the selection of q 3

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q6 selection p1,2,3,4 q1,2,3,4

D Question 1 1 pts Monopoly is characterized by 1) One seller 2) Complete barriers to entry 3) Ability to set prices True False 1 pts Question 2 Question 2 1 pts Market power relates to the ability of sellers to affect consumer preferences, and it arises because of increased abilities of monopolies to advertise. True False 1 pts Question 3 Question 3 1 pts An example of an industry or service that is a natural monopoly is [Select] Question 4 1 pts Alex knows a lot of people who do not like Vegemite. He says that Vegemite is so unpopular that Bega, the company that manufactures it, cannot possibly have any monopoly power. Do you agree? [Select] 2 pts Question 5 Question 3 1 pts An example of an industry or service that is a natural monopoly is [Select ] [Select ] Questio pts Yes, if a good is not widely liked by consumers, the producer does not have a monopoly in that good. Alex kno No, monopoly power is based on whether a good has any close substitutes, not whether your friends Vegemit No, producing Vegemite requires low fixed costs, so it is likely a regulated natural monopoly that has ot that Bea wer possibly have any monopOly Do you agree? [Select] 2 pts Question 5 Question 5 2 pts Mr. Olivander has a monopoly on supplying magic wands. The table below shows the demand schedule for magic wands per day. Quantity Demanded Price 0 100 1 90 2 65 3 55 45 38 30 If the marginal cost of a magic wand is $10, how many wands should Mr. Olivander sell to maximize his profit? O 6 O 3 O 4 5 2 pts Question 6 45 8 Question 6 2 pts Market 1 Price MC Ps ATC P P P MR Quantity Q, Q, Qs Q Q This monopolist should charge in order to maximize its [Select ] profit The quantity of production for the monopolist at this price should be [Select