第七章 Imperfect Competition and Monopoly：competition. Especially, it focuses on monopoly behavior and government actions against it. Secondly, it illustrates how a monopoly increases producer surplus with price discrimination.7.1Imperfect Competition:It prevails in an industry whenever individual sellers can affect the price of their output. The major kinds of imperfect competition are monopoly, oligopoly and monopolistic competition.[单选题]The deadweight loss generated by a perfect-price-discriminating monopoly选项:[equals the sum of all lost consumer surplus., equals zero., equals the deadweight loss of a single-price monopoly., is greater than the deadweight loss of a single-price monopoly.]
7.2Monopoly Behavior:Like all firms, a monopoly maximizes its profit by setting its price or output so that its marginal revenue equals its marginal cost.
7.3Market Failure and Government Actions:By setting its price above marginal cost, a monopoly creates a deadweight loss.The welfare loss of a monopoly can be reduced or eliminated if the government regulates the price the monopoly charges or allows other firms to enter the market.
7.4Pricing and Price Discrimination:A firm can increase its profit using price discrimination if it has market power, if customers differ in their willingness to pay, if the firm can identify which customers are more price sensitive than others, and if it can prevent customers who pay low prices from reselling to those who pay high prices.
[单选题]Monopolistically competitive firms选项:[have no market power because of free entry., have no market power because they earn zero economic profit., have no market power because price equals marginal cost., have market power because they can set price above marginal cost.]
[单选题]A monopolist faces the inverse demand curve P = 60 - Q. It has variable costs of Q^2 so that its marginal costs are 2Q, and it has fixed costs of 30. The monopoly's maximum profit is选项:[370, 420, 510, 220]
[单选题]A monopolist faces the inverse demand curve P = 60 - Q. It has variable costs of Q2 so that its marginal costs are 2Q, and it has fixed costs of 30. At its profit maximizing output level, the monopoly's average cost is选项:[13, 15, 11, 17]
[单选题]If the demand curve a monopolist faces is perfectly elastic, then the ratio of the firm's price to the marginal cost is选项:[1, None of the above—the answer cannot be determined., 0, 2]
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