Please solve these T/F Question. These are very important to me... THANK YOU!!! 9. A monopoly always operates in the inelastic portion of its demand curve.10. The less elastic is the demand for a firm's product, the greater is that firm's marketpower.11. A specific tax imposed on a monopolist may increase the price by more than the tax12. The optimal patent length is equal to 20 years.13. The telephone is an example of a product with network externalities.14. Because of market power, wages are higher under monopsony than under competitiveconditions.15. Firms price discriminate to maximize total revenue.16. While price discrimination is possible between two markets, it is not possible in morethan two.17. Two-part tariffs allow the monopoly firm to capture all of the potential consumersurplus generated by the sale of its product.18. In a simultaneous game where both players prefer doing the opposite of what theopponent does, a Nash equilibrium does not exist.

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9. A monopoly always operates in the inelastic portion of its demand curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please solve these T/F Question. These are very important to me... THANK YOU!!!

9. A monopoly always operates in the inelastic portion of its demand curve.
10. The less elastic is the demand for a firm's product, the greater is that firm's market
power.
11. A specific tax imposed on a monopolist may increase the price by more than the tax
12. The optimal patent length is equal to 20 years.
13. The telephone is an example of a product with network externalities.
14. Because of market power, wages are higher under monopsony than under competitive
conditions.
15. Firms price discriminate to maximize total revenue.
16. While price discrimination is possible between two markets, it is not possible in more
than two.
17. Two-part tariffs allow the monopoly firm to capture all of the potential consumer
surplus generated by the sale of its product.
18. In a simultaneous game where both players prefer doing the opposite of what the
opponent does, a Nash equilibrium does not exist.

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