Differentiate Confiscation and Expropriation.

10 8 7 5678 Price = 10, Quantity = 5 Price = 3, Quantity = 5 MC Price = 8, Quantity = 7 Q If the monopolist depicted in the above figure is maximizing profits, the correct price/output combination will be: Price = 6, Quantity = 6 ATC D

Quantity Product of Output Total Cost Price 0 $250 $300 1 260 250 2 290 200 3 350 150 4 480 100 5 700 50 Based on the accompanying table, this nondiscriminating pure monopolist should set its price at Multiple Choice $50. $100.

Airline industry. It’s not the biggest carrier, but there are significant barriers to entry enabling it to serve a number of very profitable routes.

Regulation of coal falls solely under provincial jurisdiction because it is a natural resource. Select one: True False

All of the following are barriers to entry EXCEPT:   exclusive ownership of a key resource   patents   low costs   high fixed costs