Q:1-Which of the following statements describes price discrimination?
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The price of the same product is different for different consumers.
The price of two different products are different for different consumers.
The price of the same product is the same for different consumers.
The price of two different products are the same for different consumers.

Q:6-For a monopolist, marginal cost is equivalent to which of the following?
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Average total cost
Average fixed cost
Industry supply
Marginal revenue

Q:7-Compared to a perfectly competitive market, a monopolist produces...
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less of a good and charges a lower price.
less of a good and charges a higher price.
more of a good and charges a higher price.
more of a good and charges a lower price.

Q:8-If a monopolist's marginal cost curve shifts down, what is the expected effect on price and quantity of the monopolist's output?
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Price decreases, Quantity indeterminate
Price indeterminate, Quantity increases
Price decreases, Output decreases
Price decreases, Output increases

Q:9-A price increase for Good A results in a decrease in the demand for Good B. Based on this information, Goods A and B are most likely...
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Substitute goods
Public goods
Complementary goods
Inferior goods

Q:10-A natural monopoly differs from a traditional monopoly in what way?
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Lower average costs than same market with many firms
Can set price by determining quantity of good to be sold
Positive economic profit in the long-run
Maximizes profits