Show ECON 1002 Microeconomics Unit 3 Challenges ECON1002 Microeconomics Unit 3 ChallengesPublished on Apr 30, 2020 ECON 1002 Microeconomics Unit 3 Challenges Click below link for Answer https://www.sobtell.com/q/tutorial/default/206915-econ-1002-microeconomics-unit... Lucky Twister Upgrade to remove ads Only ₩37,125/year
Terms in this set (30)TRUE OR FALSE monopolies produce differentiated products false TRUE OR FALSE monopolistic competition is a market structure that consists of a small number of producers false
TRUE OR FALSE perfect (pure) competition is characterized by product differentiation false TRUE OR FALSE oligopolies exist in a market that has a small number of producers that may or may not exhibit product differentiation true a monopoly is characterized by the which of the following? a. many
firms producing identical products with no control over the market price c. a single firm producing a product with no close substitutes and control over the market price EXAMPLE OF A BARRIER TO ENTRY OR NOT pfizer being the only firm that is legally allowed to produce and sell lipitor, a best-selling cholesterol drug an example EXAMPLE OF A BARRIER TO ENTRY OR NOT debeers owning nearly all of the worlds diamond mines an example EXAMPLE OF A BARRIER TO ENTRY OR NOT tinseltown theaters shows almost all the most popular newly-released movies not an example EXAMPLE OF A BARRIER TO ENTRY OR NOT boeing already serves a large fraction of the jumbo jet market and is able to produce at a lower average cost than any potential competitors an example what is a natural monopoly? a. a monopoly that results from government issuing patents c. a monopoly that results when one firm is able to produce at a lower cost than multiple firms, giving large firms with higher levels of output an advantage over smaller competitors. which of the following firms is most likely to be a natural monopoly? a. a pharmaceutical company that has the exclusive right to sell a patented drug b. municipal power light, the local supplier of electricity MONOPOLY OR PERFECT COMPETITION an efficient quantity is produced perfect competition MONOPOLY OR PERFECT COMPETITION price is higher than in other market structures monopoly MONOPOLY OR PERFECT COMPETITION firms can earn positive economic profit in the long run monopoly MONOPOLY OR PERFECT COMPETITION firms have no market power perfect competition MONOPOLY OR PERFECT COMPETITION there are significant barriers to entry monopoly TRUE OR FALSE price discrimination is illegal under all circumstances false TRUE OR FALSE firms do not have incentive to price discriminate because it results in some groups paying a lower price than others false TRUE OR FALSE airlines are often able to price discriminate true TRUE OR FALSE all else equal, single price monopolies earn lower profits than firms that can price discriminate true TRUE OR FALSE perfect price discrimination is when perfectly competitive firms charge some people higher prices than others false TRUE OR FALSE price discrimination only occurs with natural monopolies false If a monopolist is producing a quantity that generates MC > MR, then profit: a. can be increased by increasing production. b. can be increased by decreasing production. Mr. Porter sells 10 bottles of champagne per week at $50 per bottle. He can sell 11 bottles per week if he lowers the price to $45 per bottle. The quantity and the price effects on total revenue would be, respectively, an increase of _____ and a decrease of _____. a. $45; $50 a. $45; $50 Price discrimination leads to a _____ price for consumers with a _____ demand. a. higher; less elastic a. higher; less elastic Suppose that a monopoly computer chip maker increases production from 10 microchips to 11 microchips. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is: a. $9. c. $19. The city bus system charges lower fares to senior citizens than to other passengers. Assuming that this pricing strategy increases the profits of the bus system, we can conclude that senior citizens must have a _____ demand for bus service than other passengers. a. lower c. more elastic The large barriers to entry are a reason a monopoly: a. earns an economic profit in the long run. a. earns an economic profit in the long run. Which of the following statements about the differences between monopoly and perfect competition is INCORRECT? a. Monopoly profits can continue in the long run because the monopoly produces more and charges a higher price than a comparable perfectly competitive industry. a. Monopoly profits can continue in the long run because the monopoly produces more and charges a higher price than a comparable perfectly competitive industry. You own a lemonade stand in a competitive market, and as such, you are a price-taking firm. Which of the following events would most likely increase your market power? a. A booming economy increases the demand for lemonade and attracts entry into the market. b. You own exclusive rights to harvest lemons from all domestic citrus orchards. Recommended textbook solutions
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Which of the following characteristics of a monopoly is being exhibited with the above statement?
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