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45. For a monopolist, the price of the product A. equals the marginal revenue. B

ID: 1121503 • Letter: 4

Question

45. For a monopolist, the price of the product A. equals the marginal revenue. B. is less than the marginal revenue C. exceeds the marginal revenue D. equals the marginal cost. 46. A cartel is: A. legal in the United States as long as collusion is explicit. B. a group of firms that collude to maximize group profits. C. found in monopolistically competitive industries D. a group of fringe firms. 47. The Wall Street Journal magazine offers a significant discount to students who purchase a one-year subscription. If the reason for the discount is price discrimination, we can conclude that A. students have a more elastic demand for newspapers than does the general public. B. students have a less elastic demand for newspapers than does the general public. C. there is no difference between a student's elasticity of demand for newspapers and any other person's elasticity of demand. D. students have a perfectly inelastic demand for newspapers 48. Charging different prices to different individuals or groups for the same product is called: A. market segmentation. B. price differentiation C. quantity discrimination. D. price discrimination. 49. Why are patents important to those who hold them? A. Without patents, there will no longer be economies of scale in production. B. Patents act as a barrier to entry, allowing monopoly profits C. Without patents, there would be considerably more price discrimination in the market. D. Patents actually do not matter because they do not guarantee that a firm will make a profit. 50. In a monopolistically competitive market A. firms produce differentiated products. B. there are barriers to entry C. firms produce homogeneous products D. the demand for any firm's product is perfectly elastic.

Explanation / Answer

45. For profit maximization, firms produce where P = MC

OPTION D

46. OPTION B

47. OPTION B
48. Under Price discrimination, firms charge different price to different individuals.

OPTION D

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