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ECON-1010-A-Introduction to Microeconomics

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A graph plots price (dollar per unit) versus Quantity (units per week). The horizontal axis ranges from 0 to 80 with an increment of 10 units. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a convex curve from mid-left to mid-top, and three closed points (20, 50), (20, 75), and (30, 62). The first slope falls through (0, 100) to (40, 0) is labeled M R, and the second slope falls through (0, 100) to (80, 0) is labeled D. The convex curve rises through (5, 40), (20, 50), (30, 62) to (45, 90) is labeled M C.

Figure 12.3.1

Refer to Figure 12.3.1, which shows the market for a good. What is the market price of the good?

If the producer is a perfectly competitive firm, the market price is ________ per unit, but if the producer is a single-price monopoly, the price is ________ per unit.
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Which of the following statements about a perfect price-discriminating monopoly is correct?

A perfect price-discriminating monopoly
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A graph plots price versus Quantity. In the graph, the points plotted on the x axis are Q sub 0, Q sub 1, Q sub 2, Q sub 3, and Q sub 4 and the points plotted on the y axis are P sub 1, P sub 2, and P sub 3. The graph plots two slopes from top left to mid-bottom and bottom right labeled M R and D, respectively. A horizontal line (0, P sub 0) from mid-left to mid-right is labeled M C. A convex curve from top left to bottom right, falling through (Q sub 0.5, P sub 3), (Q sub 1, P sub 2.5) to (Q sub 3, P sub 2). There are seven closed points A (Q sub 1, P sub 3), B (Q sub 1, P sub 2), C (Q sub 1, P sub 0), D (Q sub 2, P sub 2), E (Q sub 2, P sub 0), F (Q sub 3, P sub 0), and G (Q sub 3, P sub 2).

Figure 12.3.4

Refer to Figure 12.3.4, which shows single-price monopoly. Which area in the graph represents the deadweight loss created?
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Under which of the following conditions does monopoly arise?
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If a single-price monopoly's marginal revenue is zero, what is the price elasticity of the market demand for the good the monopoly produces?

Market demand is
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The horizontal axis represents quantity in thousands of bottles per year and ranges from 0 to 1000 with interval 250. The vertical axis represents price in cents per bottle and ranges from 0 to 100 with interval 10. A straight downward-sloping curve that intersects the y-axis at 100 and and the x-axis at 1000 is labeled D. A straight downward-sloping curve that intersects the y-axis at 100 and the x-axis at 500 is labeled MR. A downward sloping curve that is initially steep and becomes less steep is labeled ATC. The D curve and the ATC curve intersect at (800,20).

Figure 12.5.1

Refer to Figure 12.5.1, which shows data for a natural monopoly that bottles spring water. Its total fixed cost is $80,000 per year, and its marginal cost is 10 cents a bottle. If the government imposes average cost pricing on the monopoly, what is the price of a bottle of water?
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Is a single-price monopoly efficient?
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Does a monopoly face any market constraints?
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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are four closed points labeled A, B, C, and D. The first slope falls from K to mid of x-axis labeled M R, and the second slope falls from K to the bottom right of x-axis labeled D. The rising slope passes through (0, I), C, and D are labeled M C.

Figure 12.3.3

Consider Figure 12.3.3, which shows the market outcome. If the market is a single-price monopoly, which area indicates consumer surplus?
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A graph plots price (dollar per unit) versus Quantity (units per week). The horizontal axis ranges from 0 to 80 with an increment of 10 units. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a convex curve from mid-left to mid-top, and three closed points (20, 50), (20, 75), and (30, 62). The first slope falls through (0, 100) to (40, 0) is labeled M R, and the second slope falls through (0, 100) to (80, 0) is labeled D. The convex curve rises through (5, 40), (20, 50), (30, 62) to (45, 90) is labeled M C.

Figure 12.3.1

Refer to Figure 12.3.1, which shows the market for a single-price monopoly. Which of the following statements is correct?
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