microeconomics 10b

the pure monopoly extracts all surplus from consumers, yielding higher profits than any other pricing method when it employs which of the following?

-first-degree price discrimination -perfect price discrimination -personal pricing

the pure monopoly extracts all surplus from consumers, yielding higher profits than any other pricing method when it employs which of the following?

-first-degree price discrimination -personal pricing -perfect price discrimination

the practice of charging each and every consumer the price that she is willing and able to pay for a good or service describes

-personal pricing -first-degree price discrimination -perfect price discrimination

the practice of charging different prices per unit for different quantities, or blocks, of a good or service is called:

-second-degree price discrimination -block pricing

by charging consumers the highest price they are willing and able to pay, ____________ extracts all surplus from consumers, yielding higher profits than any other pricing method available to the firm

a pure monopoly

second-degree price discrimination is also known as ___________ pricing

block

firms use price discrimination to:

increase their profits

price discrimination is only possible when a firm is a price _______________

maker

the practice of selling the same good or service to different consumers at different prices is called ______________ discrimination

price

the practice of selling the same good or service to different consumers at different prices is called...

price discrimination

in a pure monopoly, the firm is willing to sell anyone willing and able to pay at least the marginal cost of production

the result is that output is produced where D = MC