Define price discrimination. What three conditions must exist before a firm can use it successfully?
2.Describe the circumstance under which profit maximization is the same as revenue maximization. Use a hypothetical numerical example to help explain why this is so.
3.Explain why price is greater than marginal revenue for a single-price monopolist and how this differs from perfect competition.
4.Describe the condition under which a profit-maximizing monopolist will be resource allocative efficient.
5.Describe the similarities between why sellers want to price discriminate and why district attorneys want to plea-bargain. In addition, discuss the conditions that must be satisfied before district attorneys (DAs) can plea-bargain successfully and how they relate to the three conditions necessary for successful price discrimination.
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