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Please don't answer if you can't solve for 5-10. Thank you [5] A monopolist tends to produce a greater output than under perfect competition. A.

Please don't answer if you can't solve for 5-10. Thank you

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[5] A monopolist tends to produce a greater output than under perfect competition. A. B. True False [6] Imagine a firm engaged in third degree price discrimination sells its product to consumers in two states, California and Florida. At the profit-maximizing quantities for California and Florida, the firm estimates the price elasticity of demand for its product in California is 4, while in Nevada the price elasticity is 2. Accordingly, the firm will charge a higher price to consumers in California. A. B. True False [7] A. B. C. D. Continuing question (6), at the profit-maximizing quantities for California and Florida we know: the marginal revenue in California exceeds the marginal revenue in Florida the marginal revenue in Florida exceeds the marginal revenue in California the marginal revenues in California and Florida equal each other unable to determine, since not enough information is provided [8] Avi is willing to pay $50 to consume a steak dinner at the restaurant Sizzler, but only actually pays $15 for a steak dinner. Accordingly, his consumer surplus equals: A. B. C. D. $15 $35 $50 $65 [9] Which antitrust law below is specifically directed towards the use of price discrimination to attempt to monopolize a market? A. Sherman Act B. Clayton Act C. Price Arbitrage Act D. None of the above [10] When you buy something at a lower price and then sell it at a higher price, you are price arbitraging. A. B. True False

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