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/ Economics: Monopoly and Market Power
Can you name the basics of monopoly and market power?
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A perfectly-competitive firm faces a _____________________ demand curve.
A perfectly competitive firm can sell as much as it wants at the market price.
Lost gains from trade are ______________.
If marginal value is greater than marginal cost, people can gain 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.
Student discounts are an example of _______ degree price discrimination.
The free drink that comes with your meal isn't just because they like you.
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.
Monopoly output is ______________.
Monopoly quantity is lower than the competitive quantity.
True or false? P = MC for a monopolist.
A monopolist can charge a price higher than marginal cost.
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.
If a monopolist can perfectly price discriminate, then efficiency will ________________.
Every mutually beneficial trade will be made.
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.
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.
A monopolist maximizes profit when ________________________.
Firms will produce every unit of output that adds more to revenue than it adds to cost.
Does price discrimination create deadweight loss?
Price discrimination reduces deadweight loss and increases efficiency
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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