Relative to a single price monopolist, a price discriminating monopolist generates:
A. more total surplus.
B. the same amount of total surplus, but higher profits.
C. less total surplus.
D. the same amount of total surplus, but lower profits.
Answer: A
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In the above figure, if price is equal to P4, the firm will
A) earn positive economic profits. B) incur an economic loss. C) earn zero economic profits. D) shut down.
One way of expressing the concept of the short-run Phillips curve is to say that: a. the cost of reducing unemployment is higher inflation
b. nothing but good comes from reducing unemployment. c. the cost of reducing inflation is lower unemployment. d. aggregate supply and aggregate demand will always be equal at the potential output level. e. the best economic policy is one that attempts to make the rate of inflation equal to the rate of unemployment.
When the short run aggregate supply curve shifts right, it ___ the short-run Phillips curve
a. Moves the economy up along b. Moves the economy down along c. Shifts right d. Shifts left
The majority of economists feel that ______.
a. the central bank should follow political business cycles b. the central bank should support the wishes of the incumbent party c. fiscal policy should take the lead role in stabilization d. monetary policy should take the lead role in stabilization