Economics Help

Complete Question Text:6. The following data reveal how mucheach consumer is willing to pay for anAlaskan cruise:Amy $ 900 Ed $2,000Bob $1,100 Gigi $1,300Carol $1,500 Hugo $1,800Eduardo $ 400 Isabelle $1,500(a) Draw the market demand for these eightconsumers on the accompanying graph.(b) If the cruise costs $1,000, how manypassengers will there be?(c) If the cruise costs $1,000, how muchtotal revenue will be collected?(d) If the cruise costs $1,000, howmuch consumer surplus will thosepassengers enjoy?(e) If the cruise ship could perfectly pricediscriminate, how much more revenuecould it take in?8. Suppose the graph on the next page depicts the demand for football tickets at Grand University.(a) What is total revenue at the price of $24?(b) If the price drops to $12, how many tickets would consumers purchase?(c) What is total revenue at that point? $(d) If the team has a winning streak and the price is still $24, at what point do we end up?(e) What is total revenue at that point?10. Use the following data to illustrate the relevant demand curve:Price $ 1 2 3 4 5 6 7 8 9 10Quantity 20 18 16 14 12 10 8 6 4 2(a) If the price increases from $4 to $8, by how much does the quantity demanded decline?(b) If a successful advertising campaign increases the quantity demanded at every price by 4 units,(i) Draw the new demand curve D 2 .(ii) How many units are now purchased at $8?

Originally posted 2018-06-26 09:53:17. Republished by Blog Post Promoter

economics help!!!!!!!!!!!!!!!!!!!!!!

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Question 1(1 point)

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Compared to a perfectly competitve market, a monopoly

Question 1 options:

charges a higher price but produces better quality.

produces the same output at the same price.

produces a smaller output and charges a higher price.

produces a larger output and charges a lower price.


Question 2(1 point)

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All the following could be considered rent-seeking actvities except

Question 2 options:

changing a product’s price.


political activities.

getting a patent.


Question 3(1 point)

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Monopoly pricing blocks some mutually beneficial trades. These blocked trades are _______________________ to society.

Question 3 options:

sunk cost.

opportunity cost.

unrealized loss.

deadweight loss.


Question 4(1 point)

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The main problem with forcing monopolies to set prices equal to average cost is that

Question 4 options:

monopolies may have a loss.

such a scheme increases the deadweight loss.

monopolies gain economic profit.

monopolies have no incentive to reduce costs.


Question 5(1 point)

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Examine the graph below. If the monoplist prices and produces at the socially optimal level, it will

Question 5 options:

earn economic profit.

suffer a loss.

earn normal profits.

break even.


Question 6(1 point)

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If this monopoly is allowed to maximize profit, it will charge ____ and produce output _____.

Question 6 options:

P1; Q1

P1; Q2

P2; Q4

P3; Q1


Question 7(1 point)

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If the government forces this firm to follow an average cost pricing policy, the firm will

Question 7 options:

shut down.

earn economic profits.

earn zero economic profits.

earn economic losses.


Question 8(1 point)

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A natural monopoly emerges from

Question 8 options:

control of an essential input.

a patent.

economies of scale.

horizontal mergers.


Question 9(1 point)

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The total of consumer and producer surplus (social value) under a simple monopoly will tend to be

Question 9 options:

greater than under perfect competition.

the same as under perfect competition.

less than under perfect competition.



Question 10(1 point)

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Compared to a competitive firm, a monopoly in the long run

Question 10 options:

restricts output.

charges a higher price.

does not produce at minimum average cost.

All of the answers above are correct.


Question 11(1 point)

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An industry is a natural monopoly if

Question 11 options:

any firm can earn a profit in the industry.

a given output can be produced more cheaply by one firm than by many firms.

barriers prevent new firms from entering the industry in which a monopolist is earning positive economic profit.

only one firm has access to the raw materials of production.


Question 12(1 point)

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A monopoly

Question 12 options:

has a short-run supply curve that slopes upward.

is a price taker.

does not have a supply curve.

is at the mercy of the market-determined price.


Question 13(1 point)

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A policy of marginal cost pricing will insure that many regulated industries lose money.

Question 13 options:




Question 14(1 point)

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For the firm in the figure below, an unregulated monopolist, profit-maximizing output is below the long-run competitive level by how much?

Question 14 options:






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