A single price monopoly that faces the demand curve P = 8 - Q and profit maximizes by reducing price from €6 to €5 must have a marginal cost of:
42.If the monopolist facing the demand curve P = 10 - Q is a perfectly discriminating monopolist and marginal cost is constant at €4, how much will the firm sell if it profit maximizes?
43.If the marginal costs are constant at zero for a single price monopolist facing the demand curve P = 10 - Q, what will profits be if fixed costs are 12?
44.If the firm facing the demand curve P = 10 - Q still has zero marginal costs and is now a perfect price discriminator instead of a single price monopolist, what will profits be if fixed costs are 12?
45.A firm with a demand curve P = 10 - Q is a perfect price discriminating monopolist with zero marginal costs and fixed costs of 12. Consider the following two statements comparing the price discriminating case with a single price monopolist. 1) In this case consumers are better off as a group because more of the product is produced. 2) Producers are better off because they have higher profits. Which of the following comments about these statements is true?
A. Both statements are true
B. Only the first statement is true
C. Only the second statement is true
D. Both statements are false
46.Which of the following explains why cinema prices for popcorn are three or four times higher than the popcorn price in the supermarket?
A. The supermarket sells a much higher volume and gets its profits that way
B. The cost of popping the popcorn is high
C. Supermarkets are satisfied with normal profit while theatres seek economic profit
D. The demand curve for popcorn in a cinema is more inelastic than the demand for popcorn at the supermarket
47.Which is true of a single price monopoly firm?
A. Its supply curve is equal to its marginal cost function
B. It can not pass along all its cost increases directly to the customer
C. Its shutdown point is where ATC = price
D. An increased profits tax will lower the quantity the firm will produce
48.A single price profit maximizing monopolist is inefficient because:
A. it produces too much output
B. it perfectly price discriminates when it can
C. the sum of consumer and producer surplus is less than it could be
D. it produces where price equals marginal cost rather than where marginal cost equals marginal revenue
49.The following is a difference between a monopolist and a perfectly competitive firm:
A. output is maximized when MR = MC
B. at some point there will always be diminishing returns to the marginal input.
C. the marginal cost curve is usually U-shaped
D. at equilibrium price is usually higher than marginal cost
50.All of the following are true about a monopolist except:
A. average and marginal revenues are not the same
B. marginal revenue is greater than price
C. marginal revenue decreases with increases in output
D. marginal revenue can be negative
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