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Economics: Monopoly and Market Power
Can you name the basics of monopoly and market power?
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Muhammad Ali or Captain Kirk
When it is efficient for a single firm to produce the entire market's output, we have a ___________________.
When there are very high fixed costs and very low marginal costs, this might happen.
Charging everyone his or her marginal value (i.e., willingness to pay) is __________ degree price discrimination.
This allows the monopolist to capture all of the gains from trade.
Book publishers publish hardback books before paperback books because they are engaging in _______________.
Some people want it NOW NOW NOW. Others are willing to wait.
Monopoly output is ______________.
Monopoly quantity is lower than the competitive quantity.
True or false? P = MC for a perfectly competitive firm.
A perfectly competitive firm is a price taker; it will charge a price equal to marginal cost.
Does price discrimination create deadweight loss?
Price discrimination reduces deadweight loss and increases efficiency
In a monopolistically competitive market, products are ___________________.
McDonald's, Burger King, and Taco Bell compete with each other by providing differentiated products.
Monopoly price is _______________.
Monopoly price is higher than the competitive price.
Student discounts are an example of _______ degree price discrimination.
The free drink that comes with your meal isn't just because they like you.
A monopolist maximizes profit when ________________________.
Firms will produce every unit of output that adds more to revenue than it adds to cost.
True or false? P = MC for a monopolist.
A monopolist can charge a price higher than marginal cost.
Lost gains from trade are ______________.
If marginal value is greater than marginal cost, people can gain from trade.
If a monopolist can perfectly price discriminate, then efficiency will ________________.
Every mutually beneficial trade will be made.
A perfectly-competitive firm faces a _____________________ demand curve.
A perfectly competitive firm can sell as much as it wants at the market price.
A monopolist or a monopolistically competitive firm faces a __________________ demand curve.
If a firm with market power wishes to sell more output, it has to lower the price.
Charging different per-unit prices for different quantities of a good is ___________ degree price discrimination.
'1.49 each or 4 for $5.00!'
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