A market is more efficient, and society is better off, whenever a price-making firm is able to price- discriminate, even when consumer surplus is converted to producer surplus. True Click or tap "True" or "False" to answer the question. False
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- a competitive firm can sell any amoun if the firm set a price equal to the market priceImagine you are the owner of the Omaha Surfboard Company. You have a branch in Omaha and in Long Beach CA. After some market research you find the following surfboard demand for each market, Omaha Demand: Qo = 1000 – 10P Long Beach Demand: QL = 1000 – 5P Combined/Total Demand: Q = 2000 – 15P Your marginal cost is constant at $40. a. Find your price and quantity if you treated the market as a single entity with a single price. What is your profit? (Hint: find Marginal Revenue and set equal to MC) b. If you treat each market separately, what is P and Quantity in each market, and final profit?Because of producer–producer rivalry, the price will tend to Multiple Choice rise up to the maximum price the consumers are willing and able to pay. be the same as the monopoly price. be driven to a lower price. be the same as the competitive price.
- It is often said that a competitive market is more beneficial for the consumers as compared to the monopoly market. Why ? Explain.A competitive firm can sell any amount if the firm set a price equal to the market price. True or false?The Spacing Guild has a monopoly on space transport. They sell tickets(Q) for seats on starships for interstellar travel at a per-ticket price of P. Alltickets cost the same.The Marginal Cost for each seat is $20 and there are no other costs.Market demand is Q=430-3P. What is the difference between the Guild's QUANTITY and the quantitythat would result if interstellar travel was a perfectly competitive market?
- Rich Uncle Pennybags is the only seller of board games in Atlantic City, New Jersey. The inverse demand curve for board games is given by: P= 40–0.5q where q is in hundreds of games per month. Rich Uncle Pennybags' marginal cost of producing board games is: MC = 7+0.1q . How much surplus will buyers receive from a perfectly price discriminating Uncle Pennybags, and how much producer surplus will Uncle Pennybags capture? Then, calculate what the deadweight loss due to monopoly will be.If the on-campus demand for soda is as follows: Price (per can) $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 Quantity demanded (per day) 100 90 80 70 55 45 40 The marginal cost of supplying a soda is $0.75. What price per can will students end up paying in a monopoly market? Please explain your answer.The Spacing Guild has a monopoly on space transport. They sell tickets(Q) for seats on starships for interstellar travel at a per-ticket price of P. Alltickets cost the same. The Marginal Cost for each seat is $16 and there are no other costs.Market demand is Q=306-5P. What is the difference between the Guild's PRICE and the price thatwould result if interstellar travel was a perfectly competitive market?
- The figure shows the market demand curve for penicillin, an antibiotic medicine. Initially, the market was supplied by perfectly competitive firms Later, the government granted the exclusive right to produce and sell penicillin to one firm. The figure also shows the marginal revenue curve (MR) of the firm once it begins to operate as a monopoly. The marginal cost is constant at $3, irrespective of the market structure What is the surplus enjoyed by the firm when it is the sole supplier of the medicine? OA. 590 OB. $180 OC. $30 OD. $60 Price/Cost (5) 10 1 10 20 30 40 MR Demand 50 60 70 80 90 Quantity (units)A firm with “market power” hasWhat is the value of producer surplus? What is the value of deadweight loss? Assume that the firm is a monopoly with perfect price discrimination. What is its profit?
