Microeconomics

Please help with these 6 questions. Did I answer them correctly?

Question 1 2 pts (04.01 MC) Nori is a firm that sells products in an industry with a very high concentration of sellers. Nori's production decisions must consider its competitors' possible production decisions. In which market must Nori operate? Perfect market O Monopoly market O Oligopoly market O Monopsony market Monopolistic competitionQuestion 3 2 pts (04.02 MC) A monopolist is forced to lower its price in order to sell another unit of its product. This describes the problem of () persistent economic profits @ market power (O diseconomies of scale (O economies of scale () market discrimination Question 4 2 pts (04.02 MC) Use the graph to answer the question that follows. Price MC AC P. P AR P. MR Q2 Quantity (units) What would be the area of this firm's total revenue? O P3, G, Q2, and 0 O P2, N, Q2, 0 O P1, M, Q2, 0 O P1, M, N, P2 O P1, M, G, P3Question 6 2 pts (04.03 MC) The graph below represents the demand graph of a monopolist. $22 MC $20 $18 $16 $14 $12 Price $10 $8 $6 $4 Demand $2 MR 10 20 30 40 50 60 70 80 90 100 Quantity The firm uses price discrimination to increase its profits. What is the change in the price level? Assume the firm is acting to maximize profits before and after price discrimination. O From $8 to $14 O From $14 to $8 O From $12 to demand level at every output quantity O From $8 to demand level at every output quantity O From $14 to demand level at every output quantityQuestion 7 2 pts (04.03 HQ) A firm operates as a monopolist in a small tourist town. It rents apartments, similar in structure, to tourists. In previous years, the company reduced the rental price in order to rent out additional apartments. The reduction in price reduced the firm's profits. In the current year, the company uses perfect price discrimination to charge for each incremental apartment. Which of the following is true due to the firm's price discrimination? (O The consumer surplus increases, and the firm's surplus decreases. (O The average price decreases, which reduces the total revenue from the first units sold. (O The company's total economic profits decrease as the new price charged impacts all units sold. @ Allocation of resources becomes even more inefficient, creating a greater deadweight loss. O The demand is equal to marginal revenue, which equals marginal cost for the last unit sold. Question 11 2 pts (04.05 MC) What is the key difference between monopolistic competition and an oligopoly market? @ In an oligopoly, the number of firms is so small they strategize their production interdependently. O In monopolistic competition, the marginal revenue is beneath the demand curve because of market power. (O Oligopolies generally have a lower market concentration and a lower minimum efficient scale. O Monopolistically competitive markets have more significant barriers to entry into and exit from the industry. (O Oligopolies see consistent economies of scale across their entire product demand