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9.8: Review Questions

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    Important Questions to Test Your Understanding

    1. How is monopoly different from perfect competition?
    2. What is a barrier to entry? Give some examples.
    3. What is a natural monopoly?
    4. What is a legal monopoly?
    5. What is predatory pricing?
    6. How is intellectual property different from other property?
    7. What legal mechanisms protect intellectual property?
    8. In what sense is a natural monopoly “natural”?
    9. How is the demand curve perceived by a perfectly competitive firm different from the demand curve perceived by a monopolist?
    10. How does the demand curve perceived by a monopolist compare with the market demand curve?
    11. Is a monopolist a price taker? Explain briefly.
    12. What is the usual shape of a total revenue curve for a monopolist? Why?
    13. What is the usual shape of a marginal revenue curve for a monopolist? Why?
    14. How can a monopolist identify the profit-maximizing level of output if it knows its total revenue and total cost curves?
    15. How can a monopolist identify the profit-maximizing level of output if it knows its marginal revenue and marginal costs?
    16. When a monopolist identifies its profit-maximizing quantity of output, how does it decide what price to charge?
    17. Is a monopolist allocatively efficient? Why or why not?
    18. How does the quantity produced and price charged by a monopolist compare to that of a perfectly competitive firm?
    19. What is  deregulation? Name some industries that have been deregulated in the United States.
    20. If public utilities are a natural monopoly, what would be the danger in deregulating them?

    This page titled 9.8: Review Questions was last modified on Fri, 04 Sep 2026 20:23:41 GMT and is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by Ravjeet Singh.

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