Question 1
A monopolist's supply of a good is
◦ dependent on the monopolist's demand curve and its marginal cost curve.
◦ given by the portion of the monopolist's marginal cost curve that lies above the average variable cost curve.
◦ independent of the monopolist's demand curve.
◦ given by the portion of the monopolist's average variable cost curve that lies above the marginal cost curve.
Question 2
Because of a patent, Alcoa is the only manufacturer of soda cans with a stay-put tab. Alcoa can earn a profit on the sale of soda cans with stay-put tabs
◦ in the short run but not in the long run because new firms will enter the industry in the long run.
◦ only in the long run because government regulations prevent monopolists from earning profits in the short run.
◦ in the long run but not the short run because the monopolist will face competition in the short run.
◦ in the long run because entry into the industry by new firms is blocked until the patent expires.
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