Econ 323 Exam 3 - Custom Scholars
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# Econ 323 Exam 3

question
Assume that a profit maximizing monopolist is producing a quantity such that marginal cost exceed marginal revenue. We can conclude that
firm's output is larger than the profit maximizing quantity
question
suppose that a firm can produce its output at either of two plants. if profits are maximized which of the following statements is true
(all of the above)
the MC at the second plant must equal MR
the MC at the first plant must equal MR
the MC at the two plants must be equal
question
the monopolist has no supply curve because
the quantity supplied at any particular price depends on the monopolist's demand curve (because demand curve shapes MR curve)
question
which of the following is true at the output level where p=mc?
the monopolist is not maximizing profit and should decrease output
question
monopoly power results from the ability to
set price above MC
question
the cournot equilibrium can be found by treating ______ as a pair of simultaneous equations and by finding the combination of Q1 and Q2 that satisfy both equations
? the best response functions for firms 1 and 2
question
the larger the lerner index the greater is the pricing power of a monopolist (t or f)
true
question
a profit maximizing monopoly will produce that output for which
marginal cost equals marginal revenue
question
for price discrimination to be successful using coupons
shoppers who take advantage of coupons have more elastic demands than shoppers who don't use them
1 of 9
question
Assume that a profit maximizing monopolist is producing a quantity such that marginal cost exceed marginal revenue. We can conclude that
firm's output is larger than the profit maximizing quantity
question
suppose that a firm can produce its output at either of two plants. if profits are maximized which of the following statements is true
(all of the above)
the MC at the second plant must equal MR
the MC at the first plant must equal MR
the MC at the two plants must be equal
question
the monopolist has no supply curve because
the quantity supplied at any particular price depends on the monopolist's demand curve (because demand curve shapes MR curve)
question
which of the following is true at the output level where p=mc?
the monopolist is not maximizing profit and should decrease output
question
monopoly power results from the ability to
set price above MC
question
the cournot equilibrium can be found by treating ______ as a pair of simultaneous equations and by finding the combination of Q1 and Q2 that satisfy both equations
? the best response functions for firms 1 and 2
question
the larger the lerner index the greater is the pricing power of a monopolist (t or f)
true
question
a profit maximizing monopoly will produce that output for which
marginal cost equals marginal revenue
question
for price discrimination to be successful using coupons
shoppers who take advantage of coupons have more elastic demands than shoppers who don't use them

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