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d. At its profit-maximizing level of output, marginal cost for a single-price monopolist is always the price it charges for its output. 2. Fill in the blanks to make the following statements correct. a. If all firms in an industry joined together and behaved as a single seller, they could maximize their joint We refer to such a group as a b. To maximize joint profits, a cartel must reduce and raise compared to the perfectly competitive levels. c. Cartels tend to be unstable because any individual firms has an incentive to by selling than the agreed upon output. d. If a cartel is to succeed in the long run it must restrict by new firms. 3. Fill in the blanks to make the following statements correct. a. A ski-lift ticket on a Wednesday is cheaper than the same ticket on a Saturday. This is probably an example of b. A firm is more likely to be able to price discriminate if it has some market ; if the firm is able to determine the to pay of various consumers; and if it can prevent c. The most common form of price discrimination is between different of the market. A price discriminating firm will maximize profits by charging higher prices in those segments with elastic demand. d. If a monopoly is able to price discriminate among units, it is profit maximizing for that firm to total output beyond the monopoly level. Total economic surplus and the outcome is more