Use the following graph to answer the next 4 questions. The below graph shows the demand for Microsoft Word. The marginal cost of producing Microsoft Word is $0. P A) $0 B) $12 C) $24 D) $48 4 8 Q 1) Suppose Microsoft is engaged in perfect competition and has no market power. What is consumer surplus? 6 3 B) $12 C) $24 2) Suppose Microsoft has market power but is not able to price discriminate. What will Microsoft's profits be? A) $0 D) $48 3) Suppose Microsoft is able to price discriminate. What will Microsoft's profits be? A) $0 B) $12 C) $24 D) $48 4) Suppose Microsoft is able to price discriminate. Consumer surplus is A) $0; $0 B) $0; $12 C) 24; $12 and deadweight loss is
Use the following graph to answer the next 4 questions. The below graph shows the demand for Microsoft Word. The marginal cost of producing Microsoft Word is $0. P A) $0 B) $12 C) $24 D) $48 4 8 Q 1) Suppose Microsoft is engaged in perfect competition and has no market power. What is consumer surplus? 6 3 B) $12 C) $24 2) Suppose Microsoft has market power but is not able to price discriminate. What will Microsoft's profits be? A) $0 D) $48 3) Suppose Microsoft is able to price discriminate. What will Microsoft's profits be? A) $0 B) $12 C) $24 D) $48 4) Suppose Microsoft is able to price discriminate. Consumer surplus is A) $0; $0 B) $0; $12 C) 24; $12 and deadweight loss is
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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