If a price-discriminating monopoly charges a lower price to individuals in City X, it is likely that the firm
a.believes that the demand of individuals in City X is relatively inelastic.
b.believes that the demand of individuals in City X is relatively elastic.
c.wants to shift the demand of individuals in City X.
d.cares about the well-being of the individuals in City X.
73.At the quantity where a single-price monopolist maximizes profit, price will be
a.equal to marginal cost.
b.equal to marginal revenue.
c.greater than marginal cost.
d.less than marginal cost.
e.less than marginal revenue.
74.A single-price monopolist sets a price of $35 and is selling more than one unit of the product. Which of the following is true?
a.The average cost of that unit must be $35.
b.The marginal cost of that unit must be $35.
c.The marginal revenue of that unit must be $35.
d.The marginal revenue of that unit must be less than $35.
75.A monopolist can sell 8,000 units at a price of $15. Lowering price by $2 raises the quantity demanded by 2,000 units. What is the change in total revenue that results from this price change?
76.For a single-price monopoly, marginal revenue is
a.equal to price for the first unit of output.
b.less than price for all units of output after the first unit.
c.greater than price.
e.a and b
77.The term "arbitrage" refers to
a.buying a good in a market where its price is high and selling the good in another market where its price is lower.
b.buying a good in a market where its price is low and selling the good in another market where its price is higher.
c.selling a good in a market where its price is high.
d.selling a good in a market where its price is low.
78.Which of the following is true at the level of output which maximizes profits for a perfectly price-discriminating monopolist?
a.P > MC.
d.a and b
e.none of the above
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