Economics: Monopoly and Market Power

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Can you name the basics of monopoly and market power?

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QuestionAnswerExplanation
Lost gains from trade are ______________.
A monopolist or a monopolistically competitive firm faces a __________________ demand curve.
A perfectly-competitive firm faces a _____________________ demand curve.
Book publishers publish hardback books before paperback books because they are engaging in _______________.
True or false? P = MC for a perfectly competitive firm.
A monopolist maximizes profit when ________________________.
Monopoly price is _______________.
In a monopolistically competitive market, products are ___________________.
QuestionAnswerExplanation
If a monopolist can perfectly price discriminate, then efficiency will ________________.
Charging everyone his or her marginal value (i.e., willingness to pay) is __________ degree price discrimination.
Charging different per-unit prices for different quantities of a good is ___________ degree price discrimination.
When it is efficient for a single firm to produce the entire market's output, we have a ___________________.
Monopoly output is ______________.
True or false? P = MC for a monopolist.
Student discounts are an example of _______ degree price discrimination.
Does price discrimination create deadweight loss?

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