Which of the following are types of monopolies? Select all that apply: natural monopoly Operfect monopoly Olegal monopoly big monopoly Content attribution Question 16 Products that are distinctive in physical aspects, location, intangible aspects and perceptions in the eyes of the consumer are called products. Select the correct answer below: O homogeneous differentiated monopolistic } identical

Which of the following are types of monopolies? Select all that apply: natural monopoly Operfect monopoly Olegal monopoly big monopoly Content attribution Question 16 Products that are distinctive in physical aspects, location, intangible aspects and perceptions in the eyes of the consumer are called products. Select the correct answer below: O homogeneous differentiated monopolistic } identical

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter9: Monopoly

Section: Chapter Questions

Problem 7SQP

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Imagine a monopolist could charge a different price to every customer based on how much he or she were willing to pay. How would this affect monopoly profits?
How can a monopolist identify the profit-maximizing level of output if it knows its total revenue and total cost curves?
Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the monopolists profit-maximizing output level. Now, think about a slightly higher level of output (sayQ0+1). According to the graph, is there any consumer willing to pay more than the marginal cost of that new level of output? If so, what does this mean?
How does the quantity produced and price charged by a monopolist compare to that of a perfectly competitive film?
How does the demand curve perceived by a monopolist compare with the market demand curve?
If public utilities are a natural monopoly, what would be the danger in deregulating them?
Draw the demand curve, marginal revenue, and marginal cost curves from Figure 9.6, and identify the quantity of output the monopoly wishes to supply and the price it will charge. Suppose demand for the monopolys product increases dramatically. Draw the new demand me. What happens to the marginal revenue as a result of the increase in demand? What happens to the marginal cost curve? Identify the new profit-maximizing quantity and price. Does the answer make sense to you? Figure 9.6 Illustrating Profits at the HealthPill Monolpoly
From the graph you drew to answer Exercise 11.6, would you say this transit system is a natural monopoly? Justify. Use the following information to answer the next three questions. In the years before wireless phones, when telephone technology requited having a wile matting to every home, it seemed plausible that telephone service had diminishing average costs and might require regulation like a natural monopoly. For most of the twentieth century, the national U.S. phone company was AT&T, and the company functioned as a regulated monopoly. Think about the deregulation of the U.S. telecommunications industry that has occurred over the last few decades. (This is not a research assignment, but a thought assignment based on what you have learned in this chapter.)
If a monopoly firm is earning profits, how much would you expect these profits to be diminished by entry in the long run?
What is the usual shape of a marginal revenue cuwe for a monopolist? Why?