flip/launch

Compared to a monopolist that does not price discriminate, a price discriminator will produce an output that is _____, capture _____ consumer surplus, and generate _____ deadweight loss in the market

larger; more; less

Which of the following is true for a monopolistically competitive firm in the long run?

P = ATC

Which of the following is not an example of imperfect price discrimination?

Sotheby's Auction House manages to sell paintings at a price equal to its customers' willingness to pay.

What must be true about a game theory outcome for it to be considered a prisoners' dilemma?

There must be a different outcome that provides a higher payoff for both players. Submit

Which of the following conditions makes a cartel difficult to maintain over time?

When each firm has a different cost to produce a good, it's difficult to force every firm to limit its production to a specific quota.

collusion

oligopoly firms agree on a price (become a cartel/ e.i televisa and tv azteca)