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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are four closed points labeled A, B, C, and D. The first slope falls from K to mid of x-axis labeled M R, and the second slope falls from K to the bottom right of x-axis labeled D. The rising slope passes through (0, I), C, and D are labeled M C.

Consider Figure 12.3.3, which shows the market outcome. If the market is perfectly competitive, which area indicates the deadweight loss?

A perfectly competitive market does not have a deadweight loss.

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Which of the following quotes by a store manager describes price discrimination in action?

"I can get a 4-litre jug of milk from the supplier for less than four 1-litre cartons, so I can sell it for less per litre."

"Since bulk goods are cheaper to package, I can offer a lower price."

"We set price equal to average variable cost."

"We offer our employees a higher wage rate than our competitors."

"I offer discounts if you buy 12 apple juice cartons in one box, although it costs me the same as if I split the box up and sell the cartons separately."

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A graph plots Price (dollar per unit) versus Quantity (units per week). In the graph, the horizontal axis ranges from 0 to 80 with an increment of 20 units. The vertical axis ranges from 0 to 100 with an increment of 20 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 50) to (80, 50) is labeled M C, and three closed points (20, 50), (20, 75), and (40, 50). The first slope that falls through (0, 100) to (40, 0) is labeled M R and the second slope that falls through (0, 100) to (80, 0) is labeled D.

Refer to Figure 12.4.6, which shows a perfect price-discriminating monopoly. Which of the following statements is correct?

The perfect price-discriminating monopoly is

as efficient as a single-price monopoly.

as efficient as a perfectly competitive industry.

more efficient than a perfectly competitive industry.

less efficient than a single-price monopoly.

more efficient than a single-price monopoly, but less efficient than a perfectly competitive industry.

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When a monopoly price discriminates, which of the following situations arises?

Economic profit decreases.

Some economic profit is converted into consumer surplus.

Consumer surplus increases.

Deadweight loss is unchanged.

Some consumer surplus is converted into economic profit.

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A graph plots price (dollar per unit) versus Quantity (units per week). The horizontal axis ranges from 0 to 80 with an increment of 10 units. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a convex curve from mid-left to mid-top, and three closed points (20, 50), (20, 75), and (30, 62). The first slope falls through (0, 100) to (40, 0) is labeled M R, and the second slope falls through (0, 100) to (80, 0) is labeled D. The convex curve rises through (5, 40), (20, 50), (30, 62) to (45, 90) is labeled M C.

Refer to Figure 12.3.1, which shows the market for a single-price monopoly. At what output would resource use be efficient?

40 units per week

80 units per week

30 units per week

60 units per week

20 units per week

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In which of the following situations will the market for a good be a monopoly?

The market will be a monopoly if one firm

can reap economies of scale while other firm's can't.

can produce the good at a lower cost than other firms.

is the only supplier of a good in the market with a few good substitutes.

has a copyright, patent, or a government licence.

has a marketing strategy that dominates other firm's marketing.

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Which of the following actions is a price cap regulation?

setting the price equal to average variable cost

enforcing a marginal cost pricing rule

setting a price floor

setting a price which is illegal

setting a price ceiling

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A single-price monopoly produces surfboards on a desert island. How does the monopoly maximize its profit?

It produces the quantity at which

marginal revenue equals marginal cost and charges each buyer the highest price that buyer is willing to pay.

marginal revenue equals the market price of a surfboard.

marginal cost is minimized and charges each buyer the highest price that buyer is willing to pay.

marginal cost is minimized and charges all buyers the same price.

marginal revenue equals marginal cost and charges the highest price that buyers are willing to pay.

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A graph plots price (dollar per ticket) versus Quantity (tickets per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0.00 to 5.00 with an increment of 1.0 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 2.00) to (100, 2.00) is labeled M C, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope that falls through (0, 5.00) to (50, 0.00) is labeled M R, and the second slope that falls through (0, 5.00) to (100, 0.00) is labeled D.

Refer to Figure 12.4.1, which shows the market for monopoly. If this monopoly practises perfect price discrimination, which of the following events occur?

The quantity sold is smaller than the quantity sold by a single-price monopoly.

Price rises as the number of buyers increases.

One price is charged to young people and a different price to older people.

A different price can be charged to each buyer.

The monopoly's behaviour is illegal.

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Which of the following situations exists when the market is monopolistic competition?

Firms have no control over the price of their products.

Firms practice product differentiation.

The number of firms in the market is small.

The goods produced by each firm are identical.

Firms are protected from new competition by barriers to entry.

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