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Introduction to Microeconomics

Introduction to Microeconomics

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Refer to Table 4. Assume this monopolist's marginal cost is constant at $10. What output quantity will it produce and what price will it charge as a single-price monopolist?

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Refer to Table 4. What is the marginal revenue for the monopolist for the sixth unit sold?

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Refer to Table 4. If the monopolist sells eight units of its product, how much total revenue will it receive from the sale?

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Refer to Figure 2. The monopolist's maximum profit is

$2,250

$1,000

$2,000

Cannot be determined from the diagram

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Refer to Figure 2. To maximize its profit, a single-price monopolist would choose which of the following?

100 units of output and a price of $20 per unit

100 units of output and a price of $10 per unit

150 units of output and a price of $15 per unit

200 units of output and a price of $10 per unit

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Refer to Figure 2. To maximize total surplus, which of the following would the government choose?

100 units of output and a price of $10 per unit

150 units of output and a price of $15 per unit

200 units of output and a price of $10 per unit

150 units of output and a price of $10 per unit

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Because monopoly firms do not have to compete with other firms, the outcome in a market with a single-price monopoly is often

one that fails to maximize total surplus.

All of the above are correct.

not in the best interest of society.

economic inefficient.

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Brand-name drugs can continue capitalizing on their market power even after generic drugs enter the market because

(i), (ii), and (iii)

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Angelo is a wholesale meatball distributor. He sells his meatballs to all the finest Italian restaurants in town. Nobody can make meatballs like Angelo. As a result, his firm is the only business in town that sells meatballs to restaurants. Assuming that Angelo is maximizing his profit, which of the following statements is true?

Meatball prices will be a function of supply and demand and will therefore oscillate around the marginal cost.

Meatball prices will equal to the marginal cost.

Meatball prices will be less than the marginal cost.

Meatball prices will exceed the marginal cost.

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Technological progress taking place in a competitive industry tends to

increase production costs, increase profit for existing firms, and increase the number of firms in the industry over time.

reduce production costs, increase profit for existing firms, but decrease the number of firms in the industry over time.

reduce production costs, increase profit for existing firms, and increase the number of firms in the industry over time.

increase production costs, increase profit for existing firms, but decrease the number of firms in the industry over time.

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