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Government ALL BLACKBOARD SITES > ECON 101-2 INTRODUCTORY MICROECONOMIC (FALL 2007 - BURKHAUSER) > ASSIGNMENTS > REVIEW ASSESSMENT: PROBLEM SET #10 Review Assessment: Problem Set #10 Problem Set #10 Completed 65 out of 100 points Further instructions on how to complete online problem sets ca Guide in the Course Information area. Question 1 Multiple Choice 5 of 5 points When individuals are damaged by an illegal arrangement to restrain trade, which law allows them to pursue civil action and recover up to three times the damages sustained? Selected Answer: Clayton Act Correct Answer: Clayton Act Question 2 Multiple Choice 5 of 5 points The practice of tying is used to Selected Answer: package products to sell at a c closer to a buyer's total willingn Correct Answer: package products to sell at a c closer to a buyer's total willingn Question 3 Multiple Choice 5 of 5 points Which of the following is necessarily a problem with antitrust laws? Selected Answer: They may target a business w appear to be anti-competitive b legitimate purposes. Correct Answer: They may target a business w appear to be anti-competitive b legitimate purposes. Question 4 Multiple Choice 5 of 5 points An airline knows that there are two types of travelers: business travelers and vacationers. For a particular flight, there are 100 business travelers who will pay $600 for a ticket while there are 50 vacationers who will pay $300 for a ticket. There are 150 seats available on the plane. Suppose the cost to the airline of providing the flight is $20,000, which includes the cost of the Question 4 Multiple Choice 5 of 5 points pilots, flight attendants, fuel, etc. How much additional profit can the firm earn by charging each customer their willingness to pay relative to charging a flat price of $600 per ticket? Selected Answer: $15,000 Correct Answer: $15,000 Question 5 Multiple Choice 0 of 5 points Which of the following statements comparing monopoly with competition is correct? Selected Answer: The deadweight loss associate monopoly is caused by the posi profits of the monopolist; comp not earn a positive economic pr no deadweight loss under comp Correct Answer: With perfect price discriminat surplus under monopoly can be under competition. Question 6 Multiple Choice 5 of 5 points A perfectly price-discriminating monopolist is able to Selected Answer: maximize profit and produce optimal level of output. Correct Answer: maximize profit and produce optimal level of output. Question 7 Multiple Choice 5 of 5 points Antitrust laws may Selected Answer: restrict the ability of firms to m Correct Answer: restrict the ability of firms to m Question 8 Multiple Choice 5 of 5 points The economic inefficiency of a monopolist can be measured by the Selected Answer: deadweight loss.... View Full Document

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