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ECON-1010-A-Introduction to Microeconomics

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If a single-price monopoly is producing an output at which marginal cost exceeds marginal revenue, which of the following events occur?
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An image of four graphs plots price versus Quantity. The graphs are as follows. In the graphs, the points plotted on the 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. 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. The area covered by the rising curve and the slope is shaded.

Figure 12.3.2

Consider Figure 12.3.2, which shows four different market outcomes. The light grey area shows consumer surplus, and the dark grey area shows producer surplus. Which graph shows the consumer surplus and the producer surplus in a perfectly competitive market?
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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, how much consumer surplus will Prime create?
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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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What is the regulation of monopoly that social interest theory predicts?

The regulation of monopoly seeks to minimize
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A graph plots price (dollar per ticket) versus Quantity (tickets per week). 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 convex curve from mid-left to top right, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope falls through (0, 5.00) to (50, 0.00) is labeled M R and the second slope falls through (0, 5.00) to (100, 0.00) is labeled D. The convex curve rises through (10, 1.50), (30, 2.00), (50, 2.50) to (80, 4.00) is labeled M C.

Figure 12.2.3

Refer to Figure 12.2.3, which shows the market with a single-price monopoly. What is the profit-maximizing price to charge for a ticket?
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Which of the following equations is correct for a perfect price-discriminating monopoly?
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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 consumer surplus?
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Which of the following outcomes occurs if a monopoly can perfectly price discriminate?
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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. Which area indicates the deadweight loss from a single-price monopoly?
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