Monopolies can hurt the overall economy by

1. Monopolies can hurt the overall economy by

producing some output where marginal cost is greater than marginal benefit

not producing some output where marginal cost is greater than marginal benefit

not producing some output where marginal cost is less than marginal benefit

producing some output where marginal cost is less than marginal benefit

2. The price of two identical products may be different

if the products are differentiated

if buyers don't have sufficient information

if search costs are too high

if all of the given options are true

3. The next three questions refer to the attached graph, which depicts a profit-maximizing monopoly.

(1) What is average total cost at a quantity of 9?

(only a whole number)

(2) What will be the monopolist's total revenue?

( only numbers, a decimal point, and a negative sign as needed. Round your final answer to two decimal places.)

(3) What profit or loss will the monopoly have? Put a negative sign before a loss and no sign before a profit.

( only numbers, a decimal point, and a negative sign as needed. Round your answer to two decimal places as needed)

1. Consider the attached table, which depicts a single firm. 

(1) Assuming that all costs are accounted for on this table, and that there are no implicit costs, what will be the firm's profit-maximizing quantity?

(only a whole number)

(2)Assuming that all costs are accounted for on this table, and that there are no implicit costs, what will the firm's profit/loss be at the profit-maximizing quantity?

(only a number, decimal point, and/or a negative sign as needed.  Put a negative sign before a loss and no sign before a profit.  Do not do any rounding)

(3) Assuming that all costs are accounted for on this table, and that there are no implicit costs, what is the marginal cost of the fourth unit produced and sold?

Follow the usual numeric instructions.  

(4)This table most likely depicts a single firm under ________ because _________.

monopoly; P is greater than MR

monopoly; P is equal to MR

perfect competition; P is less than MR

perfect competition; P is equal to MR

5.

Members of a traditionally low-income nomadic group are the only ones with access to certain kiln firing techniques used to make pots, which are very popular with tourists. This situation provides an argument against the assertion that

all monopolies make profits

monopolies may have higher costs than competitive firms

monopolies provide a lower quantity supplied than competitive firms

monopolies move wealth from poor to rich