Homework Answers
Answer
Option 2 or b
it uses a relatively small share of available inputs so the increase in firms in the industry will not have much effect on the demand for the inputs which does not change the input costs and the costs be same in the industry.
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Which of the following is true for a constant cost industry? It uses a relatively large...
Which of the following, if true, would be an example of a monopolistically competitive industry? In...
Which of the following, if true, would be an example of a monopolistically competitive industry? In the utilities industry, average cost declines over all levels of output. In the automobile industry, fixed costs as well as variable costs are high. In the retail trade industry, a large number of firms provide similar products. The market for basic office supplies (pencils, paper, and clips) is served by scores of online suppliers. In the pharmaceuticals industry, the entire market is served by...
29. Which of the following is true of hybrid transfer prices? A. The cost used in...
29.
Which of the following is true of hybrid transfer prices? A. The cost used in hybrid transfer prices is always the actual cost. B. They are less popular in manufacturing industry. C. They take into account both cost and market information. D. The cost used in hybrid transfer prices is always the budgeted cost.
Assume a standard trade model. Which of the following statements is NOT true? a) At the...
Assume a standard trade model. Which of the following statements is NOT true? a) At the optimal output mix, the slope of the production possibility frontier equals the negative relative price. b) If the economy produces more of one good, it has to produce less of the other good. c) The production possibility frontier is convex. d) The optimal output mix is realized where the isovalue line is tangent to the production possibility frontier. Assume a firm faces the following...
study guide help 10) A decreasing-cost industry is characterized by which of the following? (2pts) a...
study guide help
10) A decreasing-cost industry is characterized by which of the following? (2pts) a downward-sloping long-run average cost curve a downward-sloping market demand curve. a downward-sloping long-run industry supply curve All of the above None of the above 11) A constant-cost, perfectly competitive industry experiences a permanent increase in demand. In adjusting to this change, what will happen to the price of the product? (2pts) It will increase in the short-run and then decrease in the long-run, but...
Which of the following is true about large brains? Select one: a. A large brain is...
Which of the following is true about large brains? Select one: a. A large brain is an energetically cheap adaptation. b. Large brains are evolutionarily compatible with bipedality and require no adaptive trade-offs. c. Due to our large brains we develop independence faster than our smaller-brained ape cousins. d. The evolution of large brains in hominins is related to their highly derived feeding ecology (relative to other African apes). e. Humans have relatively large guts compared to other hominids, which...
1. In the case of a short-run production function: all of the inputs are variable. at...
1. In the case of a short-run production function: all of the inputs are variable. at least one of the inputs is fixed. the amount of labor employed is held constant. all of the inputs are fixed. 2. In the long-run production function, all of the inputs to the production process are allowed to vary. True False 3. In which of the following situations would a firm be more likely to rely on a capital-intensive method of production? When labor...
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A....
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A. the firm's short-run supply curves will shift to the right. B. the industry's short-run supply curve will shift to the right. C. the industry's long-run supply curve will shift downward or to the right D. All of the above statements are true. E. Only A and B are true. D, a, ap, o, 38. In a perfectly competitive, constant-cost industry, the long-run equilibrium price...
1.All types of industry structures – competitive markets, monopolies, oligopolies, monopolistic competition, and cartels all strive...
1.All types of industry structures – competitive markets, monopolies, oligopolies, monopolistic competition, and cartels all strive to reach the point where MC = MR. This statement is true. This statement is false. We do not have enough information to conclude if this is true or false. MR=MC has no practical applications and is just a theory. 2.Should non-profit firms be concerned with the MC=MR profit maximization formula? Non-profit firms do not need to calculate this formula and it will not...
C Relatively elastic Relatively inelastic Unit elastic 26. Which of the following is true of an...
C Relatively elastic Relatively inelastic Unit elastic 26. Which of the following is true of an economy's production possibilities curve? It shows the combinations of any two resources that can be used to produce and efficient leve of b It shows the alternative combinations of goods that can be produced by fully employing scar dIt is bowed in (convex to the origin) because of changing levels of technology output b it shows the alternative combinations of goods that can be...
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement...
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
Which of the following, if true, would be an example of a monopolistically competitive industry? In the utilities industry, average cost declines over all levels of output. In the automobile industry, fixed costs as well as variable costs are high. In the retail trade industry, a large number of firms provide similar products. The market for basic office supplies (pencils, paper, and clips) is served by scores of online suppliers. In the pharmaceuticals industry, the entire market is served by...
29.
Which of the following is true of hybrid transfer prices? A. The cost used in hybrid transfer prices is always the actual cost. B. They are less popular in manufacturing industry. C. They take into account both cost and market information. D. The cost used in hybrid transfer prices is always the budgeted cost.
study guide help
10) A decreasing-cost industry is characterized by which of the following? (2pts) a downward-sloping long-run average cost curve a downward-sloping market demand curve. a downward-sloping long-run industry supply curve All of the above None of the above 11) A constant-cost, perfectly competitive industry experiences a permanent increase in demand. In adjusting to this change, what will happen to the price of the product? (2pts) It will increase in the short-run and then decrease in the long-run, but...
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A. the firm's short-run supply curves will shift to the right. B. the industry's short-run supply curve will shift to the right. C. the industry's long-run supply curve will shift downward or to the right D. All of the above statements are true. E. Only A and B are true. D, a, ap, o, 38. In a perfectly competitive, constant-cost industry, the long-run equilibrium price...
C Relatively elastic Relatively inelastic Unit elastic 26. Which of the following is true of an economy's production possibilities curve? It shows the combinations of any two resources that can be used to produce and efficient leve of b It shows the alternative combinations of goods that can be produced by fully employing scar dIt is bowed in (convex to the origin) because of changing levels of technology output b it shows the alternative combinations of goods that can be...
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
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