UNT ECON 1100 Exam 3 Questions and Answers

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UNT ECON 1100 Exam 3 Questions and Answers 1. A firm gains monopoly power when:: barriers to entry can be erected and maintained. 2. A natural monopoly can:: supply the entire market at a lower cost than many competing firms. 3. A monopolist maximizes short-run profit by producing the level of output where:: MR = MC. 4. A monopolist that earns positive economic profit in the short run will:: earn positive economic profit in the long run if it can maintain barriers to entry, assuming no changes in costs or market demand. 5. The graph illustrates an unregulated, profit-maximizing monopolist that cannot price discriminate. Assuming the firm produces the profit-maximizing level of ouput, it will earn total revenue equal to and pay total costs equal to .: $7,200; $6,000 6. Suppose MR = MC = $3 at an output level of 2,000 units. If a monopolist produces and sells 2,000 units, charging a price of $6 per unit and incurring average total cost of $5 per unit, the monopolist will earn profit equal to:: - $2,000. 7. Government addresses the inefficiency associated with monopoly by:: re- stricting market power through antitrust laws and regulation. 8. A monopolistically competitive market is characterized by:: many firms, product differentiation, and easy entry in the long run. 9. A firm in a monopolistically competitive marketissimilar to a monopoly firm in that:: both maximize profit by producing the quantity where marginal revenue equals marginal cost. 10. The monopolistically competitive firm represented in the graph is in:: - long-run equilibrium since it is earning zero profit.

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