Question 1

For an imperfectly competitive firm,

Accepted Answer

A) total revenue is a straight, upsloping line because a firm's sales are independent of product price. 
B) the marginal revenue curve lies above the demand curve because any reduction in price applies to all units sold. 
C) the marginal revenue curve lies below the demand curve because any reduction in price applies to all units sold. 
D) the marginal revenue curve lies below the demand curve because any reduction in price applies only to the extra unit sold. 
A) total revenue is a straight, upsloping line because a firm's sales are independent of product price. 
B) the marginal revenue curve lies above the demand curve because any reduction in price applies to all units sold. 
C) the marginal revenue curve lies below the demand curve because any reduction in price applies to all units sold. 
D) the marginal revenue curve lies below the demand curve because any reduction in price applies only to the extra unit sold.

Question 2

Price discrimination occurs whenever a firm sells a good for two different prices.

Accepted Answer

A) True 
 B)False

Question 3

If you want to enjoy a Major League Baseball game at the stadium in St Louis, you must patronize the Cardinals.This makes the Cardinals organization a

Accepted Answer

A) purely competitive firm in St Louis. 
B) monopoly firm in St Louis. 
C) monopoly firm in Major League Baseball. 
D) purely competitive firm in Major League Baseball. 
A) purely competitive firm in St Louis. 
B) monopoly firm in St Louis. 
C) monopoly firm in Major League Baseball. 
D) purely competitive firm in Major League Baseball.

Question 4

Which would definitely not be an example of price discrimination?

Accepted Answer

A) A movie theater charges children less than adults for a movie ticket. 
B) Universities charge higher tuition for out-of-state residents than for in-state students. 
C) A doctor charges for services according to the income of individual patients. 
D) An electric power company charges less for electricity used during off-peak hours, when production costs are lower. 
A) A movie theater charges children less than adults for a movie ticket. 
B) Universities charge higher tuition for out-of-state residents than for in-state students. 
C) A doctor charges for services according to the income of individual patients. 
D) An electric power company charges less for electricity used during off-peak hours, when production costs are lower.

Exam 12: Pure Monopoly

For an imperfectly competitive firm,

Price discrimination occurs whenever a firm sells a good for two different prices.

If you want to enjoy a Major League Baseball game at the stadium in St Louis, you must patronize the Cardinals.This makes the Cardinals organization a

Which would definitely not be an example of price discrimination?

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures: Public Goods and Externalities

Governments Role and Government Failure

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Costs of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Monopolistic Competition

Oligopoly and Strategic Behavior

Technology, Rd, and Efficiency

The Demand for Resources

Wage Determination

Rent, Interest, and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Agriculture: Economics and Policy

Income Inequality, Poverty, and Discrimination

Health Care

Immigration

An Introduction to Macroeconomics

Measuring Domestic Output and National Income

Economic Growth

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

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