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Cards In This Set
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Oligopolistic inductries are characterized by
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A few dominant firms and substantial entry bariers
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If a nondiscriminating imperfectly competeive firm is selling its 100th unit of output of $35 its Marginal Revenue . .
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Will be less than $35
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Monopolistic competeivion means
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Many firms producing differentiating products
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In which of the folloowing cases would economic profit be the greatest
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An unregulated monopolist which is able to engage in price discrimination
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X- ineffiency refers to a situation in which a firm
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Fails to achieve the minimum atc attainable at each level of output
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A perfectly discriminating pure monopolist will charge each buyer
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The maximum price each would be willing to pay
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A pure monopolist is selling 6 units at a price of $12. If the marginal revenue of the 7th unit is $5 then
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The price of the 7th unit is $11
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A monopolistic firm it can sell 10 garages per week @ 10,000 each. it restricts its output to 9/week it can sell @ 11,000/each. MR 10th?
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10,000
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Which of the following is not a precondition for price discrimination
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The commodity involved must be a durable good
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Other things equal, a perfectly discriminating moonopolist will
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Produce a larger output than a nondiscriminating monopolist
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If a regulatory commission sets price to acheieve the most efficient allocation of resources it will have to
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Subsidize the monopolist of the monopolist will go bankrupt in the long run
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A nondiscriminating monopolist finds that it can sell its 50th unit of output for $50. We can sumrise that the marginal
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Revenue of the 50th unit is less than $50
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A nondiscriminating pure monopolist's demand curve . . . . . . . . . . . .
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Lies above its marginal revenue curve
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Price discrimination refers to
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The selling of a given product at different prices which do not reflect cost differences
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If a monopolist engages in perfect price discrimination it will
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Charge a higher price where individual demand is elastic and a lower price where individual demand is elastic
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