31. A perfect-price-discriminating monopoly\'s marginal revenue curve a. lies be

Question

31. A perfect-price-discriminating monopoly's marginal revenue curve a. lies below the demand curve b. is the demand curve e. varies for each consuner d. is the same as the monopolist's marginal revenue curve. 32. When average product is increasing, marginal product a Equals average product b. Is increasing. c. Exceeds average product d. Is less than average product 33. The rate at which one constant, is measured by the: a. Marginal rate of substitution b. Marginal rate of technical substitution. c. Slope of the isocost curve. d. Average product of the input. 34. The change in price that results from a leftward shift of the supply curve will be greater if a. the demand curve is relatively steep than if the demand curve is relatively flat. b. the demand curve is relatively flat than if the demand curve is relatively steep. c. the demand curve is horizontal than if the demand curve is vertical. d. the demand curve is horizontal than if the demand curve is downward sloping. 35. An isoquant a. Must be linear. b. Gives all the combinations of inputs that yield the same total output. c. Cannot have a negative slope. d. Is a curve that shows all possible output levels that can be produced at the same cost.

Explanation / Answer

31. Though it's almost impossible to be a perfectly price discriminating monopoly, if at all it is able to do that its marginal revenue curve will be equal to its demand curve.

OPTION B

32. In the phase where AP is increasing, MP always exceeds AP.

OPTION C

33. MRTS is the rate which captures the rate at which one input would be replaced by another.

OPTION B

34. Steeper the demand curve, higher would be the change in price while shifting the supply curve to the right.

Flatter the demand curve, lesser would be the change.

OPTION A

35. OPTION B

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