Under perfect price discrimination, (Multiple Choice)

Under perfect price discrimination,
 a. equilibrium quantity and consumer surplus are the same as under perfect competition
  b. equilibrium quantity is greater and consumer surplus is the same as under perfect competition
  c. equilibrium quantity and consumer surplus are less than under perfect competition
  d. equilibrium quantity is the same but consumer surplus is less than under perfect competition
  e. equilibrium quantity is less but consumer surplus is the same as under perfect competition

QUESTION 2

If an industry consists of only two firms with equal market shares, then the Herfindahl index is
 a. 50
  b. 100
  c. 2,500
  d. 5,000
  e. 10,000

QUESTION 3

Firms in a perfectly competitive market achieve both allocative and productive efficiency in the short run
 a. True
  b. False

QUESTION 4

If a monopolist engages in perfect price discrimination,
 a. the marginal revenue curve becomes steeper
  b. the demand curve also becomes the marginal revenue curve
  c. the demand curve is steeper than the marginal revenue curve
  d. the demand curve is not as steep as the marginal revenue curve
  e. there is no way to define its marginal revenue

QUESTION 5

If an industry consists of only four firms with equal market shares, then the Herfindahl index
 a. is 25
  b. is 10,000
  c. is 100
  d. is 2,500
  e. cannot be calculated without additional information

QUESTION 6

In the long run, a perfectly competitive market will exhibit
 a. zero producer surplus
  b. zero consumer surplus
  c. positive economic profit
  d. allocative and productive efficiency
  e. allocative but not productive efficiency