1. Draw the monopoly market model which reflect the following question and answer the question. The monopolist faces a:

Group of answer choices

downward sloping demand curve (from left to right)

upward sloping demand curve (from left to right)

horizontal demand curve (from left to right)

vertical demand curve

2.Draw the monopoly market model which reflect the following question and answer the question. The marginal revenue curve for a monopolist is __________________ its demand curve.

Group of answer choices

Above

Below

3.Draw a graph if it would help you answer the question. When demand is perfectly inelastic, there is no change in quantity demanded following a change in price

Group of answer choices

False

True

4.In perfect competition, price is equal to marginal revenue.

Group of answer choices

True

False

5.In a perfectly competitive market the demand curve faced by an individual firm is:

Group of answer choices

relatively inelastic.

perfectly elastic.

perfectly inelastic.

relatively elastic.

6.Marginal revenue is equal to:

Group of answer choices

the change in total profits associated with a change in quantity.

the change in total revenue associated with a change in quantity.

marginal cost.

total revenue divided by its output.