# Average product: A. is a standard unit of measure for output B. tells us how much output changes

Average product:

A. is a standard unit of measure for output

B. tells us how much output changes

when input changes

C. equals Q/L

D. is another name for marginal product

E. is constant

A competitive firm should shut down when price is:

A. below the minimum of AFC

B. equal to MC

C. below the minimum of AVC

D. above the AVC but below ATC

E. above ATC

A firm can be the sole seller of a product but still not be a monopoly if:

A. the firm is not making profits

B. the firm is not large

C. the product has many close substitutes

D. the market price is high

E. the cost of production is high relative to price

A firm can exercise price discrimination only when it

A. has market power over a product

B. has a lot of competitors

C. produces homogeneous products

D . has no fixed costs

A monopoly will maximize profits by producing an output at which:

A. MR>D

B. ATC = MR

C. MC=P

D. MC=MR

E. TC=TR

A monopoly’s marginal revenue curve:

A. slopes upward

B. lies above the marginal cost curve at all points

C. is horizontal

D. Is vertical

E. lies below the average revenue curve

All of the following are true of a monopoly except

A. high barriers to entry exist

B. it has market power

C. it is a price maker

D. it is a single seller

E. there are many close substitutes for its product

Average revenue is __ Price

A. equal to

B. less than

C. greater than

D. 1 divided by

E. marginal revenue times

The purpose of patents and copyrights is to

A. give government a role in the economy

B. create monopolies

C. grant advantages to a privileged few

D. promote innovation

E. destroy competition

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