Please help me with my micro economics assignments i tried to do some of them but i am not sure if i am right or wrong. A market served by only one firm is called a(n): A) perfectly competitive market. B) monopoly. C) oligopoly. D) Any of the above could be correct.   2. A firm that has market power has the ability: A) to affect the price of its own product. B) to conduct illegal activities without fear of prosecution. C) to command consumer to buy any quantity from them. D) to drive its competition out of the market.   3. Which of the following is NOT a characteristic of a monopoly? A) There is only one seller. B) A monopolist is a price-taker. C) There exist barriers to entry. D) A monopolist's sales revenue is constrained by the market demand.   4. Which of the following is an example of a barrier to entry? A) A firm is open for business only at certain hours of the day, and has its doors locked at other times. B) The government grants licenses to taxicab drivers, without which it is illegal to operate a taxicab. C) A newspaper sells advertising space to businesses. D) lack of a Web site   5. Facebook is a social networking Web site that is used by a growing number of individuals. Because of its popularity, it is now more difficult for new networking websites to enter and compete with Facebook. Facebook enjoys ________ as a barrier for others to enter the market. A) a network externality B) price discrimination C) a negative externality D) economies of scale   6. Table 10.1   Refer to Table 10.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. The total revenue that Gladys receives from selling four units of output is: A) $4. B) $6. C) $10.  D) $24.    7. Refer to Table 10.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. The marginal revenue that Gladys receives from selling the fourth unit of output is: A) $3. B) $6. C) $10. D) $24.   8. Refer to Table 10.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. Gladys' marginal revenue becomes negative starting with the production of which unit? A) 2 B) 4 C) 6 D) None of the above; marginal revenue is always positive or zero.   9. Which of the following best characterizes the tradeoff faced by a monopolist when deciding what quantity to produce? A) The firm can increase its output, but needs to lower its price for only the marginal unit of output. B) The firm can increase its output, but to do so it must charge a higher price to all customers. C) The firm gets more revenue from new customers by increasing output, but gets less revenue from existing customers given that it lowered its price. D) The firm gets less revenue from new customers by increasing output, but gets more revenue from existing customers given that it lowered its price.   10. When a monopolist sells two units of output its total revenues are $100. When the monopolist sells three units of output its total revenues are $120. When the monopolist sells three units of output, the price per unit is: A) $6.67. B) $20. C) $33.33. D) $40.   11. If a monopolist charges the same price for all of the units of the good that it sells, then beyond the first unit sold: A) P = MR because the firm maximizes profit. B) P = MR because the monopolist holds price constant. C) P < MR because the monopolist must decrease price on all units in order to sell another unit. D) P > MR because the monopolist must decrease price on all units in order to sell another unit.   12. How do monopoly prices and quantities produced differ from perfectly competitive outcomes, all other things equal? A) Monopoly prices and quantities are both lower than competitive outcomes. B) Monopoly prices and quantities are both higher than competitive outcomes. C) Monopoly prices are lower than competitive prices but monopoly quantities are higher than competitive quantities. D) Monopoly prices are higher than competitive prices but monopoly quantities are lower than competitive quantities.   13. A monopolist maximizes profits by setting the quantity where: A) marginal revenue equal to marginal cost. B) marginal revenue greater than marginal cost. C) marginal revenue less than marginal cost. D) total revenue as high as possible.   14. At a price of $20, the marginal revenue of a monopolist is $12. If the marginal cost of production is $10, what should the monopolist do in order to maximize profits? A) Increase its price. B) Decrease its price. C) Keep its price at the same level. D) not enough information to solve   15. The firm in Figure 10.3 will produce: A) Q1.  B) Q2.  C) Q3.  D) Q4.    16. The firm in Figure 10.3 will charge: A) P1. B) P2. C) P3. D) P4.   17. Where it wants to produce the firm in Figure 10.3 will: A) make a zero economic profit. B) suffer a loss. C) make a positive economic profit. D) break even.   18. Which of the following is most accurate? A) In all cases, competitive markets yield more consumer surplus than would be enjoyed in a monopoly market with the same cost structure. B) In all cases, competitive markets yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. C) In some cases, competitive markets can yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. D) In all cases, competitive markets yield the same consumer surplus that would be enjoyed in a monopoly market with the same cost structure.   19. In the long run, the main reason that a monopolist can earn positive economic profits while a perfectly competitive firm cannot is: A) monopolists enjoy greater economies of scale. B) there are no barriers to entry in a perfectly competitive market. C) the monopolist faces an inelastic demand for its product. D) perfectly competitive firms face greater opportunity costs.   20. Relative to a competitive market equilibrium, the profit maximizing quantity chosen by a monopolist will result in a deadweight loss because: A) the monopolist will produce at a quantity lower than the competitive equilibrium. B) the monopolist will produce at a quantity higher than the competitive equilibrium. C) the monopolist will charge a price lower than the competitive equilibrium. D) the monopolist will keep producing at a quantity even though the MR < MC.   21. Suppose that Figure 10.5 shows a monopolist's demand curve, marginal revenue, and its cost. The monopolist would maximize its profit by producing a quantity of ________ and by charging a price of ________. A) 35; $65  B) 50; $50  C) 70; $30  D) There is not sufficient information.    