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Use the following to answer question 33: q33.jpg  The levels of consumer surplus under monopoly and perfect competition are ______ and ______, respectively.

Use the following to answer question 20: Quantity of Output, Q Total Revenue Total Cost 0 0  30 1 100  50 2 200 100 3 300 180 4 400 280 5 500 520 The level of output where marginal revenue equals marginal cost is:

b) How much should a representative firm supply to maximize its profit? If all firms in the market are identical, how many such firms are in this market?

b) A strawberry farmer has the option of a) harvesting the strawberries and selling them in the market, and b) leave them on the ground and let them rot. If he is a profit maximizer, how should he choose between the two options? Explain.

There are only three consumers in the market, and their demand equations are as follows: (1) Q = 5 – 0.5P, (2) Q = 10 – P, and (3) Q = 2 – 0.2P. What is the equation for the market demand curve?

Answer questions 47 and 48 based on the following information: A March 25, 2010, article at SunSentinel.com reported, “Strawberry farmers in Florida are facing such a sharp collapse in prices for their berries that many are deciding to simply leave huge tracts of the berries to rot in the fields…Wholesale prices that were $17 to $19 for a flat of eight containers have now fallen to $5 to $6 a flat.” a) Under such a market condition, can a strawberry farmer simply charge a higher price for his strawberries? Why or why not?

Use the following to answer question 8: q8.jpg  Good X and good Y are:

Use the following to answer question 35: q35.jpg  If the government regulates the price of this natural monopolist to achieve a perfectly competitive output level, consumer surplus will change from ______ to ______.

The inverse demand curve for a monopolist changes from P = 100 – 2Q to P = 120 – 2Q, while the marginal cost of production remains unchanged at a constant $20. What happens to the profit-maximizing price and quantity following the change in the demand curve?

Use the following to answer question 13: q13.jpg What type of good is good X? I.  a normal good II.  an inferior good III.  a Giffen good