31) Compared to a perfectly competitive market, a single-price monopoly sets A)

Question

31) Compared to a perfectly competitive market, a single-price monopoly sets A) a lower price. B) the same price. a higher price. D) a price that might be higher, Jower, or the same depending on whether the monopoly's marginal revenue curve les above, below, or on its demand curve. E) a price that might be higher, lower, or the same depending on whether the monopolys marginal cost curve lies above, below, or on its marginal revenue curve. 32) f we compare a perfectly competitive market to a single-price monopoly with the same costs, the monopoly sels A) the same quantity at a higher price. B) a smaller quantity at a higher price. C) a larger quantity at a lower price. D) a larger quantity at a higher price. E) a smaller quantity at the same price. 33) Rent seeking is defined as A) charging higher prices for an apartment B) the act of obtaining special treatment by the govemment to create an economic profit C) charging a price below marginal cost D) selling a greater quantity than is profitable. E) charging different prices for different units of the good or service. 34) A price-discriminating monopoly charges A) the same price to every buyer for the same product B) a different price to different types of buyers for the same product, even though there are no differences in costs C) a different price to different buyers, because the costs are different. D) different prices to buyers for different products. E) each customer a price that equals the marginal cost of serving that customer. 35) An airline company A) cannot price discriminate because it is against the law B) price discriminates by charging higher prices to business travelers. C) price discriminates by charging lower prices to business travelers. D) price discriminates even though its profits are lower because competition forces it to do so fewer customers because it price discriminates than it would have if it did not price discriminate. 36) Monopolies arise when there are A) many substitutes but there are no barriers to entry B) no close substitutes and there are no barriers to entry C) no close substitutes and there are barriers to entry D) many substitutes and there barriers to entry E) None of the above answers are correct because the existence of a monopoly has nothing to do with the presence or absence of barriers to entry 37) Monopolistic competition is identified by A) many firms producing a slightly differentiated product. B) many firms producing identical goods. C) one firm producing a unique good. D) a few firms producing a slightly differentiated product. E) large barriers to entry

Explanation / Answer

Answer 1

C higher price

In a perfectly competitive market, value squares with minor cost and firms procure a monetary benefit of zero. In a restraining infrastructure, the cost is set above minor cost and the firm gains a positive financial benefit. Idealize rivalry delivers a balance in which the cost and amount of a decent is financially proficient.

32

B) smaller quantity at higher price

In a monopoly, there is just a single firm, so the descending slanting business sector request bend is likewise the association's request bend. In the event that a solitary value monopoly needs to offer one more unit of out-put, it must lower its cost.

33 .

B) The act of obtaining special treatment by the government to create an economic profit

its already a definition so explanation is not required

34.

B) different price to different buyers for the same product even though there are no difference in costs

price discrimination is an endeavor by an imposing business model to expands its benefit by pitching a similar decent to various clients at various costs.

35.

B) price discriminates by charging higher prices to business travellers

Price discrimination at the point when a maker pitches precisely the same to various purchasers at various costs

36.

C) No close subtitutes and there are barrier to entry

Monopoly is a market in which one firm offers a decent or administration that has no nearby substitutes and in which a barrier to section keeps rivalry from new firms

37.

A) many firms producing a slightly differentiated product

a market with numerous organizations that offer merchandise and ventures that are comparable, however marginally unique

- items have substitutes that are close yet not great

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