3. Polaroid's former monopoly in instant-film cameras gave way to competition due to _____.

Group of answer choices

the sudden bankruptcy of Polaroid due to management fraud

the rise of an alternative to using film in cameras

a surprising cultural shift as customers turned against taking pictures of everything

a court order demanding that Polaroid abandon its patent early so that other firms could compete

4. A local electric or gas company _____.

Group of answer choices

may be both a natural monopoly and a closed monopoly

is a closed monopoly but rarely a natural or an open monopoly

historically had little to no actual monopoly power to set prices in an unregulated market

is most often an open monopoly

5. A simple monopolist offers its product to customers at _____.

Group of answer choices

a simple discount depending on quantity consumed

a price that increases for volume buyers

a single price

different prices determined by negotiation with each customer and varying with intensity of demand

6 When an increase in product price causes a monopolist's total revenue to increase, market demand is _____.

Group of answer choices

inelastic

elastic

vertical

indeterminant in its elasticity

7. If a monopolist's demand is a straight line with negative slope, its MR curve cuts the quantity axis _____.

Group of answer choices

at Q = 0

at a Q double the quantity demanded at a zero price

at a Q half the quantity demanded at a zero price

at a Q exactly equal to the quantity demanded at a zero price

8. For a simple monopolist, at P = 100, Qd = 30. At P = 99, Qd = 31. The MR of the 31st unit sold would _____.

Group of answer choices

= 100

= 99 - 30

= 100 - 30

= 100 + 31

9. The text shows graphs of total costs and revenues and of marginal costs and revenues at each output level. Which type of graph can illustrate the quantity that maximizes profit for a simple monopolist?

Group of answer choices

Both the TR & TC graph and the MR & MC graph

The TR & TC graph can but not the MR & MC graph

The MR & MC graph can, but not the TR & TC graph

Neither the TR & TC graph nor the MR & MC graph; illustration requires algebra