Output Profit and Loss (Grade 12 NSC Matric Economics): Quizzes
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Practise the questions
10 questions from this quiz
For a monopolist, what does the demand curve also represent?
For a monopolist, what does the demand curve also represent?
The average revenue (AR) curve
Where does the marginal revenue (MR) curve lie for a monopolist?
Where does the marginal revenue (MR) curve lie for a monopolist?
Below the demand (AR) curve
At what point does a monopolist maximize profit?
At what point does a monopolist maximize profit?
Where
When does total revenue reach its maximum point?
When does total revenue reach its maximum point?
When marginal revenue equals zero
When does a monopolist experience economic losses?
When does a monopolist experience economic losses?
When AC curve lies above demand curve
How are monopolists described in terms of price determination?
How are monopolists described in terms of price determination?
Price setters (makers)
How does monopoly output compare to perfect competition?
How does monopoly output compare to perfect competition?
Lower output at higher prices
What type of profit can monopolies earn in the long-term?
What type of profit can monopolies earn in the long-term?
Economic profit
What defines an oligopoly?
What defines an oligopoly?
Few large firms control most supply
What is a duopoly?
What is a duopoly?
Two producers dominate an industry