question
Price (demand) exceeds marginal revenue for the imperfectly competitive firm because
answer
to sell more the imperfectly competitive firms must lower its price
question
Price (demand) exceeds marginal revenue for the imperfectly competitive firm because
answer
to sell more the imperfectly competitive firms must lower its price
question
assume that prescott pharmaceuticals, which holds patents on vaxadrin, vaxadrine, and vaxadrone is an unregulated monopolist. its profit-maximizing quantity will always be ___
answer
where MR is positive
question
Avogadro sells avocados in a perfectly competitive industry while purchasing his orchard equipment from Monoglom Hardware Conglomerate (MHC), the only orchard equipment supplier in town. Coincidentally, both Avogadro and MHC face identical demand and cost curves. Compared to Avogadro, MHC's price and output will be what
answer
price: higher, output: lower
question
if the marginal cost curve of a monopolist shifts up, which of the following will occur to the monopolist's price and output?
answer
increase, decrease
question
What is the bets explanation for why monopolists don't roduce the allocatively efficient quantity but perfectly competitive firms do
answer
charges a price higher than marginal cost, but a perfectly competitive firm's price equals marginal cost
question
Given the profit maximizing monopolist above, the profit maximizing quantity is __ and the price is
answer
L, B
question
Calculate the deadweight loss for the profit maxiziming monopolist A=17, B=10, etc
answer
14
question
Calculate total cost for the profit maximizing monopolist
answer
140
question
Calculate the total revenue for the profit maximizing monopolist
answer
136
question
Calculate profit for the profit maximizing monopolist
answer
36
question
What would the conusmer surplus be if the monopolist could perfectly price discriminate
answer
0
question
What would the monopolist price be if they could perfectly price discriminate P1=4
answer
14
question
if this unregulated monopolist does not price discriminate, what would the revenue be
answer
140
question
which of the following are true about profit maximizing monopolies
answer
I and III
question
which of the following is true of a natural monopoly
answer
output increase, long run ATC decreases
question
if a lump-sum tax is imposed on a monopolistic competitive firm, which of the following will happen to the P and Q sold in the market
answer
P and Q will remain unchanged
question
Which of the following correclty describes economic profits and allocative efficiency for a firm in monopolistic competition in long-run equilibrium
answer
Normal profit and allocatively inefficient
question
What happens when firms exit an industry with monopolistic competition
answer
Demand curve increases
question
McCromwell's golden arcs
answer
price = ATC and is greater than marginal cost
question
Which of the choices below best characterizes an oligopolistic market
answer
Few competing sellers with similar products and high barriers to entry
question
Not a characteristic of oligopoly
answer
P=MC
question
Which of the following is true of oligopolies
answer
I and IV. strategic decisions neither allocatively nor productively efficient
question
Two competing guitar
answer
Bender: cheat, Jibson: not cheat
question
Cromie Corp and Peterson Incorporated
answer
470
question
Given the natural monopoly depicted below, the fiar return price would be
answer
18 (ATC=P)
question
Given the natural monopoly depicted below, the socially optimal price would be
answer
7 (P=MC)
question
Firms in imperfectly competitive industries choose to produce on the ___ range of it's demand curve because consumers are ____ sensitive to changes. Total revenue _____ as a result
answer
elastic, more, increases
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