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1-1. In a monopoly market,a. one firm is the only supplier of a product for which there are no close substitutes.b. entry into the market is blocked.c. the firm can influence market price.d. all of the above
1-2. One method of measuring the extent of a firm's market power is:a. the Lerner index.b. price elasticity of demand for the firm's product.c. income elasticity of demand for the firm's productd. both a and b.e. all of the above.
1-4. A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40and average fixed cost is $10. In order to maximize profit, the firm shoulda. produce more.b. keep output the same.c. produce less.d. shut down.
1-21. Economic renta. is the payment to a more productive resource above its opportunity cost.b. cannot be earned in long-run competitive equilibrium.c. is competed away in the long run.d. both b and ce. all of the above.
1-23. Firms that employ exceptionally productive resourcesa. have lower costs than other firms in the industry and are able to earn positive economic profit in the long run.b. earn only a normal rate of return.c. will typically have to pay the exceptional resource economic rent equal to the reduction in cost attributable to employing the exceptionally productive resource.d. both a and be. both b and c
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