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Microeconomics Test Questions
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Microeconomics Test Questions
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25 Questions

1. Marginal revenue in a monopoly is:
2. A major source of monopoly power in a market is
3. For a monopolist, marginal revenue is always less than price because
4. Which of the following are government policies designed to deal with monopolies? i. Try to make monopolized industries more competitive. ii. Regulate the behavior of monopolies. iii. Turn some private monopolies into public enterprises. iv. Do nothing at all.
5. A nondiscriminating monopolist will find that marginal revenue:
6. A major argument in favour of advertising is that:
7. Profits are maximized when the firm
8. As output increases in a monopoly, the firm's total revenue:
9. The diagram depicting monopolistic competition in the short run:
10. The property of diminishing marginal product applies:
11. If the Average Total Cost curve of a firm in monopolistic competition happens to be above the demand curve, it means:
12. A monopoly is most likely to emerge and be sustained when:
13. Monopsony is a market with ______ buyers
14. _______ is situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
15. A bilateral monopoly is a market structure consisting of
16. For a firm hiring labour in a perfectly competitive labour market, the marginal revenue product curve slopes downward after some point because as more of a factor is employed, which of the following declines
17. "Which market model has the least number of firms?"
18. A firm may decide to shut down in the short run
19. If the supply curve for labor is backward bending, and if the wage of a worker increases, she might choose to work:
20. In perfect competition the shutdown point is defined by
21. In the short run, a monopolist's profits:
22. Monopolists are said to be allocatively inefficient because:
23. Firms in monopolistic competition in long run equilibrium ________ than firms in perfect competition.
24. For the monopolist, at the profit maximizing level of output
25. A bilateral monopoly is a market structure consisting of both a ______and a _____

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