Explain: Profit Max with MC & MR: Different Degrees of Price Discrimination: Nash Equilibrium vs. Dominant Strategy: How are MC markets like PC markets and how are they like monopolies?
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- i. If government regulates efficient pricing, are profits positive, negative or zero?ii. Is this a natural monopoly?Which of the following statements about monopolies are correct? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question. OAt the profit maximizing output for a monopoly, P< MR. OMonopolies are always illegal in the U.S. O If a firm enjoys decreasing returns to scale, this may help it to become a monopoly. In a pure monopoly, the firm is the industry. O A patent can help a firm to become a monopoly.How does price discrimination play a role in the economy?How does the idea of price discrimination apply to an industry?
- Google dominates online search options and advertising. Some contend Google is a monopoly. First, consider competition and answer these questions: Is Google protected by a barrier to entry, and If so, which barrier(s)? Is there a viable substitute for Google? Second, consider whether Google is a monopoly or not. How does Google’s control of the market influence market price and market quantity? If Google is a monopoly, how would breaking up affect the market price and market quantity? How do we test these hypotheses?Given a graph below. A. Name all the lines or curves. B. Identify the pricing behavior of a monopolistwith predatory pricing and identify the profit if a monopolist acts a true monopolist. Explain thepossible relationships among the curves.Canada Post has a monopoly on residential mail delivery. Pfizer Inc. makes Lipitor, a prescription drug that lowers cholesterol. Rogers Communications is the sole provider of cable television service in some parts of Ontario. Are any of these firms protected by a barrier to entry? Do any of these firms produce a good or service that has a substitute? Might any of them be able to profit from price discrimination? ..... Rogers Communications has a of other cable companies into the market because Rogers Communications barrier to entry regarding the entry O A. natural; was the first firm to offer cable television in parts of San Diego O B. legal; reaps economies of scope allowing it.ko provide cable television service as well as Internet service O C. legal; has a government licence to provide cable television in parts of San Diego OD. natural; reaps economies of scale allowing it to provide cable television service at a lower average cost than two or more firms ...
- Research the difference between pure competition and monopoly pricing. Compare and contrast the differences between the two and then explain which you would prefer if you were a shipper (you’re paying the bill) and why? Also, consider your answer if you were the carrier (you’re getting paid) and explain how you might feel differently and why?How is monopolistic competition like monopoly, perfect competition and oligopoly? Give two examples of price discrimination. In each case, explain why the monopolist chooses to follow this business strategy Why does price equal marginal revenue for the perfectly competitive firm? What is the relationship to the demand curve for the firm?What’s the total profit in the market when the firm price discriminates between the two groups? How does this compare to when they just charge one price?
- Price $100 90 80 70 60 50 40 Quantity Average Total Cost 1 2 3 4 5 6 7 $100 63 52.67 49.50 49.60 50 52.29 TC TR Refer to the above data for a monopoly (Table 4). This monopoly firm will maximize its profit by producing: MR (Quantity) MC Note: Round to the nearest whole number ‒‒‒‒‒‒ Refer to the above data for a monopoly (Table 4). At its profit-maximizing output, this monopoly's total profit will be:a. The perfectly competitive firm exhibits resource allocative efficiency (P = MC), but the single-price monopolist does not. What is the reason for this difference?b. Explain three reasons why monopolies arise. c. Why is the marginal revenue of a perfectly competitive firm equal to the market price? d. Would a perfectly competitive firm produce if price were less than theminimum level of average variable cost? Why?Sara is a single-price, profit-maximizing monopolist who sells her own patented perfume (shown in the graph below). a. What is the equilibrium price and quantity under monopoly conditions? b. If instead Sara had to operate like a competitive firm, what would be the equilibrium price and quantity? c. What is the deadweight loss and total loss to consumer surplus when Sara operates as a monopoly? d. How much surplus would Sara have if she could act as a perfectly price-discriminating monopolist?