final economics

final economics - *For a monopoly marginal revenue MR for a...

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*For a monopoly marginal revenue MR for a level of output traded in a monopoly will be less than price of the good *Which of the following is a characteristic of a monopoly market structure? single firm that is a price maker * The downward sloping demand curve in a monopoly market means that in order for the market to buy one more unit the monopolist must lower the price to increase demand by one unit * The downward sloping demand curve in a monopoly market means that when the monopoly increases its output by one more unit the firm’s total revenue changes by less than the price received from selling the additional unit * For a monopoly marginal revenue can be described as MR=P + P(1/Ep ). From this formula we know that MR for a level of output traded in a monopoly will be less than price of the good * For a monopolist: price is above marginal revenue * Total revenue is maximized along what portion of a monopolist’s demand curve? the elastic portion * If a firm sells one block of its output to a customer at one price and sells a second block to the same customer at a lower price we say that the firm is practicing second-degree price dis crimination * When a firm charges each customer the maximum price that the consumer is willing to pay, the firm is practicing first-degree price discrimination * The monopolistic competition market structure is characterized by which of the following
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This note was uploaded on 02/03/2011 for the course ECON 201 taught by Professor Boafo during the Fall '09 term at SUNY Maritime.

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final economics - *For a monopoly marginal revenue MR for a...

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