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Please answer and explain these questions for me about economics and monopoly situations, i am very confused about them
Discussion Set on Monopoly
1. A monopoly is most likely to emerge and be sustained when firms have U-shaped long-run average total cost curves. True or false? Explain.
2. A monopoly currently is selling at a price of $10, where ATC = $7, MC = $6, & MR=$3. To maximize profit or minimize loss, this firm should lower price and increase output. True or false? Explain.
3. The condition for shutting down the firm is the same for a firm operating under conditions of monopoly as it is for a firm operating under conditions of pure competition. True or false? Explain.
4. A rational monopolist would never choose to operate at a point where P = 20 and MR = -4. True or false? Explain.
5. The supply curve for a monopolist is the portion of the MC curve lying above the AVC curve. True or false? Explain.
6. A monopolist can sell 10 units at a unit price of $12 and 9 units at a unit price of $13. This means that the marginal revenue of the 10th unit is $12. True or false? Explain.
7. Allocative inefficiency and X-inefficiency essentially mean the same thing. True or false? Explain.
8. In the long-run, both allocative inefficiency and X-inefficiency might be found in monopoly but not under conditions of pure competition. True or false? Explain.
9. Assuming no economies of scale and identical costs, if the firms in a purely competitive industry were replaced by a profit maximizing monopolist, the likely result would be an increase in price with the same quantity of output. True or false? Explain.
10. If a rational monopolist is confronted with a dramatic increase in its fixed costs, then this monopolist, ceteris paribus, would have a strong incentive to pass at least some of this fixed cost along to consumers in the form of higher prices for its products. True or false? Explain.
11. Price discrimination by a monopolist is almost always socially harmful and typically is unlawful. True or false? Explain.
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