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Micro Economics
Equilibrium of Firm under Monopoly
How many firms are there in monopoly?
|
Only one |
Many |
|
Limited |
Unlimited |
This is the basic condition of monopoly.
|
Freedom of entry |
Homogenous price |
|
No interference of Government |
None |
A monopolistic firm wishes to:
|
Maximise profit |
Minimize loss |
|
To cover loss |
To gain profit |
In monopoly, generally the prices are
|
The same |
Different |
|
Higher |
Lower |
In monopoly:
|
P = MR = AR |
P = MR |
|
AR = MR |
All |
These curves are the same in monopoly.
|
Price & MR |
Price, MR & AR |
|
MR & AR |
TR & MR |
At breakeven point in monopoly, firm gains
|
Normal profit |
Higher profit |
|
Normal loss |
Higher loss |
TC means
|
TFC+TVC |
FC + VC |
|
Both |
None |
A monopoly firm may be in equilibrium:
|
At profit |
In loss |
|
At break even |
All |
Discrimination policy is effective in.
|
Monopoly |
Perfect Competition |
|
Both |
None |
Firms are free to enter or exit in
|
Monopoly |
Perfect competition |
|
Duopoly |
Oligopoly |
These are kinds of monopoly.
|
Pure monopoly |
Duopoly |
|
Oligopoly |
All |
If the firm is in loss at equilibrium, it wishes to:
|
Maximise profit |
Minimize loss |
|
To cover loss |
To gain profit |
When a firm enjoys profit at equilibrium, its Avg. Cost (AC) curve must
be
|
Over Avg. Revenues (AR) |
Below Avg. Revenue (AR) |
|
At Avg. Revenue (AR) |
None |
At breakeven point, firm’s Avg. Cost (AC) curve must be
|
Over Avg. Revenues (AR) |
Below Avg. Revenue (AR) |
|
Equal to Avg. Revenue (AR) |
None |
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