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Which of the following statements explains why a puremonopolist's marginal revenue is less than price?
A) Its demand curve is perfectly inelastic.
B) Its demand curve is perfectly elastic.
C) It must lower price to sell more output, and the lowerprice applies to all units of output sold.
D) Its marginal revenue curve slopes upward
A) Its demand curve is perfectly inelastic.
B) Its demand curve is perfectly elastic.
C) It must lower price to sell more output, and the lowerprice applies to all units of output sold.
D) Its marginal revenue curve slopes upward
Assuming the same costs, a monopoly will
A) produce more and charge a higher price than a perfectlycompetitive firm.
B) produce less and charge a higher price than a perfectlycompetitive firm.
C) produce less and charge a lower price than a perfectlycompetitive firm.
D) produce more and charge a lower price than a perfectlycompetitive firm
A) produce more and charge a higher price than a perfectlycompetitive firm.
B) produce less and charge a higher price than a perfectlycompetitive firm.
C) produce less and charge a lower price than a perfectlycompetitive firm.
D) produce more and charge a lower price than a perfectlycompetitive firm
What is one major hurdle monopolies face to engage in first-degree price discrimination?
A) Finding everyone's willingness to pay is costly and difficult.
B) Overcoming legal conflicts to charge each person differently is costly.
C) Not every person has a maximum willingness to pay for a good.
D) Market research is costly and time-consuming
A) Finding everyone's willingness to pay is costly and difficult.
B) Overcoming legal conflicts to charge each person differently is costly.
C) Not every person has a maximum willingness to pay for a good.
D) Market research is costly and time-consuming
If a monopolist practices price discrimination, it will
A) receive more profit than a monopolist that does not pricediscriminate.
B) receive less profit than a monopolist that does not pricediscriminate.
C) produce the same output as a monopolist that does notprice discriminate.
D) produce less output than a monopolist that does notprice discriminate
A) receive more profit than a monopolist that does not pricediscriminate.
B) receive less profit than a monopolist that does not pricediscriminate.
C) produce the same output as a monopolist that does notprice discriminate.
D) produce less output than a monopolist that does notprice discriminate