22. Suppose that Figure 10.5 shows a monopolist's demand curve, marginal revenue, and its cost. At the profit maximizing output level and price, the consumer surplus would be: A) $2,450. B) $1,225. C) $612.5. D) $262.5.   23. Suppose that Figure 10.5 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, it will produce a quantity of ________ and charge a price of ________. A) 35; $65 B) 50; $50 C) 70; $30 D) There is not sufficient information.   24. Suppose that Figure 10.5 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, the consumer surplus would be: A) $2,450. B) $1,225. C) $612.5. D) $262.5.   25. Refer to Figure 10.5. The deadweight loss associated with the monopoly would be: A) $787.5. B) $612.5. C) $262.5. D) There is not sufficient information.   26. When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the casino is: A) rent seeking. B) seeking rent controls. C) acting fraudulently. D) allocating resources efficiently.   27. When governments grant patents: A) producers earn profits that are substantially higher than would occur in a competitive market. B) consumers pay a higher price than they would in a competitive market. C) consumers are likely to pay lower prices than they would in a competitive market. D) Both A and B are correct.   28. The merits of a patent system is: A) the patent system gives firms strong incentives to take the risk of substantial research and development costs. B) the patent system may precipitate the development of new products. C) granting monopoly power through a patent may be beneficial from society's perspective. D) all of the above   29. Price discrimination is when a firm charges: A) the same price to all consumers. B) different prices for different goods to different consumers. C) different prices for the same goods to different consumers. D) None of the above is correct.   30. The reason that the local telephone company is able to engage in price discrimination between business and residential customers in providing local phone service is that: A) it is the only provider of local (landline. telephone service. B) it must be extremely difficult, if not impossible, for one consumer to resell phone service to another. C) business and residential customers differ in their willingness to pay for phone service. D) All of the above are correct.   31. A school bookstore tried to engage in price discrimination by selling novels to students and faculty for different prices. Its strategy was to increase prices to faculty and decrease prices to students. What is the most likely reason that this strategy failed? A) Novels are sold in a competitive market. B) There was nothing to prevent students from purchasing novels and reselling them to faculty. C) Everyone had inelastic demand for novels. D) There was no easy way to distinguish the students from the faculty.   32. Which of the following would NOT be considered price discrimination? A) charging business travelers more money than leisure travelers for plane tickets B) charging houses in expensive neighborhoods more money for mowing the same size lawn than in a less expensive neighborhood C) charging a lower price for dry cleaning men's shirts than women's shirts D) charging more money for a large luxury car than a small economy car   33. Many hotel chains offer senior citizen discounts to members of AARP. This suggests that the hotels believe that senior citizens have a ________ demand for hotel rooms than non-seniors. A) smaller B) greater C) more elastic D) less elastic   34. 14. Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. If the restaurant charges the single price of $8 per meal, what is its profit from senior customers? A) $1,200  B) $1,500  C) $2,280  D) $2,560    35. Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. If the restaurant charges the single price of $8 per meal, what is its profit from non-senior customers? A) $1,200 B) $1,500 C) $2,280 D) $2,560   36. Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. Which group's demand for meals is more price-elastic? A) the senior customers B) the non-senior customers C) the two groups are equally sensitive to a change in price D) There is not sufficient information.   37. Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. What is its profit from senior customers under the senior discount policy of a $7 senior price and a $10 non-senior price? A) $1,200 B) $1,500 C) $2,280 D) $2,560   38. Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. What is its profit from non-senior customers under the senior discount policy of a $7 senior price and a $10 non-senior price? A) $1,200 B) $1,500 C) $2,280 D) $2,560   39. Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. Compared to the profit under the single price policy, how much additional profit does the restaurant earn under the senior discount policy of a $7 senior price and a $10 non-senior price? A) $920 B) $580 C) $300 D) $280   40. Price discrimination is related to elasticity because: A) the firm can increase revenues by charging customers with elastic demands higher prices and charging customers with inelastic demands lower prices. B) the firm can increase revenues by charging customers with elastic demands lower prices and charging customers with inelastic demands higher prices. C) the firm can increase revenues by charging all customers higher prices. D) None of the above; elasticity and price discrimination are unrelated.

 11 .  marginal revenue is very different for monopolies. Monopolies have a decreasing marginal revenue curve. The marginal revenue a monopoly gets from selling an additional unit will always be less than the price the unit is sold for. Since a monopoly's output affects the market price (unlike a competitive firm's output), the monopolist will get revenue equal to the price from selling an additional unit; however, in order to sell an additional unit, the monopolist must decrease the price for all units sold, and this is revenue that the monopolist loses. The sum of the revenue gained from selling the additional unit and the revenue lost from lowering the price on all units is the monopoly's marginal revenue.

11. D

12. D