When the oil producing countries of the Middle East meet to set prices and

When the oil producing countries of the middle east

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24. When the oil-producing countries of the Middle East meet to set prices and output levels, this is an example ofa.monopoly behaviorb.profit sharingc.market distributiond.explicit collusion25. A monopolist that price discriminates
26. Suppose that Pat has the legal right to fly an extremely noisy airplane over Chris's apartment and that he values that right at $1,000 per year. Chris would be willing to pay $800 per year to avoid the noise. In this case, 27.Suppose that Pat has the legal right to fly an extremely noisy airplane over Chris's apartment and that he values that right at $1,000 per year. Chris would be willing to pay $1,200 per year to avoid the noise. In that case28. A monopolist is earning an economic profit. At the present output level, MR = $35 and MC = $30. Which of the following should the firm do to increase profit?a.raise output and lower priceb.do not change price or outputc.raise price and raise outputd.raise price and lower outpute.lower price and lower output29. A single-price monopoly with the same market demand and cost structure as a perfectly competitive market will produce

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