A monopoly electronics store has 4 customers, shown in the table below.

Customer	Maximum Willingness to Pay for a Quadcopter ($)
Edward	600
Frank	500
Gina	300
Hattie	200

If the monopoly store must give all customers the same price, what price should it charge for a quadcopter in order to maximize revenue received?

Group of answer choices

1.)

$600

$500

$300

$200

2.)

If the monopoly store can perfectly price discriminate, what is the maximum amount of revenue it can receive?

________

3.)

In a long-run monopolistically competitive equilibrium,

Group of answer choices

P = ATC, and ATC is not at its minimum value

P = ATC, and ATC is at its minimum value

P > ATC, and ATC is at its minimum value

P > ATC, and ATC is not at its minimum value

4.)

Advertising by monopolistically competitive firms can carry out all of the following EXCEPT

Group of answer choices

lower the price of the good

help differentiate a firm's product

give the consumer information about the firm's products

result in increased profits for the advertising firm

5.)

In the long run equilibrium, monopolistic competition results in some deadweight loss because of fewer trades compared to perfect competition, and we also don't see productive efficiency due to slightly higher costs. Despite this, why might monopolistic competition still be desirable compared to perfect competition?

Group of answer choices

When consumers are forced to spend more money on goods, the economy will be stimulated

In monopolistic competition, firms have to fight harder for unique products and market share, and this will result in better products and supports the advertising industry

The higher costs of monopolistic competition are likely the result of product differentiation, and consumers may prefer to have variety and choice and are willing to pay for it

Entry barriers in monopolistic competition can be created by existing firms as a way to keep inferior products out of the market