Question: (1) ￼￼￼￼￼￼￼￼￼￼￼￼A monopolist can choose both price and quantity. The amount of output that it supplies depends ________ curve.
(A) on its average cost and its demand
(B) on its marginal cost and its demand
( C) only on its demand
(D) only on its marginal cost
(2) Although patents are a ________, they also provide ________.
(A) collusive agreement; an incentive for invention and innovation
(B) collusive agreement; for free entry of new firms
( C) barrier to entry; for free entry of new firms
(D) barrier to entry; an incentive for invention and innovation
(3) Market power refers to a firm's ability to
(A) charge any price it likes.
(B) sell any amount of output it desires at the market-determined price.
( C) raise price without losing all demand for its product.
(D) monopolize a market completely.
(4) One way that perfect competition and monopoly differ is that in
(A) perfect competition, there is only one firm in the industry.
(B) monopoly, one firm produces less than the total market quantity supplied.
( C) perfect competition, there is no difference between firm and industry demand.
(D) monopoly, one firm faces the market demand curve. Edit
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