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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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Which of the following occurs with both perfectly price-discriminating and single-price monopolies?

The amount of output is inefficient.

All consumer surplus goes to the monopoly.

Demand is perfectly elastic.

There is a redistribution of consumer surplus to the monopoly.

Deadweight loss is created.

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Which of the following is perfectly price-discriminating monopolist able to do?

produce a socially optimal level of output, and minimize the total cost

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None of the above.

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produce a socially optimal level of output, but not maximize profit

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maximize profit, and produce a socially optimal level of output

✅

maximize profit, but not produce a socially optimal level of output

❌

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An efficient use of resources occurs when

a deadweight loss arises.

producer surplus is eliminated.

consumer surplus is maximized.

a monopoly practices perfect price discrimination.

total social benefit from a good equals its total social cost.

❌

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If marginal revenue equals zero, then demand at this level of output is

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