From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left.

Question 21 options:

A monopolist's demand curve


Natural monopoly


Profit maximizing output for a single monopolist


Lies below the firm's demand curve


A legal barrier


Resource allocative efficiency (just like in perfect competition)


Third degree price discrimination


AC > P


Unlike a firm in perfect competition, a monopolist can maintain positive economic profit in the long-run


Deadweight loss

1.
The presence of high barriers to entry

2.
Only a single firm producing at a large scale can achieve the necessary cost advantage to produce the good or service (economies of scale)

3.
The MR curve of a single price monopolist

4.
At the level where MR = MC, P > MC, and P > MR

5.
A perfectly price-discriminating monopolist

6.
Charging different prices to different segments of the buying population (students, seniors, veterans, etc) to transfers consumers' surplus to producers

7.
Economic loss

8.
A patent

9.
Downward sloping

10.
The loss of consumer and producer surplus for not producing the competitive level of output

11.
The loss of profit because of the failure of the monopolist to produce the profit maximizing level of output at MR = MC

12.
Perfectly elastic (horizontal)

13.
Price discrimination based on quantity (example: an electric company charging a given rate for the 1st 250 kilowatt hours and a different rate for each additional kilowatt hour over 250)

14.
Opportunity cost

15.
The AR curve of a price discriminating monopolist

16.
Illegal in the U.S. and many other countries