A key difference between monopoly and perfect competition is    options:   the demand curve faced by a perfectly competitive firm is different than the industry demand curve, but the demand curve faced by the monopolist is the same as the industry demand curve.   Perfectly competitive firms have considerably more market power compared to monopolists.   Price equals marginal revenue for a monopolist, but not for a perfectly competitive firm.   the demand curve faced by a monopolist is different than the industry demand curve, but the demand curve faced by a perfectly competitive firm is the same as the industry demand curve.

A monopolist will maximize profits by: Group of answer choices setting his price at the level that will maximize per-unit profit, while a perfectlycompetitive firm will minimize per-unit loss. producing the output where marginal revenue equals marginal cost, just as a perfectlycompetitive firm will. producing the output where price equals marginal cost, while a perfectly competitive firmwill produce where marginal revenue equals marginal cost. setting his price as high as possible, while a perfectly competitive firm will take price fromthe market.

the inverse demand for its product is given P=80- 2Q; total costs for this monopolist are estimated to be C(Q)=100+20Q+Q^2; consider a competitive economy; determine the competitive output and price

A firm is originally operating as a single-price monopolist that faces a market demand curve P(Q) = 198 –0 and total cost curve equal to TC (q) = 10, 500 + 32Q, with constant MC equal to MC(Q) = 32 for all units produced. Part (a): How much output does the firm produce and at what price is each unit sold for? Part (b): Calculate the firm's profit. The firm now realizes there are actually two distinct groups of consumers that purchase their product, with the following demand functions: P(q1) = 242 – qı P(q2) = 176 – 92 Their total and marginal cost curves have not changed. If the firm wanted to successfully practice third-degree price discrimination: Part (c): How many units of output would they sell to group 1 and how much will each consumer in group 1 pay? Part (d): How many units of output would they sell to group 2 and how much will each consumer in group 2 pay? Part (e): How much profit is earned by the firm when they practice third-degree price discrimination? Part (f): How much…

When a monopolist faces two types of outwardly indistinguishable consumers, one with a higher willingness to pay then the other, then, by using non-linear pricing, the monopolist will extract the entire consumer surplus from the customer with the high willingness to pay and only part of the surplus from the customer with the lower willingness to pay. True False

Consider a monopolist operating on a market with a downward sloping demand curve. The monopolist has a constant marginal cost and no fixed cost. At the current level of production and at the current price level, the price elasticity of demand is equal to -0.8. Assume the monopolist wishes to maximise profits.   Would we be able to say anything about whether the monopolist has chosen a price and quantity that maximise profits? Explain your answer by means of diagrams (maximum 150 words)      2. What is the price elasticity of supply in this market?

A monopolist is able to price discriminate in two market segments. The inverse demand curve in segment 1 is P1 = 400 - Q1 and the inverse demand curve in segment 2 is P2 = 300 - Q2. The firm's total cost function is TC = Q^2. How many units will the monopolist sell and at what price in segment 1 and segment 2?

The nondiscriminating pure monopolist must decrease price on all units of a product sold in order to sell more units.  This explains why         there are barriers to entry in pure monopoly.        a monopoly has a perfectly elastic demand curve.        marginal revenue is less than average revenue.        total revenues are greater than total costs at the profit-maximizing             level of output.

A monopolist produces a homogeneous good in two factories, each with its own distinct marginal cost (MC) function. The marginal costs for Factory 1 and Factory 2 are given by MC₁ 4*Q1 and MC2 = 2*Q2 +2 respectively, where 1 and 2 represent the quantity of goods produced by Factory 1 and Factory 2. The monopolist faces a market demand represented by Q 64 P,where is the total quantity demanded, and P is the price of the good. The profit-maximizing output levels for each factory of the monopolist are: = 194 25 OQ1 = 61 and Q2 = 33 194 and Q2 23 Q1 = OQ1 = = = = and Q2 OQ1 11 and Q2 = - = 308 25 308 23 21

A monopolist is producing an output and charging a price that maximizes its profit when it is unexpectedly confronted with an increase in its fixed costs. In response, a profit-maximizing monopolist will: Raise price to recover a portion of the higher fixed cost Continue to produce the same level of output and make no price change Lower price to ell enough units to cover the higher fixed cost Either raise or lower price depending on the price elasticity of demand.