1. Monopoly power (or market power) is the ability to set

the income of the demanders.

the quantity demanded of a price or service.

the price of a good or service.

2. ___________ was the company that was broken up and became ConocoPhillips, Shell, and Chevron, among others.

Exon Mobile

Midnight Oil

Standard Oil

3. A monopolist maximizes profit where

P=MC

MR=MC

P=ATC

3. For a monopoly, price is always

less than marginal revenue.

equal to marginal revenue.

greater than marginal revenue.

5. At the monopolist's profit maximizing point, the deadweight loss is

greater than 0

0

less than 0

6. The Sherman Act allows the government to

create licensing restrictions for monopolies.

break up monopolies.

reduce trade barriers.