rice Demanded Cost Cost $100 0 $30 $0 90 1 $30 20 80 2 $30 48 70 3 $30 78 60 4 $30 110 50 5 $30 150 Refer to Exhibit 9-4.  At an output level of 5 units, the monopolist earns a total profit of about ________. Group of answer choices $100.00 $70.00 $102.00 $82.00

Cost & Figure 15 Revenue $10 per unit MC $9 $8 АТС $7 $6 $5 $4 $3 $2 $1 MR 2 3 4 7 8 10 Quantity (in thousands) Refer to the above Figure 15 which shows cost curves, a marginal revenue (MR) curve and a demand curve faced by a monopolist. If this monopolist is profit maximizing and does not price discriminate, it will produce ( Select ] v units of output and charge a price of [ Select ] per unit. Given its cost curves, we can tell that this monopolist is currently earning [ Select ] economic profit. According to the classical welfare economics, the socially efficient quantity to be produced in this market would be [ Select ] units of output and a socially efficient price would be [Select ] per unit.

1. When a monopoly advertises, the goal is to _____ because _____. Group of answer choices increase its demand as a share of market demand; the monopoly faces a significant portion of market demand increase market demand; the monopoly faces the entire market demand increase market demand; the monopoly produces a product that is identical to the output of all other sellers in the market increase its demand as a share of market demand; the monopoly faces a small portion of market demand   2. If given a choice, a person would prefer to experience the situation of which of the following families? Group of answer choices a family with income equal to the world poverty line a family with income equal to the United States poverty line a family with income double the world poverty line a family with income equal to the poverty line in the United States in 1970   3. A business using its bargaining power as a major buyer of labor to pay lower prices, including lower wages,…

29. Imagine that you are 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?

Q44 and 45

26 $55 $50 $45 I of $40 $35 $30 $25 $20 Demand = P $15 $10 $5 MR $0 40 80 120 160 200 240 Output (Q) The diagram above shows the Demand and Marginal Revenue curves for a monopolist. Which of the following general relationships is NOT demonstrated in the diagram? Select one: a. Price is greater than Marginal Revenue. b. Price equals Demand. c. The Marginal Revenue curve is steeper than the Demand curve. d. Marginal Revenue equals Price at each Output. $$$

Exhibit 23-9 Price (dollars) $10 9 8 7 6 5 4 3 2 1 25; 7 20; 8 35; 5 Refer to Exhibit 23-9. A single-price monopolist that seeks to maximize profits will sell of ________ dollars. 10; 10 Quantity Sold (units) 45; 3 10 15 20 25 30 35 40 45 50 55 Total Cost (dollars) $ 51 75 99 125 150 175 200 225 250 275 units and charge a per-unit price

Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms  _____(can or cannot)  earn positive economic profits. In the long run,  _____________________  can earn a positive economic profit.     2nd blank choices - neither monopolists nor competititve firms                                     both monopolists and competitive firms                                     monopolists, but not competitive firms                                     competitive firms, but not monopolists   True or False: The adjustment to long-run equilibrium occurs more quickly for competitive industries than for monopolists. _________________ (true or false)

The figure that is talked about in part B is also attached.

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