oooo Verizon LTE 10:31 AM bbhosted.cuny.edu 96% . When p-37, which ofthe followi
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oooo Verizon LTE 10:31 AM bbhosted.cuny.edu 96% . When p-37, which ofthe following atements is CORRECT in the short run for a perfectly competitive firm with the cost structure described by TC-+15 (a) The firm peoducesg-I with a loss (b) The irm peoducesg-J with a positive profit (c) The firm peoduces-I with zcro profit d) The firm shuts down 2. Which of the following statements is TRUE for the third-degree price discrimination? (a) It always hurts social welfare (b) It always-proves social welfare (c) It always hurts consumer surplus as the producer takes advantaps of is information on consumers willingness-to-pay id) It improves the welfare of some consumer groups) but mot the othents 6.0, the dcadweight loss 3. For a monopoly that faces MC-2 and a market demand due to its monopolistic market power is (a) 3 (b) 2 (d)o 4 With product differentiasion, which of the following competition modes) will ow for market power b Bertrand compectition (c) Competition in experience good markets where firms nter sequntially (d) All of the above S. The ultimale goal of govermment regulation en businesses is to (a) impenove efficiency and social welfare (b) redistribute income (c) recover the equity across various social groups d enforce rules and lawy I. A dominant stralegy cquilibeium has to be a Nash oquilabrium 2. The long-run cquilibrium price in a perfectly competitive market has to be the firms minimum average variable cest. 3. The Eest-mover advantage in oligopolistic competition arises from the leader's ability to take the follower's best response into consideration during its decision making 4. Two part tariff pricing stralicgy allows the Erm to extract all consumer surpluss . The fira-degree price discrimination can achieve the highest social welfare although all surpluses go to the producer.Explanation / Answer
Part 2 True and False
1 False . Nash equilibrium is different from this .
2 True . If it does not meet out the variable cost then firm would not be earning normal profit.
3 True . In oligopoly leader firm do this .
4 False . It does not allow so.
5 True . From this discrimination poor can get the commodity in low price which would increase their welfare.
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