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1. A monopolist facing different demand curves in two separate markets maximizes profit by:
A. setting marginal revenue equal to marginal cost for the combined demand curve and charging the maximum price for that quantity on the combined demand curve.
B. completely ignoring the market with lower demand.
C. completely ignoring the market with higher demand.
D. setting marginal revenue equal to marginal cost and charging the maximum price that demand will bear in each market.
2. A monopolist that is able to perfectly price discriminate will end up producing a level of output:
A. less than the efficient market output.
B. greater than the efficient market output.
C. equal to the efficient market output.
D. less than the level of output of a monopolist that does not price discriminate.
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