Suppose that at the current level of production, the price of a monopolist's product is equal to $37.50 per unit. Marginal revenue is equal to $10 per unit, and marginal cost is equal to $5 per unit. This monopoly Choose one: A cir increase its profit by producing and selling more units of its product. B. should set price equal to marginal revenue. O C can increase its profit by producing and selling fewer units of its product O D. has maximized profit and should keep production the same.

describe(s) a type of barrier to entry for a monopoly in which one firm can operate more efficiently than two or more firms. O A. Copyrights B. Patents C. Economies of scale D. Price discrimination

Suppose the table below describes the relationship between price and quantity demanded for a monopolist. Quantity 1 2 3 4 5 6 7 8 O If the marginal cost of producing each unit of output is $5, then this monopolist maximizes its profit by charging __________ per unit. O $8 $5 $3 Price $10 $9 $8 $7 $6 $5 $4 $3 $6

In which of the following situations would the quantity supplied to the market increase? A price ceiling O below the competitive equilibrium price in a competitive market. above the unregulated monopolist price, but above the fırm's average total cost for a natural monopoly. none of the other answers are correct. A price ceiling never increases the quantity supplied to a market. O below the unregulated monopolist price, but above the firm's average total cost for a natural monopoly. above the competitive equilibrium price in a competitive market.

19 Which of the following describes how a natural monopoly is graphically illustrated? A When producing small quantities, the demand is higher than long-run average cost. BO The long-run average cost curve is U-shaped. CO When producing large quantities, the long-run average cost is greater than demand. The demand curve intersects the long-run average cost curve at a point where the long-run average cost curve is downward sloping. D

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8. Can a monopolist that is not subject to any regulation lead the market to Pareto efficiency by his own initiative? Pareto efficiency is a situation that cannot be modified so as to make any one individual better off without making at least one individual worse off. In the model of monopoly, we assume that the ultimate goal of a monopolist is to maximize his profit, which means MC-MR. We have seen (for example, in the lecture or earlier problems, e.g., problem 5) that this equality leads the monopolist to produce less and charge a higher price than in perfect competition. This makes the monopolist better off but at the same time makes consumers worse off, as compared to perfect competition. This also leads to a deadweight loss. As we have the deadweight loss, the monopoly is definitely not Pareto efficient. See the lecture slide # 37. The transactions between Qm and Qk (quantities supplied in the monopoly and perfect competition, respectively) could take place to everyone's benefit,…

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