Homework Answers
8. Option C
Explanation: In price discrimination, the same product or service is sold to different consumers at different price levels.
9. Option C
Explanation: Profit maximization takes place when the MC equals the MR.
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Help with 8&9 please.
8. Price Discrimination refers to: A. Selling a product for different prices...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
Answer the next question(s) on the basis of the following demand and cost data for a specific firm
Answer the next question(s) on the basis of the following demand and cost data for a specific firmDemand DataCost Data(1)Price(2) Price(3)PriceTotal OutputTotal Cost$50$3522$454530335540254470352055903015661162510771452058818059. Refer to the above data. If columns 1 and 3 are this firm's demand schedule, the profit-maximizing price will be:A. $30B. $35C. $40D. $4560. Which is true of pure competition but not of monopolistic competition?A. There are barriers to entryB. Long-run economic profits are zeroC. There are a large number of firms in the marketD. Long-run equilibrium...
QUESTION 1 Which of the following conditions is NOT required for successful direct price discrimination? A....
QUESTION 1 Which of the following conditions is NOT required for successful direct price discrimination? A. The seller must be able to prevent arbitrage between low-value and high-value buyers B. The seller should charge higher prices to high-value buyers C. The seller must offer different products for high-value and low-value groups of consumers D. The seller must be able to identify customers as high-value or low-value buyers QUESTION 2 Under a version of direct price discrimination, the seller is able...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segm...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segment the market into two or more groups to each customer based on race, religion, or other individual characteristic based on the quantity of a good or service purchased. to each customer based on his or her willingness and ability to pay. b. Which of the following purchases is an example of first-degree price discrimination? A big-box store offering a discount for people who...
Question 17 (1 point) Price discrimination is more common for firms selling services than for manufacturing...
Question 17 (1 point) Price discrimination is more common for firms selling services than for manufacturing firms because monopoly is more common in producing services than in producing manufactured goods. O price elasticities differ among consumers of services more than among customers of manufactured goods. it is easier to prevent resale of a service than of a manufactured product. firms selling services are more likely to have constant marginal cost curves. Question 18 (1 point) Assume that a monopolist produces...
Which of the following is true of price discrimination? a. It involves charging whatever the market...
Which of the following is true of price discrimination? a. It involves charging whatever the market will bear. b. In a competitive market, prices may have to be higher than in a market where the firm has a monopoly. c. It makes economic sense to charge the same prices in different countries. d. It exists whenever consumers in different countries are charged the same price for the same product, irrespective of variations. e. It cannot help a company maximize its...
Answer all questions 39. Microsoft sets prices for its new line of computers, and Dell and HP follow. This practice is known as A) B) C) D) antitrust pricing price extortion price leadership kinke...
Answer all questions
39. Microsoft sets prices for its new line of computers, and Dell and HP follow. This practice is known as A) B) C) D) antitrust pricing price extortion price leadership kinked demand behavior 40. To be binding, a price ceiling must be set at a price: A) lower than the equilibrium price. B) higher than the equilibrium price. C) the same as the equilibrium price. D) any price ceiling is binding. 41. The profit-maximizing rule MR- MC...
Question 22 3.3 points Save Answer Price discrimination is charging consumers different prices for the same...
Question 22 3.3 points Save Answer Price discrimination is charging consumers different prices for the same good based on individual characteristics of consumers, membership in an identifiable subgroup of consumers, or on the quantity purchased by the consumers. Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5-(M2)q where p is price in $ per hour and q is hours per month. The firm faces a...
Please answer and explain the steps involved in each. 20. The rate of product transformation refers...
Please answer and explain the steps involved in each.
20. The rate of product transformation refers to a. how a consumer can trade one good for another while still maximizing his or her utility. b. how a firm can substitute one input for another and still maintain the same production level. c. how production of one good can be substituted for another while still using a fixed supply of inputs efficiently. d. how quickly a firm can produce a final...
Q2: The demand for a single-price monopolist’s product is Q = 60 – 2P where Q...
Q2: The demand for a single-price monopolist’s product is Q = 60 – 2P where Q is measured in units and P is measured in $/unit. a) At which price is the demand for the monopolist’s product unit elastic? b) At which prices is the demand for the monopolist’s product elastic? c) At which prices is demand for the monopolist’s product inelastic? d) Suppose the monopoly is currently producing and selling 50 units of output. What price must the monopoly...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segment the market into two or more groups to each customer based on race, religion, or other individual characteristic based on the quantity of a good or service purchased. to each customer based on his or her willingness and ability to pay. b. Which of the following purchases is an example of first-degree price discrimination? A big-box store offering a discount for people who...
Question 17 (1 point) Price discrimination is more common for firms selling services than for manufacturing firms because monopoly is more common in producing services than in producing manufactured goods. O price elasticities differ among consumers of services more than among customers of manufactured goods. it is easier to prevent resale of a service than of a manufactured product. firms selling services are more likely to have constant marginal cost curves. Question 18 (1 point) Assume that a monopolist produces...
Answer all questions
39. Microsoft sets prices for its new line of computers, and Dell and HP follow. This practice is known as A) B) C) D) antitrust pricing price extortion price leadership kinked demand behavior 40. To be binding, a price ceiling must be set at a price: A) lower than the equilibrium price. B) higher than the equilibrium price. C) the same as the equilibrium price. D) any price ceiling is binding. 41. The profit-maximizing rule MR- MC...
Question 22 3.3 points Save Answer Price discrimination is charging consumers different prices for the same good based on individual characteristics of consumers, membership in an identifiable subgroup of consumers, or on the quantity purchased by the consumers. Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5-(M2)q where p is price in $ per hour and q is hours per month. The firm faces a...
Please answer and explain the steps involved in each.
20. The rate of product transformation refers to a. how a consumer can trade one good for another while still maximizing his or her utility. b. how a firm can substitute one input for another and still maintain the same production level. c. how production of one good can be substituted for another while still using a fixed supply of inputs efficiently. d. how quickly a firm can produce a final...
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