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(Solved) Luke's Express Diner is the only place that sells burgers in a remote town in Arizona.


  1. âLuke's Express Diner is the only place that sells burgers in a remote town in Arizona. As one of theâ long-time residents of theâ town, Bertha Hayes contends that the burgers atâ Luke's are priced a bit too high. She claims that this is because the diner enjoys monopoly power in the town. Herâ neighbor, Ruthâ Ernes, disagrees that the diner is in a position toâ over-price products due to monopoly power because she herself knows a lot of people whoâ don't like the food there.


Which of the following correctly identifies a flaw inâ Ruth's reasoning?



a. She assumes that the preferences of the people she knows are representative of the demand forâ Luke's burgers.


b. She assumes that since burgers are not essential to mostâ people's diet,â Luke's Express Diner cannot be a monopoly.


c. She assumes that the presence of other food places in town proves thatâ Luke's Express Diner is not a monopoly.


d. She assumes that high prices are not always an indication of monopoly power.


e. She assumes thatâ Luke's Express Diner is not a monopoly because it operates in a small town.


2. The government of a smallâ country, Ecotopia, is investigating whether a leading telephoneâ company, Ringabellâ Telco, has violated antitrust laws. Recent media reports claim that Ringabell keeps its rates too low in order to attract customers away from the competition.â This, the mediaâ claims, is the reason forâ Ringabell's large market share.â However, a spokesperson for Ringabell defends the company by stating that its dominant market share speaks for the quality of its services and strong customer loyalty.



Which of theâ following, ifâ true, would weaken Ringabellâ Telco's argument?



a. Ringabell offers phone services even in the most remote areas of the country.


b. The majority ofâ Ringabell's customers are inâ long-term contracts with high switching penalties.


c. Ringabell recently increased its callingâ rates, which are now on par with the rates offered by competitors.


d. Ringabell was featured among the top ten employers in the country.


e. Ringabell has always catered to a large and diverse group of consumers.

 


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