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Chapter 15/Monopoly ? 661

37. A rational pricing strategy for a profit-maximizing monopolist is

a. price discrimination. b. price segregation. c. synergy pricing. d. average cost pricing. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive 38. Price discrimination requires the firm to

a. separate customers according to their willingness to pay. b. differentiate between different units of its product. c. engage in arbitrage. d. use coupons. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive

39. When deciding what price to charge consumers, the monopolist may choose to charge them different prices based on

the customers'

a. geographical location. b. age. c. income.

d. All of the above are correct. ANS: D PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive 40. A market force that can prevent firms from price discriminating is

a. fluctuating resource prices. b. arbitrage.

c. high fixed costs.

d. marginal-cost pricing. ANS: B PTS: 1 DIF: 2 REF: 15-5 TOP: Arbitrage MSC: Interpretive

41. Which of the following can eliminate the inefficiency inherent in monopoly pricing?

a. Arbitrage

b. Cost-plus pricing c. Price discrimination

d. Regulations that force monopolies to reduce their levels of output ANS: C PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive 42. A firm cannot price discriminate if it

a. has perfect information about consumer demand. b. operates in a competitive market.

c. faces a downward-sloping demand curve. d. is regulated by the government. ANS: B PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive

43. A firm cannot price discriminate if

a. its marginal revenue curve is linear for all levels of output. b. it operates in a competitive market.

c. buyers only reveal the price they are willing to pay for the product. d. it has a constant marginal cost. ANS: B PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive

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44. The process of buying a good in one market at a low price and selling the good in another market for a higher price in

order to profit from the price difference is known as a. sabotage. b. conspiracy. c. arbitrage. d. collusion. ANS: C PTS: 1 DIF: 1 REF: 15-5 TOP: Arbitrage MSC: Definitional

45. Which of the following may eliminate some or all of the inefficiency that results from monopoly pricing?

a. The government can regulate the monopoly.

b. The monopoly can be prohibited from price discriminating.

c. The monopoly can be forced to operate at a point where its marginal revenue is equal to its marginal cost. d. None of the above would eliminate any inefficiency associated with a monopoly. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Regulation MSC: Interpretive

46. Price discrimination adds to social welfare in the form of

(i) increased total surplus.

(ii) reduced costs of production. (iii) increased consumer surplus.

a. (i) only b. (i) and (ii) c. (i) and (iii) d. (i), (ii), and (iii) ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Welfare MSC: Interpretive

47. Perfect price discrimination describes a situation in which the monopolist

a. knows the exact willingness to pay of each of its customers.

b. charges exactly two different prices to exactly two different groups of customers. c. maximizes consumer surplus.

d. experiences a zero economic profit. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Perfect price discrimination MSC: Interpretive

Chapter 15/Monopoly ? 663

Figure 15-7

The figure below depicts the demand, marginal revenue, and marginal cost curves of a profit-maximizing monopolist.

48. Refer to Figure 15-7. If the monopoly firm is NOT allowed to price discriminate, then consumer surplus amounts to

a. $0. b. $500. c. $1,000. d. $2,000. ANS: C PTS: 1 DIF: 2 REF: 15-5 TOP: Consumer surplus MSC: Applicative 49. Refer to Figure 15-7. If the monopoly firm perfectly price discriminates, then consumer surplus amounts to

a. $0. b. $250. c. $500. d. $1,000. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Perfect price discrimination MSC: Analytical

50. Refer to Figure 15-7. If the monopoly firm is NOT allowed to price discriminate, then the deadweight loss amounts

to

a. $50. b. $100. c. $500. d. $1,000. ANS: D PTS: 1 DIF: 3 REF: 15-5 TOP: Deadweight loss MSC: Applicative 51. Refer to Figure 15-7. If the monopoly firm perfectly price discriminates, then the deadweight loss amounts to

a. $0. b. $100. c. $200. d. $500. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Perfect price discrimination MSC: Analytical

52. Refer to Figure 15-7. If there are no fixed costs of production, monopoly profit without price discrimination equals

a. $500. b. $1,000. c. $2,000. d. $4,000. ANS: C PTS: 1 DIF: 3 REF: 15-5 TOP: Profit MSC: Applicative

