QUESTION 2 Quantity 1 45 2 3 6 7 8 9 Price 5 5 5 5 5 5 5 5 5 price and quantity relationship in the table is most likely that faced by a firm in a O monopoly. concentrated market. competitive market. strategic market.

b. Suppose a price-discriminating monopoly has segregated its market into two submarkets and can prevent resale between the two. Assume that its marginal cost is constant and equal to its average total cost of $8. The firm's demand schedule for the first group is given by the first two columns of the following table. Output Price MR TR AR 24 1 22 20 3 18 4 16 5 14 12 7 10 8 8

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By approximately how much did the price of the heart drug for babies increase when a monopoly was established?

Figure 10-4 АТС MC $24 20 15 10 MR 50 70 Quantity What price should a competitive price-searcher firm with the cost and demand conditions depicted in Figure 10-4 10- 4.png charge if it wants to maximize its profit? $10 $15 $20 $24 Price

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360 315 270 225 180 135 90 45 S SMC MR D 0 1500 4500 7500 10500 The figure above shows the demand and cost curves facing a price-setting firm. 1) The profit-maximizing (or loss-minimizing) level of output is 2) In profit-maximizing (or loss-minimizing) equilibrium, the price-setting firm eams $ in total revenue, which is than the maximum possible total revenue of $ 3) in short run the maximum profit the firm can earn is $ ATC AVC

9. If a firm is able to set price, A) it is a monopoly.B) its marginal revenue is constant.C) it sells its output at a constant price.D) it faces a downward-sloping demand curve.

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