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ECON-1010-A-Introduction to Microeconomics

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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 marginal cost pricing on the monopoly, what is the price of a bottle of water?
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An image of four graphs plots price versus Quantity. In the graphs, the points plotted on y-axis are P sub 0. The graphs plot two slopes from top left to mid-bottom and bottom-right respectively and a rising slope from mid-left to top right. In the first, second, third, and fourth graph, the first slope falls from top left to mid of x-axis labeled M R, and the second slope falls from top left to the bottom right of x-axis labeled D. The rising slope passes through the mid of the second slope is labeled M C. Area covered by the rising curve, and the slope is shaded.

Figure 12.4.2

Refer to Figure 12.4.2, which shows consumer surplus as the light grey area and producer surplus as the dark grey area. Which graph illustrates a perfect price-discriminating monopoly?
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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 20 units. The vertical axis ranges from 0 to 100 with an increment of 20 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 12.2.1

Refer to Figure 12.2.1, which shows the market with a single-price monopoly. What quantity does the monopoly produce and what price does it charge?

The monopoly produces ________ units per week and charges a price of $________ per unit.
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A graph plots price (Dollar per unit) versus Quantity (millions of inhalers). In the graph, the horizontal axis ranges from 0 to 20 with an increment of 4 units. The vertical axis ranges from 0 to 10 with an increment of 1 unit. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a horizontal line from (0, 2) to (20, 2) labeled M C, and four open points (8, 2), (8, 6), (10, 5) and (16, 2). The first slope that falls through (0, 10) to (10, 0) is labeled M R, and the second slope falls through (0, 10) to (20, 0) labeled D.

Figure 12.4.4

Refer to Figure 12.4.4, which shows the market for Prime Pharmaceuticals' inhalers, for which it has a patent. Prime's marginal cost is constant at $2 an inhaler. If Prime Pharmaceuticals can perfectly price discriminate, what is the deadweight loss Prime creates?
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What statement about rent seeking is correct?
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A graph plots price (dollar per ticket) versus Quantity (tickets per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0.00 to 5.00 with an increment of 1.0 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 2.00) to (100, 2.00) is labeled M C, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope that falls through (0, 5.00) to (50, 0.00) is labeled M R, and the second slope that falls through (0, 5.00) to (100, 0.00) is labeled D.

Figure 12.4.1

Refer to Figure 12.4.1, which shows the market for monopoly. If this monopoly practises perfect price discrimination, which of the following events occur?
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When a natural monopoly is regulated under the marginal cost pricing rule, which of the following outcomes does the regulation achieve?
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What determines a single-price monopoly's marginal revenue?

Marginal revenue equals the change in ________ 1 more unit of the good.
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Which of the following markets will have the largest deadweight loss?
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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 perfectly competitive, which area indicates producer surplus?
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