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53. Refer to Figure 15-7. If there are no fixed costs of production, monopoly profit with perfect price discrimination

equals a. $500. b. $1,000. c. $2,000. d. $4,000. ANS: D PTS: 1 DIF: 3 REF: 15-5 TOP: Profit MSC: Applicative 54. In reality, perfect price discrimination is

a. used by about 75 percent of all monopolies. b. used by about 50 percent of all monopolies.

c. seldom used by monopolies because it leads to lower profits. d. not possible. ANS: D PTS: 1 DIF: 2 REF: 15-5 TOP: Perfect price discrimination MSC: Interpretive

55. Compared to the monopoly outcome with a single price, imperfect price discrimination

(i) sometimes raises total surplus. (ii) sometimes lowers total surplus. (iii) always leads to a lower quantity of output. a. (i) and (ii) b. (ii) and (iii) c. (i) and (iii)

d. Any of these outcomes is possible. ANS: A PTS: 1 DIF: 2 REF: 15-5 TOP: Welfare MSC: Interpretive

56. Many movie theaters allow discount tickets to be sold to senior citizens because

a. senior-citizen laws mandate such discounts.

b. efforts of goodwill show community respect and win loyal patrons. c. the theaters are profit maximizers.

d. senior citizens usually comprise a solid portion of those who voice their opinions. ANS: C PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive

57. Round-trip airline tickets are usually cheaper if you stay over a Saturday night before you fly back. What is the

reason for this price discrepancy?

a. Airlines are practicing imperfect price discrimination to raise their profits.

b. Airlines charge a different rate based on the different nature of peoples' travel needs. c. Airlines are attempting to charge people based on their willingness to pay. d. All of the above are correct. ANS: D PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive 58. When a local grocery store offers discount coupons in the Sunday paper it is most likely trying to

a. reduce prices for all customers.

b. offer their customers a reward for reading the paper.

c. gain some pricing power over the other grocery stores in town. d. price discriminate. ANS: D PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive

59. Price discrimination explains why Ivy League universities often set rules that determine prices of admission based on

students' a. age.

b. financial resources. c. high school GPA. d. gender. ANS: B PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Analytical

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60. A monopolist faces the following demand curve:

Price $8 $7 $6 $5 $4 $3 $2 $1 Quantity Demanded 300 400 500 600 700 800 900 1,000

The monopolist has fixed costs of $1,000 and has a constant marginal cost of $2 per unit. If the monopolist were able to perfectly price discriminate, how many units would it sell? a. 400 b. 500 c. 900 d. 4,200 ANS: C PTS: 1 DIF: 3 REF: 15-5 TOP: Perfect price discrimination MSC: Analytical

61. It is not uncommon to find that prescription drugs sell for more in the United States than they do in other countries.

Which of the following statements about this issue is most likely to be true?

a. Drug companies are engaging in price discrimination, and this practice certainly reduces global social welfare. b. Global social welfare could be improved if the price in the United States were reduced to the price charged in

other countries.

c. Global social welfare could be improved if the price in the other countries were increased to the price charged in

the United States.

d. Drug companies are engaging in price discrimination, but this might improve global social welfare if it gives

more people access to the drugs.

ANS: D PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Interpretive 62. If one were to compare a competitive market to a monopoly that engages in perfect price discrimination, one could

say that

a. in both cases, total social welfare is the same.

b. total social welfare is higher in the competitive market than with the perfectly price discriminating monopoly. c. in both cases, some potentially mutually beneficial trades do not occur. d. consumer surplus is the same in both cases. ANS: A PTS: 1 DIF: 3 REF: 15-5 TOP: Perfect price discrimination MSC: Analytical

63. Price discrimination

a. forces monopolies to charge a lower price as a result of government regulation.

b. is an attempt by a monopoly to prevent some customers from purchasing its product by charging a high price. c. is an attempt by a monopoly to increases its profit by selling the same good to different customers at different

prices.

d. increases the consumer surplus associated with a monopolistic market. ANS: C PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Applicative 64. Which of the following is not an example of price discrimination by a firm?

a. Children's meals at a restaurant.

b. A natural gas company charging customers a higher rate in the winter than in the summer. c. A senior citizens' discount.

d. Coupons in the Sunday newspaper. ANS: B PTS: 1 DIF: 2 REF: 15-5 TOP: Price discrimination MSC: Applicative





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