Item11Item 11A monopolist is:Multiple Choiceany firm realizing all existing economies of scale.any firm whose demand curve is downward sloping.any firm which can engage in price discrimination.a one-firm industry.

Monopolistic competition is a market characterized by:Multiple choice question.a relatively large number of sellers producing a differentiated product - for which they have some control over the price they charge - in a market with relatively difficult market entry and exit.a relatively small number of sellers producing a differentiated product - for which they have some control over the price they charge - in a market with relatively easy market entry and exit.a relatively large number of sellers producing a differentiated product - for which they have no control over the price they charge - in a market with relatively easy market entry and exit.a relatively large number of sellers producing a differentiated product - for which they have some control over the price they charge - in a market with relatively easy market entry and exit.

Item7Item 7Suppose that a monopolist can segregate his buyers into two different groups to which he can charge two different prices. In order to maximize profit, the monopolist should charge a higher price to the group that has: multiple choicethe higher elasticity of demand.the lower elasticity of demand.relatively richer members.

Monopolistic competition is characterized by firmsMultiple Choiceproducing differentiated products.making economic profits in the long run.producing at optimal productive efficiency.producing where price equals marginal cost.

Item12Item 12A monopolistic industry:Multiple Choicehas no entry barriers.has a downward sloping demand curve.produces a product or service for which there are many close substitutes.earns only a normal profit in the long run.

A monopolist's profits with price discrimination will beGroup of answer choiceslower than if the firm charged a single, profit-maximizing price.higher than if the firm charged a single price because the costs of selling the good will be lower.the same as if the firm charged a single, profit-maximizing price.higher than if the firm charged just one price because the firm will capture more consumer surplus.