05 Jun · A monopolist engages in price discrimination
Question
· A monopolist engages in price discrimination
o
by charging the same price to all consumers.
o
by charging a higher price to consumers whose demand is more inelastic.
o
by charging a lower price to consumers whose demand is more inelastic.
o
by charging a lower price when marginal cost is higher.
· Economists generally define the short run as being
o
that period of time in which all inputs are variable.
o
any period of time less than one year.
o
that period of time in which at least one of the firm’s inputs, usually plant size, is fixed.
o
any period of time less than six months.
· In the above figure, when this monopolistically competitive firm produces its profit-maximizing output, it sets a per-unit price of
·
Enlarged View
o
$13.
o
$10.
o
$11.
o
$8.
· Refer to the above figure. Which panel represents what happens in the U.S. job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
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Enlarged View
o
Panel A
o
Panel B
o
Panel C
o
Panel D
· The demand curve faced by a monopolistically competitive firms is
o
unitary elastic.
o
horizontal.
o
downward sloping.
o
vertical.
· Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $10 per unit. What is its profit-maximizing rate of production?
·
Enlarged View
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