01 May Question: Part a: Let’s say that a monopolist produces at an output where its price is greater than its ave…
Part a:
Let’s say that a monopolist produces at an output where its price is greater than its average variable cost, but its price is less than its average total cost. In this case, the monopolist:
operates at a loss and should shut down.
operates at a positive accounting profit, but zero economic profits.
operates at a loss but should not shut down.
operates at a positive accounting profit, and at positive economic profits.
None of the above
Part b:
Which of the following situations is (are) a violation(s) of the United States anti-trust laws?
Mr. Blanco serves on the board of a large computer corporation. He also serves on the board of a large university.
A wholesale firm that sells hot dog rolls offers a fast food chain a discount of 20% on its products. It also sells soft drinks and doesn’t offer a discount on these.
Executives of two large telephone companies meet and agree to charge their customers the same monthly price for a family plan offering.
All of the above are violations
Situations 1 and 3 (a and c) are violations.
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