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Because of producer–producer rivalry, the
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rise up to the maximum price the consumers are willing and able to pay.
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be the same as the
monopoly price. -
be driven to a lower price.
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be the same as the competitive price.
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- Pure monopoly is able to exist the firm’s product is better that the substitutes that are available in the market. True or falseYou run a monopoly firm that serves two types of consumers. Individual type-A consumers have a value of 8 for their first unit of your product, a value of 4 for their second unit, and a value of zero for all additional units. Individual type-B consumers have a value of 5 for a single unit of the product and zero for any additional units. There are 3 type-A consumers and 5 type-B consumers. Your marginal cost is zero. b) If your firm can practice first-degree price discrimination, how many units are sold to each consumer and how much does each consumer pay? What is your total profit?A monopoly is characterized by all of the following except there are only a few sellers each selling a unique product. entry barriers are high. there are no close substitutes to the firm's product. the firm has market power.
- Monopoly is characterized by unique products. market entry and exit are difficult or impossible. non-price competition not necessary. All of theseA monopoly market structure is best defined as ... Group of answer choices a. One company offers a good or service that is unique and other companies can not enter the market with that good or service. b. One company offers a good in the market that can compete with the market leader. c. One company offers a good or service and earns profits, but only temporarily as other companies enter, the profits will shrink. d. Many companies are in the market, but one company earns more than 30 percent of the profits.Whether in the case of clothes and cars or in the case of universities, producers spend a lot of money establishing their "brand names" because: Group of answer choices Brand names are established by driving out the competition, after which these companies charge monopoly prices. Government legislation raises the prices of brand named items with price controls, and people have no choice but to pay the higher price for brand name products. There are legal requirements for companies with brand names to spend a percentage of their budget on advertising. Brand names carry a reputation of better quality, and consumers will pay a higher price for brand names.
- community surplus is maximized (i.e. Pareto optimality is achieved) when: a market is in equilibrium. the producer surplus is greater than the consumer surplus. a market is imperfectly competitive (e.g. a monopoly). a price floor is established.A price taker options: is a seller who can set whatever price they want. is a seller who has no control over the price they charge. is a buyer who has no control over the price they pay. is common in a monopoly.Which of the following is true about the effect of monopoly power on surplus? choose from answers below (Hint: monopoly entails a higher price as compared to the normal competitive equilibrium price and quantity) Group of answer choices a. Consumer and producer surplus stays the same. b. Some of the consumer surplus goes to the producer as profit under monopoly power. c. Some of the producer surplus becomes a part of the consumer surplus under monopoly power. d. None of the above.
- The monopoly supply curve is the Group of answer choices - same as the competitive market supply curve. - portion of marginal costs curve where marginal costs exceed the minimum value of average variable costs. - result of market power and production costs. - none of the aboveWhich of the following statements is TRUE? A) A monopoly cannot set price and quantity such that the point lies above the demand curve. B) A monopoly can charge whatever it wants. C) Profit maximization occurs by setting price first. D) Both A and B. The more inelastic the demand curve, a monopoly A) will have a smaller Lerner Index. B) will face a lower marginal cost. C) will earn less profit. D) will lose fewer sales as it raises its price.Compared to a market with competitive firms, monopoly markets... a. charge lower prices. b. sell fewer units of product. c. have lower consumer surplus. d. all of the above.
