AP Microeconomics: Unit 4: Imperfect Competition

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Question 5 · Unit 4: Imperfect Competition · challenge

A single-price monopolist faces inverse demand P = 60 - Q and marginal revenue MR = 60 - 2Q. Marginal cost is constant at $12 and fixed cost is zero. Output is continuous. What quantity and price maximize profit?A. Q = 48; P = $12B. Q = 24; P = $36C. Q = 30; P = $30D. Q = 24; P = $12

Question 17 · Unit 4: Imperfect Competition · challenge

Two firms independently choose High or Low price once. Profits (A, B) are: both High (8, 8); A Low and B High (11, 3); A High and B Low (3, 11); both Low (5, 5). There are no agreements or later rounds. Which pair is the Nash equilibrium?A. Both Low, although both would earn more if both chose High.B. Both High, because it maximizes their combined profit.C. A High and B Low, because B earns 11.D. A Low and B High, because A earns 11.

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