21.By discriminating between the consumers, the monopolist actually takes away : 1413829
21.By discriminating between the consumers, the monopolist actually takes away a portion of the consumer surplus.
22.Airlines can increase profits by charging higher fares to business customers because those customers have a more elastic demand for airline travel.
23.The only types of firms that cannot theoretically practice price discrimination are perfectly competitive firms.
24.In order to practice price discrimination successfully, a monopolist must ensure that there is no resale of the product.
25.Grocery coupons and mail-in rebates are forms of price discrimination.
26.A price discriminating monopolist charges a very high price to the consumers with high price elasticity of demand.
27.If a firm is able to collect the entire producer surplus, it is said to have practiced perfect price discrimination.
28.Under price discrimination, a monopolist equates the marginal cost with the average revenues in different markets.
29.A monopolist produces at the minimum point of the average total cost curve in the long run.
30.A monopolist sells a lesser quantity at a higher price compared to a perfect competitor.
31.Given the same unit costs, a monopolist will produce less output than a perfectly competitive firm.
32.A deadweight loss arises under perfect competition.