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161. Multiple Choice: The practice of selling the same prod...
Question The practice of selling the same product at different prices in different markets,
without corresponding differences in costs, is:
162. Multiple Choice: If a firm wants to charge different c...
Question If a firm wants to charge different customers different prices, it must be:
163. Multiple Choice: _________ is the practice of selling ...
Question _________ is the practice of selling ________ at different prices in different
markets, without corresponding differences in costs.
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164. Multiple Choice: A monopolist or an imperfectly compet...
Question A monopolist or an imperfectly competitive firm practices price discrimination
primarily to:
165. Multiple Choice: In order to engage in price discrimin...
Question In order to engage in price discrimination a firm must be:
166. Multiple Choice: The main reason a monopoly engages in...
Question The main reason a monopoly engages in price discrimination is that:
167. Multiple Choice: Price discrimination leads to a _____...
Question Price discrimination leads to a ________ price for consumers with a ________
demand.
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168. Multiple Choice: Price discrimination leads to a _____...
Question Price discrimination leads to a ________ price for consumers with a ________
demand.
169. Multiple Choice: Price-discriminating firms will impos...
Question Price-discriminating firms will impose a price structure that offers customers with a
________ demand a ________ price and offers customers with a(n) ________
demand a ________ price.
170. Multiple Choice: Because tourist demand for airline fl...
Question Because tourist demand for airline flights is relatively ________, small ________ in
ticket price will result in relatively ________ in additional tourists.
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171. Multiple Choice: A price-discriminating firm will adju...
Question A price-discriminating firm will adjust prices so that customers with more ________
demand pay ________ prices than (as) those customers with ________ elastic
demand.
172. Multiple Choice: The city bus system charges lower far...
Question The city bus system charges lower fares to senior citizens than to other
passengers. Assuming that this pricing strategy increases the profits of the bus
system, we can conclude that senior citizens must have a ________ for bus
service than other passengers.
173. Multiple Choice: The municipal swimming pool charges l...
Question The municipal swimming pool charges lower entrance fees to local residents than
to nonresidents. Assuming that this pricing strategy increases the profits of the
pool, we can conclude that nonresidents must have a ________ for swimming at
the pool than residents.
174. Multiple Choice: To practice effective price discrimin...
Question To practice effective price discrimination, a monopolist must be able to:
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175. Multiple Choice: In order to maximize profits, an airl...
Question In order to maximize profits, an airline will offer ________ prices to customers with
________ demand.
176. Multiple Choice: Because business travelers' demand fo...
Question Because business travelers' demand for airline flights is relatively ________, small
increases in price will result in relatively ________ in additional business travelers.
177. Multiple Choice: Which of the following statements is ...
Question Which of the following statements is correct for a firm that can price-discriminate?
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178. Multiple Choice: Amtrak charges lower fares to student...
Question Amtrak charges lower fares to students than to its other passengers. This pricing
strategy increases Amtrak's profits. From this information, we can conclude that
students must have a ________ for Amtrak train service than other passengers.
179. Multiple Choice: A local community college charges low...
Question A local community college charges lower tuition fees to local town residents than
to nonresidents. This pricing strategy increases the profits of the community
college. Using this information, we can conclude that nonresidents must have a
________ for attending the community college than residents.
180. Multiple Choice: Suppose the price elasticity of deman...
Question Suppose the price elasticity of demand for coffee at the CoffeeBarn equals 1.71 for
women and 0.55 for men. A successful price discrimination strategy would lead to:
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181. Multiple Choice: Suppose a monopoly can separate its c...
Question Suppose a monopoly can separate its customers into two groups. If the monopoly
practices price discrimination, it will charge the lower price to the group with:
182. Multiple Choice: A Japanese steel firm sells steel in ...
Question A Japanese steel firm sells steel in the United States and in Japan. Since the
United States buys steel from a number of sources, the U.S. demand for Japanese
steel is more price-elastic than the Japanese demand for Japanese steel. If the
Japanese steel firm wishes to maximize its profits, it should:
183. Multiple Choice: Which of the following is not an exam...
Question Which of the following is not an example of price discrimination?
184. Multiple Choice: Many hotel chains offer discounts for...
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Question Many hotel chains offer discounts for senior citizens. This is an example of
________ that is ________ in the United States.
185. Multiple Choice: If a monopolist can engage in perfect...
Question If a monopolist can engage in perfect price discrimination, then:
186. Multiple Choice: Reference: Ref 13-9 (Table: Prices a...
Question
Reference: Ref 13-9
(Table: Prices and Demand) Look at the table Prices and Demand. Prof.
Dumbledore has a monopoly on magic hats. He sells at most one hat to each
customer, and the table shows each customer's willingness to pay. The marginal
cost of producing a hat is $18. Suppose Dumbledorr can perfectly price-
discriminate. How many hats will he produce?
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187. Multiple Choice: Sadia wants to practice price discrim...
Question Sadia wants to practice price discrimination in her bakery. Which of the following
techniques should Sadia not use?
188. Multiple Choice: All of the following are examples of ...
Question All of the following are examples of price discrimination except:
189. Multiple Choice: Which of the following is not an exam...
Question Which of the following is not an example of price discrimination?
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190. Multiple Choice: Figure: A Rock Climbing Shoe Monopoly...
Question Figure: A Rock Climbing Shoe Monopoly
Reference: Ref 13-10
(Figure: A Rock Climbing Shoe Monopoly) Look at the figure A Rock Climbing
Shoe Monopoly. If the firm acts to maximize profit, the firm will sell ________ pairs
of shoes at a price of ________ per pair.
