A price discriminating monopolist
A) produces more output than that produced by a single-price monopolist.
B) has a lower marginal cost than that incurred by a single-price monopolist.
C) makes a smaller economic profit than that earned by the single-price monopolist.
D) makes zero economic profit in the long run.
A
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Suppose that when the price of pickles decreases, Teddy increases his purchase of ketchup. To Teddy
A) pickles and ketchup are complements. B) pickles and ketchup are normal goods. C) pickles and ketchup and substitutes. D) pickles are a normal good and ketchup is an inferior good.
If residents of the United States give more gifts to relatives abroad than they receive, unilateral transfers will be
A) positive. B) unaffected. C) negative. D) zeroed out.
When supply changes there is a ____, and when the price changes there is a ____. Question 7 options:
A. movement along the supply curve; shift in the supply curve B. shift in the supply curve; shift in the supply curve C. shift in the supply curve; movement along the supply curve D. movement in the quantity supplied; shift in selling plans E. change in the quantity supplied; change in supply
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What is the price of chicken?
A) $0.80/lb B) $1.25/lb C) $4/lb D) $5/lb