Monopolistic competition differs from pure monopoly in that:
A. barriers to entry are high under monopoly, but low under monopolistic competition.
B. monopolistic competitors are price takers, monopolists are not.
C. monopolistic competitors face downward sloping demand curves, monopolists do not.
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Which of the following statements about a monopolist is least accurate
A profit-maximizing monopolist will expand output until marginal revenue equals marginal cost.
B. A profit-maximizing monopolist will supply less of his product than the amount consistent with the conditions of ideal static efficiency for an economy.
C. A monopolist will always be able to earn economic profit.
Are the following two statements about the marginal revenue product (MRP) of a factor of production correct Statement 1: In a price taker market, the MRP of an input is the marginal product of the input multiplied by the price of the output it generates. Statement 2: If we compare any two productive inputs, the one with the higher MRP will earn greater economic rent. Statement 1 Statement 2 ①A. Correct Correct ②B. Incorrect Correct ③C. Correct Incorrect
A. ①
B. ②
C. ③
Compared to a competitive market, a monopoly situation will produce:
A. less output, and the sum of the consumer surplus and the producer surplus will be reduced.
B. more output, and the sum of the consumer surplus and the producer surplus will be reduced.
C. less output, and the sum of the consumer surplus and the producer surplus will be increased.
Price discrimination is most accurately defined by which of the following Price discrimination is the practice of charging different consumers different prices for:
A. similar products that have identical per-unit production costs.
B. products that have identical price elasticities of demand.
C. the same product or service.
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