

（ii） Theyleadtohigherprices.

（iii） Theyenhancetheabilityofmonopoliststoearnabove-averageprofits.

c. （ii）only

Figure15-1

24. RefertoFigure15-1.Theshapeoftheaveragetotalcostcurverevealsinformationaboutthenatureofthebarriertoentrythatmightexistinamonopolymarket.Whichofthefollowingmonopolytypesbestcoincideswiththefigure?

a. Ownershipofakeyresourcebyasinglefirm

b. Naturalmonopoly

c. Government-createdmonopoly

d. Apatentorcopyrightmonopoly

Analytical

25. RefertoFigure15-1.Theshapeoftheaveragetotalcostcurveinthefiguresuggestsanopportunityforaprofit-maximizingmonopolisttotakeadvantageof

a. economiesofscale.

b. diseconomiesofscale.

c. diminishingmarginalproduct.

d. increasingmarginalcost.

1 RE