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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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Consumer surplus is

equal to price minus marginal cost.

zero for a single-price monopolist.

greater in a single-price monopoly than in a perfectly competitive industry.

less in the case of a single-price monopoly than in the case of a perfectly competitive industry.

positive in the case of a monopolist practising perfect price discrimination.

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Firms that can price discriminate between customers do so to

increase economic profit.

increase employment.

increase producer surplus and deadweight loss.

decrease the quantity they produce.

increase consumer surplus.

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The more perfectly a monopoly can price discriminate, the

larger its output and the higher its profit.

smaller its output and the lower its profit.

larger its output and the lower its profit.

smaller its output and the higher its profit.

greater is consumer surplus.

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Which of the following outcomes occurs with perfect price discrimination?

None of the above.

It increases deadweight loss.

It decreases the monopolist’s profits.

It decreases total output.

It decreases consumer surplus.

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When a firm has a natural monopoly, which of the following effects does the firm experience?

Its total-cost curve is horizontal.

None of the above.

Its marginal cost always exceeds its average total cost.

It has scale economies over a small scale of output.

Its average-total-cost curve is downward sloping.

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Which of the following would indicate a relatively large amount of market power?

Low Lerner index

none of the above

all of the above

Highly price elastic demand

Low cross-price elasticity with other products

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Which of the following statements best characterizes a monopoly market?

It generally fails to maximize total economic well-being.

None of the above.

It generally maximizes total economic well-being.

It generally minimizes consumer surplus.

It generally fails to maximize producer surplus.

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What is the main difference between a competitive firm and a monopoly?

A competitive firm is a price taker, and a monopoly is a price maker.

None of the above.

A competitive is subject to government regulations, but a monopoly firm is not.

A competitive firm produces output at a lower cost than a monopoly firm.

A competitive firm owns a key resource, but a monopoly firm does not.

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A monopolist under marginal cost pricing has an incentive to

maximize consumer surplus.

produce less than the efficient quantity of output.

produce more than the efficient quantity of output.

produce the efficient quantity of output.

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Which one of the following is a natural barrier to entry?

decreasing returns to scale

a negatively sloped LRAC curve over the whole range of output

a positively sloped LRAC curve over the whole range of output

threats of punitive price-cutting by existing producers

licensing and patent restrictions

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