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ECON-1010-A-Introduction to Microeconomics

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Which of the following situations arises for a firm in monopolistic competition in the long run?

The firm produces the quantity of output at which
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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, 16), (40, 36), (60, 24), and (70, 30). The first slopes fall through (0, 60) to (50, 05) is labeled M R, and the second slope falls through (0, 60) to (88, 5) is labeled D. The first curve falls through (02, 19) to (20, 14) then rises through (60, 24) to (98, 80) is labeled M C and the second curve falls through (20, 65) to (60, 30) then rises through (70, 30) to (100, 16) is labeled A T C.

Figure 13.2.4

Refer to Figure 13.2.4, which shows a firm in monopolistic competition. To maximize economic profit, what price does this firm charge?
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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 indicates the deadweight loss from a single-price monopoly?
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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, what is the deadweight loss Prime creates?
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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 good. What is the market price of the good?

If the producer is a perfectly competitive firm, the market price is ________ per unit, but if the producer is a single-price monopoly, the price is ________ per unit.
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Table 12.4.1

The two columns of the table are titled Price in dollars per unit and Quantity demanded in units per hour. The rows display the data as follows:8; 07; 16; 25; 34; 43; 52; 61; 7

Refer to Table 12.4.1, which shows the demand schedule for the good produced by a monopoly. If this monopoly perfectly price discriminates, what is the monopoly's marginal revenue from the sale of the 3rd unit per hour sold?
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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 a single-price monopoly, which area indicates consumer surplus?
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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 producer surplus?
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What does the capture theory say that regulation serves?

The capture theory says that regulations are supplied to maximize the monopoly's
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An image of four graphs plots price versus Quantity. The graphs are as follows. In the graphs, the points plotted on the y-axis are P sub 0. The graphs plot two slopes from top left to mid-bottom and bottom-right respectively and a rising slope from mid-left to top right. In the first, second, third, and fourth graph, the first slope falls from top left to mid of x-axis labeled M R. The second slope falls from top left to the bottom right of x-axis labeled D. The rising slope passes through the mid of the second slope is labeled M C. The area covered by the rising curve and the slope is shaded.

Figure 12.3.2

Consider Figure 12.3.2, which shows four different market outcomes. The light grey area shows consumer surplus, and the dark grey area shows producer surplus. Which graph shows the consumer surplus and the producer surplus in a perfectly competitive market?
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