1			All of the following statements, except one, are true about a monopolist. Which is the exception?
			A)	Its demand curve is downward sloping.
			B)	Average revenue and price are the same.
			C)	Marginal revenue and price are the same.
			D)	Marginal revenue and marginal cost are equal at the profit maximizing output.l
2			Sole ownership of a particular resource is an example of:
			A)	A natural monopoly
			B)	A technical barrier to entry
			C)	An economic barrier to entry
			D)	A public utility
3			Which of the following is true of a private monopoly?
			A)	It cannot make economic losses in the short run.
			B)	It cannot make economic losses in the long run.
			C)	It always makes economic profits.
			D)	It never makes economic profits.
4			All of the following, except one, are true statements about a natural monopoly. Which is the exception?
			A)	It is able to produce at a lower cost than competing firms could.
			B)	It has economies of scale and a declining LRAC over the relevant range of demand.
			C)	The demand for its product is perfectly elastic.
			D)	They are often found in public utility industries.
			E)	5
5			All of the following statements, except one, are true about a monopolist. Which is the exception?
			A)	The monopolist can determine the price, but the market will determine the quantity purchased.
			B)	The monopolist can determine the quantity offered for purchase but the market will determine the price.
			C)	The monopolist can determine both the quantity offered for purchase and the price.
			D)	The monopolist faces a downward-sloping market demand curve.
			E)	5
6			Which of the following statements is true regarding the marginal revenue curve of the monopolist?
			A)	It is twice as steep as the average revenue curve.
			B)	It could also be called a price curve.
			C)	It is a horizontal line.
			D)	It is the same as its average revenue curve.
7			All of the following, except one, are examples of barriers to entry. Which is the exception?
			A)	Economies of scale
			B)	Minimum-wage legislation
			C)	Copyrights
			D)	Government licences

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8			Refer to the figure above, which depicts the cost and revenue curves for a monopolist, when answering this question. What are the profit-maximizing level of output and price, respectively?
			A)	30 and $20
			B)	30 and $35
			C)	35 and $27.50
			D)	40 and $30
			E)	42 and $28

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9			Refer to the figure above, which depicts the cost and revenue curves for a monopolist, when answering this question. At the profit-maximizing level of output, what is the amount of total costs?
			A)	$20
			B)	$600
			C)	$900
			D)	$1200
			E)	Cannot be determined from this information

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10			Refer to the figure above, which depicts the cost and revenue curves for a monopolist, when answering this question. What is the level of profits at the profit-maximizing output?
			A)	0
			B)	$20
			C)	$150
			D)	$450
			E)	$600
11			All of the following, except one, are true at the output where a monopolist's marginal revenue is equal to zero. Which is the exception?
			A)	It is the output that maximizes total revenue.
			B)	It is the output that maximizes average revenue.
			C)	It is the output that is associated with the midpoint of the AR curve.
			D)	It is the output where average revenue must be greater than marginal revenue.
12			Suppose a monopolist was charging a price of $120 for its product and was selling 80 units. If it lowers its price to $119 and, as a result, sells 81 units, what is the marginal revenue for the product?
			A)	0
			B)	$1
			C)	$39
			D)	$9639
13			All of the following, except one, are true at the output(s) where a monopolist breaks even. Which is the exception?
			A)	TC = TR
			B)	Profits are maximized
			C)	AR = AC
			D)	Economic profits are zero