Tackle the Test: Multiple-Choice Questions

622

Refer to the graph provided for Questions 1–4.

image
  1. Question

    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
    The monopolist’s profi
  2. Question

    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
    The monopolist’s total revenue equals
  3. Question

    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
    The monopolist’s total cost equals
  4. Question

    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
    The monopolist is earning a profit equal to
  5. Question

    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
    How does a monopoly differ from a perfectly competitive industry with the same costs?