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ECON-1010-A-Introduction to Microeconomics

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A graph plots price versus Quantity. In the graph, the points plotted on the x axis are Q sub 0, Q sub 1, Q sub 2, Q sub 3, and Q sub 4 and the points plotted on the y axis are P sub 1, P sub 2, and P sub 3. The graph plots two slopes from top left to mid-bottom and bottom right labeled M R and D, respectively. A horizontal line (0, P sub 0) from mid-left to mid-right is labeled M C. A convex curve from top left to bottom right, falling through (Q sub 0.5, P sub 3), (Q sub 1, P sub 2.5) to (Q sub 3, P sub 2). There are seven closed points A (Q sub 1, P sub 3), B (Q sub 1, P sub 2), C (Q sub 1, P sub 0), D (Q sub 2, P sub 2), E (Q sub 2, P sub 0), F (Q sub 3, P sub 0), and G (Q sub 3, P sub 2).

Figure 12.3.4

Refer to Figure 12.3.4, which shows natural monopoly. At which of the following outcomes is total surplus created at a maximum?
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0%
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0%
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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.

Figure 12.3.3

Consider Figure 12.3.3, which shows the market outcome. If the market is perfectly competitive, which area indicates the deadweight loss?
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❌
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✅
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A graph plots price (Dollar per unit) versus Quantity (millions of inhalers). In the graph, the horizontal axis ranges from 0 to 20 with an increment of 4 units. The vertical axis ranges from 0 to 10 with an increment of 1 unit. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a horizontal line from (0, 2) to (20, 2) labeled M C, and four open points (8, 2), (8, 6), (10, 5) and (16, 2). The first slope that falls through (0, 10) to (10, 0) is labeled M R, and the second slope falls through (0, 10) to (20, 0) labeled D.

Figure 12.4.4

Refer to Figure 12.4.4, which shows the market for Prime Pharmaceuticals' inhalers, for which it has a patent. Prime's marginal cost is constant at $2 an inhaler. If Prime Pharmaceuticals can perfectly price discriminate, which of the following outcomes will occur?
✅
❌✨
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A graph plots price versus Quantity.In the graph, the points plotted on the x axis are Q sub 0, Q sub 1, Q sub 2, Q sub 3, and Q sub 4 and the points plotted on the y axis are P sub 1, P sub 2, and P sub 3. The graph plots two slopes from top left to mid-bottom and bottom right labeled M R and D, respectively. A horizontal line (0, P sub 0) from mid-left to mid-right is labeled M C. A convex curve from top left to bottom right, falling through (Q sub 0.5, P sub 3), (Q sub 1, P sub 2.5) to (Q sub 3, P sub 2). There are seven closed points A (Q sub 1, P sub 3), B (Q sub 1, P sub 2), C (Q sub 1, P sub 0), D (Q sub 2, P sub 2), E (Q sub 2, P sub 0), F (Q sub 3, P sub 0), and G (Q sub 3, P sub 2).

Figure 12.5.2

Refer to Figure 12.5.2, which shows the market with a natural monopoly. If a regulatory agency sets a rate of return regulation, but the monopoly inflates its costs as much as possible, what will the market price be?
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❌
✅✨
❌
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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.

Figure 12.4.5

Which area in Figure 12.4.5 indicates the deadweight loss from a perfect price-discriminating monopoly?
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❌
❌
❌
✅
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A graph plots price (dollar per unit) versus Quantity (units). The horizontal axis ranges from 0 to 9 with an increment of 1 unit. The vertical axis ranges from 0 to 9 with an increment of 1 unit. The graph plots two slopes from top left to mid-right and bottom left respectively and two convex curves from mid-left to mid-right and bottom left to top right respectively. The first slope falls through (0, 9) to (4.5, 0) is labeled M R, and the second slope falls through (0, 9) to (9, 0) is labeled D. The first convex curve falls through (1. 6.5) to (4, 4) ad then rises through (8, 7) is labeled A T C and the second convex curve rises through (1, 2), (4.5, 5) to (5.5, 8) is labeled M C.

Figure 12.2.2

Refer to Figure 12.2.2, which shows the market with a single-price monopoly. To maximize its profit, what does this firm produce and what price does it set?
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✅✨
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❌
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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.

Figure 12.3.3

Consider Figure 12.3.3, which shows the market outcome. Which area highlights the difference in consumer surplus between a single-price monopoly and a perfectly competitive market?
❌
❌✨
❌
✅
❌
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A graph plots price and cost (dollars per unit) versus Quantity (units 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 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 20), (40, 50), (60, 40), and (80, 30). The first slopes fall through (0, 70) to (50, 10) is labeled M R, and the second slope falls through (0, 70) to (100, 20) is labeled D. The first curve falls through (02, 18) to (20, 10) then rises through (40, 20) to (80, 80) is labeled M C and the second curve falls through (02, 58) to (40, 25) then rises through (50, 25) to (90, 30) is labeled A T C. All values are estimated.

Figure 13.2.1

Refer to Figure 13.2.1, which shows a firm in monopolistic competition. If the firm is in short-run equilibrium, then which of the following statements is correct?
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A graph plots price and cost (dollars per unit) versus Quantity (units per week). The graph points plotted on the x-axis are 100, 140, 200, 220, and 250. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two convex curves, four falling curves, and six closed points (100, 70), (140, 55), (200, 80), (200, 100), (220, 90), and (250, 85). The first curve falls through (10, 35) to (40, 30) then rises through (100, 40) to (250, 100) is labeled M C, and the second curve falls through (95, 50) to (150, 55) then rises through (200, 65) to (250, 85) is labeled A T C. The first curve falls through (30, 78) to (160, 25) is labeled M R sub 2. The second curve that falls through (50, 95) to (190, 40) is labeled D sub 2. The third curve that falls through (150, 100) to (250, 70) is labeled M R sub 1. The fourth curve falls through (200, 100) to (250, 85) is labeled D sub 1.

Figure 13.2.5

Refer to Figure 13.2.5, which shows a firm in monopolistic competition. The curve D2 shows the demand for the firm's output. Which of the following events will occur when the firm maximizes profit?
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A graph plots price and cost (dollars per calculator) versus Quantity (Calculation per day). In the graph, the horizontal axis ranges from 0 to 500 with an increment of 100 units. The vertical axis ranges from 0 to 16 with an increment of 4 units. The graph plots two slopes, two convex curves, and four closed points (200, 8), (200, 12), (300, 8), and (300, 10). The first slopes fall through (0, 16) to (380, 1) is labeled M R, and the second slope falls through (0, 16) to (500, 6) is labeled D. The first curve falls through (120, 4) to (200, 2) then rises through (300, 4) to (400, 16) is labeled M C and the second curve falls through (150, 16) to (350, 8) then rises through (400, 8) to (500, 16) is labeled A T C.

Figure 13.2.6

Refer to Figure 13.2.6, which shows the situation facing Smart Digit, Inc., a firm in monopolistic competition that produces calculators. What is the firm's markup?
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100%✨
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