Which of the followingbest describes the monopoly market? choose from answers below Group of answer choices a. Price < Marginal Cost b. Price = Marginal Cost c. Price > Marginal Cost d. None of the above
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- Imagine a monopolist could charge a different price to every customer based on how much he or she were willing to pay. How would this affect monopoly profits?Some years ago. two intercity bus companies, Greyhound Lines, Inc. and Trailways Transportation System, wanted to merge. One possible definition of the market for this case was the market for intercity bus service. Another possible definition was the market for intercity transportation, including personal cars, car rentals, passenger trains, and commuter air flights.' Which definition do you think the bus companies preferred, and why?Imagine that you ale managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price, and you have calculated that you can make a nice profit charging 10 less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react?
- How can a monopolist identify the profit-maximizing level of output if it knows its total revenue and total cost curves?Price and cost (dollars per unit) LE MC F В 40 30 ... H. 20 MR 800 1,000 Quantity (units) Use the figure above to answer this question. If a monopoly maximized profit, 1,000 units will be produced and a deadweight loss equal to area ABC will occur 800 units will be produced and a deadweight loss equal to area ABC will occur 800 units will be produced and a deadweight loss equal to area EFB will occurO See Hint Suppose seven individuals enjoy going to the comedy club. Their demand is as follows. Person Willingness to pay Allison Beatrice Cally David Ezekiel Francesca Gertrude 20 18 16 14 12 10 8 If the comedy club had a monopoly and a marginal cost of $7 per entrant, the comedy club would sell charge only one price. tickets if it could 15/17> SUBMIT ANSWER 9 OF 17 QUESTIONS COMPLETED MacBook Pro
- An unregulated natural monopoly bottles Elixir, a unique product with no substitutes. The monopoly's Ktotal flaxed cost is $150,000 and its marginal cost is 20 cents a bottle. How many bottles of Elixir does the monopoly sell and what is the price of a bottle of Elixir? is the monopoly's use of resources efficient? CELL The graph shows the demand curve for Ex Draw the marginal revenue curve. Label it MR Draw the marginal cost curve. Label it MC. Draw a point at the monopoly's profit-maximizing quantity and price Elixir sells million bottles a year and the price is cents a bottle >>>Answer to 2 decimal places The firm produce the efficient quantity because OA does not marginal benefit equals marginal cost OB. does not marginal benefit exceeds marginal cost OC does; marginal revenue equals marginal cost OD does, marginal benefit equals marginal cost 604 00- 40 30+ 20 304 Price and cost (cents per bottle) D Quantity (millions of bottes per year) > Draw only the objects specified in the…Assignment 7 1. Suppose the government provides a subsidy to the monopoly. Illustrate: (1) consumer surplus; (H) producer surplus; (i) government cost; and (iv) social surplus with the subsidy. P Market dend cune MC wi whity MC wih tdy 2. Consider a market with a monopoly shown in the figure below. Suppose the government provides a subsidy to cosumers that achieves the efficient outcome. Use diagrams to illustrate: (1) consumer surplus; (i) producer surplus; (ii) government cost; and (iv) social surplus with this subsidy. 3. Consider a market with a monopoly. The market demand curve, as well as the monopoly's marginal revenue and marginal cost curves are shown below. The shaded area indicates the producer surplus at the monopoly outcome. Find another area that also represents the producer surplus at the monopoly outcome.Figure: A Profit-Matimizing Monopoly Firm Price, marginal revenue, marginal cost, average total cost $35 ATC 29 26 160 220 250 300 Quantity of output per week) (Pipure. A Protin-Maximining Monopoly Finn) The profin-miing fiem in this fipre will prodace A) 160 B) 220 C) 250 D) 300 its of ourput per week (Pigure: A Profit-Masimining Monopoly Finm) This profit-matimining monopoly fimi's cost per unit at its profintinizing quantity is A) 38. B) $15. C) $16. D) $18. (Pigure: A Profie-Macimining Monopoly Fim) This profit-maximizing monopoly firmts price per unit is A) $20. B) $26 C) $29. D) $35. (Figure. A Profit-Marimining Monopoly Fim) This profn-matimizing monopoly firm's profit per unit is: A) $5. B) $13. C) $14. D) $20.
- The graph below represents sales per week of ABC Inc. Ltd, a monopoly multinationalenterprise that supplies Hi-tech components. Use the graph to answer the questionsthat follow i. State the elasticity of the monopoly firm demand curve. ii. Considering the figure, examine the benefits of the characteristics of themonopoly demand curve to ABC Inc. Ltd. iii. Suppose the demand and cost curves result in ABC Inc. Ltd earning aneconomic profit. Do you think ABC Inc. Ltd firm will earn profit in the long run? Explain your answer. Assume all factors constant. iv. Examine the effects of ABC Inc. Ltd on consumers.Copy of MNPLY.57 Where would a profit-maximizing monopoly choose to set the price? Roblox KE-DIOR (OFFI.. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. It will set the price at the price level where the marginal cost equals marginal revenue. a It will set the price at the demand level corresponding to where the marginal cost equals marginal b. revenue twill set the price at the demand level where demand equals marginal cost. Unanswered a Save CM.103 The folowng Table represents cost intornation lor afmina perfectly conpetitive indusby it the inarket pces312.50 perThe graph below represents sales per week of ABC Inc. Ltd, a monopoly multinationalenterprise that supplies Hi-tech components. Use the graph to answer the questionsthat follow i. State the elasticity of the monopoly firm demand curve. ii. Considering the figure, examine the benefits of the characteristics of themonopoly demand curve to ABC Inc. Ltd. iii. Suppose the demand and cost curves result in ABC Inc. Ltd earning aneconomic profit. Do you think ABC Inc. Ltd firm will earn profit in the longrun? Explain your answer. Assume all factors constant.iv. Examine the effects of ABC Inc. Ltd on consumers.
