\fChapter 1D or 23 Monopoly: Pre-Clsss E ln-Class Activities Packet Hamel'l.D. hlumber: Section: Date: Part 3. Discussion Questions and Problems 1. Because the monopolist is a single seller of a product with no close substitutes can it obtain any price for its good that itwa rits'EI Why orwhy riot\"?I 2.1i'ithen a single-price monopolist maximizes prots, price is greater than marginal cost. In other words. buyers are wiling to pay more For additional units of output than the units cost to produce. Giyen this, why doesn't the monopolist produce more\"?I 3. Is there a deadweig ht loss ifa rm produces the quantity of output atwhich price equals marginal cost\";I Explain. 4. Under what condition will a monopoly Firm earn losses\"?I 5. Ftent seeking is individually rational, but socially wasteful. Explain. 6. For many years in California, car washes would adyertise Ladies Day. [in one day during the week, a Ilineman could have her carwashed For a price lower than what a man would pay. Some people a rgued that this was a form oi' sexual discrimination. A Califomia court accepted the argument and ruled that car washes could no longer have a Ladies Day. Do you think this was a case of sexual discrimination or ptioe discrimination? Explain. T. In general, coupons are more common on small - ticket items than on big-ticket items. Explain why