refer to pictures below

Question 2: (1 point) .. Monopolist is currently producing its output where P is $10 and MO is $10. - ' . (a) Monopolist should not change its production. - ' " (b) Monopolist should increase its production. to) Monopolist should decrease its production. " (d) Monopolist should decrease price. I httpsth'coulsawam.mymm.ca}wcbappsfblackhoatdJ'r:antenUcontcntWrapper.jsp?contcnt_id=_5310660_l316isplayNamc=M0dttle+5++Monopoly+%26amp%3B-l-Mon. .. m;m __; " _ """ """" "i1. : :_:m 12f6l'2020 Mount Royal Unjversity I ' -- Question 3: (1 point) if an industry consists of only one firm, its marginal revenue is less than product price at all levels of output because: ' -. (a) in order to sell an additional unit of output. it must lower the price on all units that could have been sold are higher price; (h) in order to maximize profits, marginal revenue must equal marginal cost. and marginal cost must be less than price. to) after a certain level of output is produced, the law of diminishing returns applies. (d) as additional units of output are sold. total revenue increases. reaches a maximum, and then falls. Go Tools Window Help 83 0. Sun 11: Module 5 - Monopoly & Monopolistic competition - .._.pdf (page 2 of 4) Q Search Question 4: (1 point) Suppose that a monopolist and perfectly competitive industry face the same cost and demand conditions. We will observe that the monopolist: (a) produces a larger output and charges a higher price than the competitive industry. (b) produces a smaller output and charges a higher price than does the competitive industry. (c) produces a smaller output and charges a lower price than does the competitive industry. (d) produces the same output as the competitive industry but charges a higher price. Question 5: (1 point) Which one of the following statements is correct? (a) Monopolist supply curve is a horizontal line. (b) Unregulated monopoly will keep on increasing price. (c) Unregulated monopoly will not set the price, where MR>MC. (d) Unregulated always makes economic profits in both short-run and long-run. Question 6: (1 point) O 6 W ... 19 20 F3 200 FA F5 F7 F8 F9 F10 # % & **Go Tools Window Help 2 83% Sun 11 Module 5 - Monopoly & Monopolistic competition - .._.pdf (page 2 of 4) Q Search Question 6: (1 point) When an industry is classified as oligopolistic, it consists of: (a) only one seller. (b) many sellers with similar products. (c) only a few sellers with either standardized or differentiated products. (d) only a few buyers. https://courseware.mymru.ca/webapps/blackboard/content/content Wrapper.jsp?content_id=_5310660_1&displayName=Module+5+ +Monopoly+%26amp%3B+Mon... 12/6/2020 Mount Royal University - Question 7: (1 point) In the long run, the monopolistically competitive firm: (a) earns zero economic/supernormal profits. (b) has a price that equals average total cost. (c) produces at a minimum average total cost. (d) both A and B are correct. 6 W ... A COLD FZ FA F5 F6 F7 FB F9 F10 # $ % &E: Module 5 Monopoly & Monopolistic competition - .._.pdf {page 3 of 4} v _ l v Ir! Question 5: {1 point) ' .2 Type: Concept and algebraic application ' I ' in Use the following to answer this question: Firm X I Firm Y Strategy A Strategy B Strategy A X = $300, Y = $300 X= $100, Y = $600 Strategy B X = $400, Y = $500 X = $200, Y = $800 This table shows the extra prots rms X and Z will earn from two different strategies, A and B. Referring to table 11.6. strategy 3 is: (a) dominated for rm Y. (b) dominant for rm X. (c) dominated for both rms. (:1) dominant for rm Y. Go Tools Window Help 83% Sun 11:01 PM Module 5 - Monopoly & Monopolistic competition -.._.pdf (page 3 of 4) Q Search Question 9: (1 point) A market structure that is characterized by many firms, each producing a similar product and having some ability to affect its output price is: (a) perfectly competitive. (b) monopolistic. (c) oligopolistic. (d) monopolistically competitive. https://courseware.mymru.ca/webapps/blackboard/content/contentWrapper.jsp?content_id=_5310660_1&displayName=Module+5+-+Monopoly+%26amp%3B+Mon... 3/4 12/6/2020 Mount Royal University - Question 10: (1 point) Type: Concept and algebraic application 6 W F5 F9 F10 0DO F4 - F6 F7 F8Go Tools Window Help 83% Sun 11:01 PM Module 5 - Monopoly & Monopolistic competition - .._.pdf (page 4 of 4) Q Search Question 10: (1 point) Type: Concept and algebraic application Use the following to answer this question: Firm B profit Low High Firm A profit Low 600, 600 300, 800 High 800, 300 400, 400 This table describes the profits accruing to each firm in a game. The first figure in any box is firm A's profit, and the second is firm B's profit. High and low refer to the strategy of having a high or low advertising budget. Referring to table 11.3, which of the following statements is correct if B and A reach a secret agreement between themselves concerning advertising budgets and this agreement holds because neither cheats? (a) Both will have a low advertising budget and both will earn profits of $600. (b) Both will have a low advertising budget and both will earn profits of $400. (c) Both will have a high advertising budget and both will earn profits of $800. (d) Both will have a high advertising budget and B will earn a profit of $300 and A will earn a profit of $800. ... A 6 FB F10 80 F3 DOO FA F9 FS F7Go Tools Window Help 84% Module 5 - Monopoly & Monopolistic competition - .._.pdf (page 1 of 4) Question 1: (1 point) Type: Concept and numerical application Use the following to answer this question: $100 90 Costs and revenues ATE MC 10 20 40 60 80 100 120 140 Quantity per period Referring to figure 10.2, if the monopolist wishes to maximize its total profit, what will be its price and output? (a) $0 and 80. (b) $10 and 70. (c) $10 and 140. (d) $45 and 70. 6 W A F2 BU F3 000 F4 F5 - F6 44 F7 F8 F9 F10 # $ % &