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ECN 104 Chapter 13 Test Questions and Answers 100% Correct

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ECN 104 Chapter 13 Test Questions and Answers 100% Correct 2 types of price regulation - Answer- 1. avg cost pricing ( P = ATC ) 2. Marginal cost pricing ( P = MC) Price discrimination - Answer- charging different prices for same good in order to increase profits. single price monopolist - Answer- offers its product to all consumers at the same price Perfect price discrimination - Answer- charges each consumer price equal to their willingness to pay to maximize profit - Answer- MR = MC to maximize for perfectly competitive market - Answer- MR = P to maximize profit for monopolists - Answer- MR = MC demand curve for perfect competition - Answer- horizontal, perfect elastic demand curve for monopolist - Answer- downward sloping if MR MC - Answer- increase production if MR MC - Answer- decrease production quantity effect - Answer- one more unit is sold, increasing total revenue by the price at which the unit is sold price effect - Answer- to sell last unit, monopolist must cut the price of all units sold. this decreases total revenue 4 main types of market structure - Answer- 1) Perfect Competition 2) Monopoly 3) Oligopoly 4) Monopolistic Competition

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ECN 104 Chapter 13 Test Questions
and Answers 100% Correct

2 types of price regulation - Answer- 1. avg cost pricing ( P = ATC )
2. Marginal cost pricing ( P = MC)

Price discrimination - Answer- charging different prices for same good in order to
increase profits.

single price monopolist - Answer- offers its product to all consumers at the same price

Perfect price discrimination - Answer- charges each consumer price equal to their
willingness to pay

to maximize profit - Answer- MR = MC

to maximize for perfectly competitive market - Answer- MR = P

to maximize profit for monopolists - Answer- MR = MC

demand curve for perfect competition - Answer- horizontal, perfect elastic

demand curve for monopolist - Answer- downward sloping

if MR > MC - Answer- increase production

if MR < MC - Answer- decrease production

quantity effect - Answer- one more unit is sold, increasing total revenue by the price at
which the unit is sold

price effect - Answer- to sell last unit, monopolist must cut the price of all units sold. this
decreases total revenue


4 main types of market structure - Answer- 1) Perfect Competition
2) Monopoly
3) Oligopoly
4) Monopolistic Competition

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