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ECON-1010-A-Introduction to Microeconomics

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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.

Figure 12.3.1

Refer to Figure 12.3.1, which shows the market for a single-price monopoly. Which of the following statements is correct?
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Which of the following situations arises when a monopoly perfectly price discriminates?
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Fact 12.1.1

The following statements give some information about seven markets.

  1. Coca-Cola cuts its price below that of Pepsi-Cola in an attempt to increase its market share.
  2. A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes.
  3. A barrier to entry exists, but the good has some close substitutes.
  4. A firm offers discounts to students and seniors.
  5. A firm can sell any quantity it chooses at the going price.
  6. The government issues Nike an exclusive licence to produce golf balls.
  7. A firm experiences economies of scale even when it produces the quantity that meets the entire market demand.

Refer to Fact 12.1.1. Which of the statements describes a market in which a monopoly exists?
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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.

Figure 12.4.1

Refer to Figure 12.4.1, which shows the market for monopoly. If this monopoly practises perfect price discrimination, how many tickets does this monopoly sell?
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A graph plots price (dollars per jacket) versus Quantity (jacket per day). In the graph, the horizontal axis ranges from 0 to 400 with an increment of 80 units. The vertical axis ranges from 0 to 180 with an increment of 20 units. The graph plots two slopes, two convex curves, and a closed point (200, 78). The first slopes fall through (0, 120) to (400, 30) is labeled M R, and the second slope falls through (0, 120) to (400, 70) is labeled D. The first curve falls through (20, 70) to (80, 50) then rises through (160, 60) to (300, 170) is labeled M C and the second curve falls through (130, 160) to (280, 130) then rises through (320, 135) to (400, 160) is labeled A T C.

Figure 13.2.3

Refer to Figure 13.2.3, which shows the market demand curve for Gap's jackets and the marginal revenue and cost curves faced by Gap. What is Gap's profit-maximizing quantity of jackets to produce?
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Which of the following situations arises in monopolistic competition because the number of firms is large?
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A firm in monopolistic competition maximizes profit in the long run by selling 100 units a day at $20 a unit. Marginal revenue at the profit-maximizing quantity is $15. What is the firm's markup?
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What will happen in the long run if firms in monopolistic competition incur economic loss in the short run? 
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Why do firms in monopolistic competition make zero profit in the long run?
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Which of the following industries is the best example of an oligopoly? 
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