Natural monopolies are firms that

Natural monopolies are firms that
 a. have a downward-sloping long-run average cost curve over the entire range of market demand
  b. have an upward-sloping long-run average cost curve over the entire range of market demand
  c. are protected against the entry of new firms by patents, licenses, or other legal restrictions
  d. control a nonreproducible resource that is critical to production
  e. have been created over time by the mergers of many smaller firms

QUESTION 2

If a firm is producing at an output where the total revenue curve crosses the total cost curve,
 a. revenue is maximized
  b. cost is maximized
  c. cost is minimized
  d. profit is maximized
  e. profit is zero

QUESTION 3

Negative marginal revenue means that
 a. the firm is maximizing its economic profit
  b. the firm is maximizing its total revenue
  c. total revenue is increasing at an increasing rate as output increases
  d. total revenue is increasing at a decreasing rate as output increases
  e. total revenue is decreasing as output increases

QUESTION 4

If a firm has a downward-sloping long-run average cost curve over the entire range of market demand, it is a
 a. local monopoly
  b. resource monopoly
  c. monopsony
  d. output monopoly
  e. natural monopoly

QUESTION 5

Firm A and B are producers in the same perfectly competitive industry. If Firm A earns a marginal revenue of 17,
 a. it earns an average revenue less than 17
  b. Firm B earns an average revenue of 17
  c. Firm B will try to charge 16 per unit
  d. it earns an average revenue greater than 17
  e. Firm B earns an average revenue greater than 17

QUESTION 6

A firm facing a downward-sloping demand curve sells 50 units of output at 10 each. The firm's marginal revenue is
 a. 500
  b. more than 10 but less than 500
  c. 10
  d. less than 10
  e. zero