Master the fundamentals of microeconomics with this comprehensive guide, covering topics such as market structures, demand and supply, and welfare economics. Perfect for WGU students preparing for their Global Economics quiz.
Circle the letter of the Answer that corresponds to the displayed Question.
1. monopolies are
A: price is determined by market demand, if one firm increases production (Q) this will impact the price
B price takers (influence price)
C: decrease Q
D: P / Q
2. monopoly market decision
A P/Q
B: = below price above supply curve
C: Quantity
D: collude & form a cartel (monopoly) -maximize total market profit
3. MC > MR
A: to entries
B: equals Total surplus (TS)
C decrease Q
D: price takers (influence price)
4. duopoly choice 2`
A: price
B: no close substitutes
C: decrease Q
D don't collude (self interest) higher individual firm profits possible, difficult to agree (anti-trust laws)
5. MR = MC
A this is Great!
B: collude & form a cartel (monopoly) -maximize total market profit
C: to entries
D: of products and services
6. monopolies are the sole sellers
A: increase output
B: declines until zero economic profits are realized
C of products and services
D: strategy that is best for a player in a game regardless of the strategies chosen by the other players
Business - 2024/25 2024/2025 Edition
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