191. Multiple Choice: Figure: A Rock Climbing Shoe Monopoly...
Question
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Figure: A Rock Climbing Shoe Monopoly
Reference: Ref 13-10
(Figure: A Rock Climbing Shoe Monopoly) Look at the figure A Rock Climbing
Shoe Monopoly. If the firm acts to maximize profit, the firm will earn profit equal to:
192. Multiple Choice: Figure: A Rock Climbing Shoe Monopoly...
Question Figure: A Rock Climbing Shoe Monopoly
Reference: Ref 13-10
(Figure: A Rock Climbing Shoe Monopoly) Look at the figure A Rock Climbing
Shoe Monopoly. If the firm is regulated such that it earns zero economic profit, the
firm will sell ________ pairs of shoes at a price of ________ per pair.
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193. Multiple Choice: Reference: Ref 13-11 (Table: Demand ...
Question
Reference: Ref 13-11
(Table: Demand for Lenny's Coffee) Look at the table Demand for Lenny's Coffee.
Lenny's Café is the only source of coffee for hundreds of miles in any direction. If
Lenny wants to increase the quantity of cups sold from five to six, his marginal
revenue will be equal to:
194. Multiple Choice: Reference: Ref 13-11 (Table: Demand ...
Question
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Reference: Ref 13-11
(Table: Demand for Lenny's Coffee) Look at the table Demand for Lenny's Coffee.
Lenny's Café is the only source of coffee for hundreds of miles in any direction.
Lenny is selling two cups of coffee. If he wishes to lower the price and sell three
cups of coffee, the:
195. Multiple Choice: Reference: Ref 13-11 (Table: Demand ...
Question
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Reference: Ref 13-11
(Table: Demand for Lenny's Coffee) Look at the table Demand for Lenny's Coffee.
Lenny's Café is the only source of coffee for hundreds of miles in any direction. If
Lenny's marginal cost of selling coffee is a constant $2, his profit-maximizing level
of output is ________ cups at a price of ________ per cup.
196. Multiple Choice: (Table: Demand for Lenny's Coffee) Lo...
Question (Table: Demand for Lenny's Coffee) Look at the table Demand for Lenny's Coffee.
Lenny's Café is the only source of coffee for hundreds of miles in any direction. If
Lenny's marginal cost of selling coffee is a constant $2 and the government forced
Lenny to charge a price that eliminated deadweight loss, Lenny would charge a
price of ________ per cup and sell ________ cups.
197. Multiple Choice: Reference: Ref 13-12 (Table: Prices ...
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Question
Reference: Ref 13-12
(Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. How many hats should the
Saints produce, and what price should the organization charge to maximize its
profits?
198. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints increase the
number of hats they sell from 4 to 5, their total revenue changes from _______ to
______.
199. Multiple Choice: (Table: Prices and Demand) Look at ...
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Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints increase the
number of hats they sell from 4 to 5, the quantity effect is a(n):
200. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints increase the
number of hats they sell from 4 to 5, the price effect is a(n):
201. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints increase the
number of hats they sell from 4 to 5, marginal revenue is:
202. Multiple Choice: (Table: Prices and Demand) Look at ...
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Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. How much is the Saints' profit
at the profit-maximizing output?
203. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. How much is consumer
surplus at the Saint's profit-maximizing output?
204. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. How much is producer surplus
at the Saint's profit-maximizing output?
205. Multiple Choice: (Table: Prices and Demand) Look at ...
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Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. How much is deadweight loss
at the Saint's profit-maximizing output?
206. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints were a perfectly
competitive firm in a perfectly competitive industry, their profit-maximizing price and
output, respectively, would be:
207. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints were a perfectly
competitive firm in a perfectly competitive industry, their profit-maximizing price and
output consumer surplus would be:
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208. Multiple Choice: (Table: Prices and Demand) Look at ...
Question (Table: Prices and Demand) Look at the table Prices and Demand. The New
Orleans Saints have a monopoly on Saints logo baseball hats. The Saints sell at
most one hat to each customer, and the table shows each customer's willingness
to pay. The marginal cost of producing a hat is $18. If the Saints were a perfectly
competitive firm in a perfectly competitive industry, their profit-maximizing price and
output producer surplus would be:
209. Multiple Choice: (Table: Prices and Demand) The New ...
Question (Table: Prices and Demand) The New Orleans Saints have a monopoly on Saints
logo baseball hats. The Saints sell at most one hat to each customer, and the
table shows each customer's willingness to pay. The marginal cost of producing a
hat is $18. If the Saints were a perfectly competitive firm in a perfectly competitive
industry, their profit-maximizing price and output deadweight loss would be:
210. Multiple Choice: (Table: Prices and Demand) The New ...
Question (Table: Prices and Demand) The New Orleans Saints have a monopoly on Saints
logo baseball hats. The Saints sell at most one hat to each customer, and the
table shows each customer's willingness to pay. The marginal cost of producing a
hat is $18. If the Saints were a perfectly competitive firm in a perfectly competitive
industry, their profit-maximizing price and output total surplus would be ________.
If the Saints were a profit-maximizing monopoly, total surplus would be _______.
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211. Multiple Choice: Figure: The Profit-Maximizing Output ...
Question Figure: The Profit-Maximizing Output and Price
Reference: Ref 13-13
(Figure: The Profit-Maximizing Output and Price) Look at the figure The Profit-
Maximizing Output and Price. Assume there are no fixed costs and AC = MC. At
the profit-maximizing quantity of production for the monopolist, total revenue is
________, total cost is ________, and profit is ________.
212. Multiple Choice: Figure: The Profit-Maximizing Output ...
Question
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