Please help me to find answers for following questions:

1.If demand increases and supply decreases in a market that is in equilibrium, quantity will:

Select one:

a.remain unchanged while price will decrease.

b.increase while price will remain unchanged.

c.increase only if decrease in supply is more than increase in demand.

d.increase only if decrease in supply is less than increase in demand.

e.increase only if decrease in supply is more than decrease in demand.

2.Price discrimination is best described as a monopolist:

Select one:

a.

selling a product at the fixed market determined price.

b.

charging different customers different prices when the costs are equal.

c.

charging buyers an excessive price for the product.

d.

selling a product for different prices during two different periods of time.

e.

charging same prices to different customers when the costs are different.

3.Perfect price discrimination occurs when:

Select one:

a.

each customer is charged the maximum price that each is willing and able to pay.

b.

the firm sets MR < MC for each class of customers.

c.

senior citizens are offered restaurant discounts.

d.

two classes of customers are charged different prices as they have the same elasticities of demand.

e.

the firm charges same price to different customers so that it is equal to the equilibrium price.

4.Identify the correct statement.

Select one:

a.

A monopolist is able to choose any price and quantity combination that it desires.

b.

A monopolist is not able to reap positive profits in the long run.

c.

A monopolist does not suffer losses even in the short run.

d.

A monopolist's pricing decision is limited by the demand for its product.

e.

A monopolist can increase its profits by increasing price if the demand for its good is relatively elastic.

5.A monopolist maximizes profit:

Select one:

a.

by producing a level of output where marginal revenue equals marginal cost.

b.

by charging the highest possible price on the demand curve.

c.

by charging a price equal to its average total cost.

d.

by producing a level of output where the average-cost curve intersects the demand curve.

e.

by charging a price that equals its marginal cost.

6.A monopolist can charge a high price if:

Select one:

a.

the demand for its product is relatively price-elastic.

b.

there exist a large number of substitutes for its product.

c.

the demand curve for its product is negatively sloped.

d.

the quantity demanded of its product is positively related to price.

e.

the demand for its product is relatively price-inelastic.