Question

If quantity is 100 when price is $50, what is total revenue?

Given a quantity of 1,000, a price of $10, and a total cost of $8,000, calculate total profit.

On a monopoly graph, how do you find the profit maximizing level of output?

At the intersection of demand and marginal cost and drop straight down.

At the intersection of marginal revenue and marginal cost and drop straight down

At the minimum of the average total cost curve and drop straight down

I don't know, I didn't learn the graphs.

Which of the following is a characteristic of monopolistic competition?

One firm

Strong barriers to entry

No close substitutes

Many, small firms

If the 5 firms in an industry have market shares of 40, 30, 15, 10, and 5, calculate the Hirerfindahl-Hirschman Index.

What is the general solution for dealing with the market failure of public goods?

It is best to leave things to private markets

Have the government regulate the industry

Have the government provide the good and force people to pay for it with taxes

Have the government sue the industry to pay for all of the costs of production

Does the existence of a negative externality result in the market system producing too much or too little of the product compared to what is best for society?

Too much

Too little

Just the right amount

Answer 1

Answer : Total revenue= Price* Quantity= $50*100= $5000

Answer : Total profit = Total revenue - Total cost = $10,000- $8000= $2000

Answer : Option B is correct .As in monopoly market , the intersection of the Marginal revenue to marginal cost which shows straight down Relationship in the market.

Answer : Option D is correct. There are many , small firms entering in the market place and close substitute are available as Product is slightly different and free entry and exit in the market.

Answer :HHI = 1600+900+225+100+25= 2850