Monopolies

Question 1

Monopoly

Answer 1

lone firm selling a product in the market (no competition)

Question 2

Uniform pricing

Answer 2

same price for all customers

Question 3

pricing discrimination

Answer 3

different prices for different customers (to extract more profit)

Question 4

Lack of competition means

Answer 4

more freedom to set price

Question 5

If there’s a competitor

Answer 5

can undercut on price and take customer

Question 6

Reasons for existence

Answer 6

technological
strategic
regulatory

Question 7

Technological monopoly

Answer 7

w the protection of intellectual property

Question 8

strategic monopoly

Answer 8

buying competitors

Question 9

Regulatory monopoly

Answer 9

governments create them

Question 10

Types of pricing

Answer 10

uniform
pricing w discrimination

Question 11

Pricing w discrimination

Answer 11

1st degree
2nd degree
3rd degree

Question 12

1st degree (bonus)

Answer 12

price tailored to each customer based ont heir capability to pay (taxes)

Question 13

2nd degree (bonus)

Answer 13

different types of customers are not identifiable (discounts )

Question 14

3rd degree

Answer 14

when different types of customers are identifiable (student pricing)