Market Power

Multiple Choice Questions

After watching the Market Power video lecture, consider the question(s) below. Then “submit” your response.

Question

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Question

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Question

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

Question

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

True/False Questions

After watching the Market Power video lecture, consider the question(s) below. Then “submit” your response.

Question

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

Question

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

Question

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

Short Answer/Discussion Questions

After watching the Market Power video lecture, consider the question(s) below. Then “submit” your response.

Question

4UIVRCVJfZJYPcj66EpY5fglYsC+tu3r0ZP3z6R8NqJykNcdxy+2mEJmTsWxYu+WvoD+Vw==
Suggested solution: Barriers to entry include control over inputs, economies of scale and government protection in the form of patents and copyrights. Each of these deters new companies from competing with the monopolist. By avoiding potential competitors (who may undercut the monopoly’s prices), the monopoly can maintain its market power and earn economic profits. (Answers may vary.)

Question

54D+j3Z8t4UXdhBZghovF465ceQG1iwJWNQ+BJ95uzvFOMn+6g9k2GMhgHE2EHwY9KckaYYA6+3fJCB4B1cP0pSBTuKVcvxa+ixdryYIDprQBklO
Suggested solution: While a monopoly creates market power that typically results in higher prices and less output, likely yielding economic profits and reduced consumer surplus, there is still some possible benefit to society from a monopoly. Monopolies can be the drivers of innovation. Inventors and other creative people are incented to invest in products and services produced by monopolists because of the possibility of realizing large economic profits (Because a monopolist is the only producer of the product or service). (Answers may vary.)

Question

Dp6mbu4y0E0eX6va/MqrD9LvXgoL2U9zVD2pir7Sd+kP11/LbhSus8vdQi146IiWXDswTI9/qr3jmWFloJoVo71fd4kLLPMBigrGJgZSjzWl6PeGgCXQXsJQ1lllLtlOKWV+/k/wgbO5yX54kTsU1XeXcDgEWHnv
Suggested solution: Airlines charge different fares to different groups of customers in order to maximize the revenue (and therefore profit) generated from a given flight. By imposing restrictions such as advance purchase and minimum stay, the airline can discriminate between business travelers (who have a higher willingness to pay) and nonbusiness travelers (who have a lower willingness to pay). Fares are set accordingly. This helps the company realize more revenue than would have been generated if all consumers paid the same price. (Answers may vary.)