Microeconomics

Table of Contents

1. Topic pack - Microeconomics - introduction
2. 1.1 Competitive Markets: Demand and Supply
3. 1.1 Competitive Markets: Demand and Supply - notes
4. 1.1 Competitive markets - questions
5. 1.1 Competitive markets - simulations and activities
6. 1.2 Elasticities
7. 1.2 Elasticities - notes
8. Section 1.2 Elasticities - questions
9. Section 1.2 Elasticities - simulations and activities
10. 1.3 Government intervention
11. 1.3 Government Intervention - notes
12. 1.3 Government intervention - questions
13. 1.3 Government intervention - simulations and activities
14. 1.4 Market failure
15. 1.4 Market failure - notes
16. Section 1.4 Market failure - questions
17. Section 1.4 Market failure - simulations and activities
18. 1.5 Theory of the firm
19. 1.5 Theory of the firm - notes (HL only)
20. Section 1.5 Theory of the firm - questions
    1. Short-run - numerical
    2. Short-run - short-answer
    3. Long-run - short answer
    4. Cost theory - numerical
    5. Cost theory - short-answer
    6. Costs and cost curves - self-test questions
    7. Revenues - numerical
    8. Profit maximisation - short answer
    9. Revenue and profit - self-test questions
    10. Perfect competition - numerical
    11. Perfect competition - short answer
    12. Perfect competition - self-test questions
    13. Monopoly and oligopoly - short answer
    14. Monopoly - short answer
    15. The model of monopoly - self-test questions
    16. Economic efficiency - short answer
    17. Oligopoly - short answer
    18. Price discrimination - short answer
    19. Theory of firm - essay
    20. The big giveaway
    21. Fixing it transparently
21. Section 1.5 Theory of the firm - simulations and activities
22. Print View

Monopoly - short answer

The model of monopoly

Question 1

Explain the meaning of the phrase 'the monopolist is constrained by the demand curve for the product'.

Question 2

Discuss the statement 'monopoly is always bad'.

Question 3

Discuss the statement 'monopoly is always inefficient'.

Question 4

Explain why, if a monopolist takes over a perfectly competitive industry and takes advantage of no economies of scale, then the monopolist will reduce the quantity available for sale and at the same time raise the price.

Question 5

Look at the data below, which gives the total revenue schedules for firms. Which company, A, B, C or D, is a monopolist?

Question 6

Look at the data below, which gives the market shares for 4 different firms. Which company, A, B, C or D, is unlikely to have any monopoly power?