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DEPARTMENT OF ECONOMICS ECON1012: Principles of Economics Il Problem Set 4: Market Power 1. Identify and differentiate the different types of market structures. For each type, suggest a market (different from the examples used in class) that exemplifies each type. 2. Consider the market and cost structure represented in the diagram. a) Does the firm have market power? How do you know? b) What would be the amount of output supplied if the market were being served by a monopolist? ) What would be the price? d) Calculate the amount of consumer surplus. 3. Use the diagram to show that a price discriminating monopolist earns more profit than one charging a single price. Show further that he enjoys a greater profit the more he can discriminate (that is, the more different prices he can charge). 123456789 Q 4. At the current price of $63, firms in this (perfectly competitive) market are each producing 8.4 million widgets each year. (The quantities on the horizontal axis are measured in millions.) What will be the price and the typical firm's level of output in the long run