Homework Answers
Answer: Option D .
There may still be enough competition in the industry to make the model of perfect competition usable is correct.
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If any of the assumptions of perfect competition are violated, Select one: a. supply-and-demand analysis cannot...
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in...
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in perfect competition is: ______________ (Shape or slope) 3. The firm operates at the quantity where _________ equals ___________. 4. Total profit is equal to ___________ minus ________________. 5. The marginal revenue curve in perfect competition is: ______________ (Shape or slope) 6. The entrance of one or two new firms (in perfect competition) does what to market price? _______________________________________, 7. For a firm to operate,...
Since firms that are not in perfect competition face downward-sloping demand curves, we know that to...
Since firms that are not in perfect competition face downward-sloping demand curves, we know that to increase sales quantity they must lower prices. As a result: Group of answer choices Product Price is less than Marginal Revenue Price and Revenue are no longer related Price and Revenue are equal to each other Marginal Revenue is less than Product Price
In which of the following types of markets does a single firm have the most market...
In which of the following types of markets does a single firm have the most market power? Multiple Choice Perfect competition. Monopolistic competition. Oligopoly Monopoly A perfectly competitive firm is a price taker because Multiple Choice The price of the product is determined by many buyers and sellers It has market power. Market supply is upward-sloping. Its products are differentiated. Competitive firms cannot individually affect market price because Multiple Choice There is an infinite demand for their goods. Demand is...
The diagram shows an export subsidy by a large country under perfect competition. The vertical axis...
The diagram shows an export subsidy by a large country under perfect competition. The vertical axis shows price and the horizontal axis shows the quantity of product X. The downward sloping domestic demand and upward sloping domestic supply curves intersect at a point below the international prices (international price under free trade and international price under subsidy). There are two additional demand curves. One of them is a free trade horizontal world demand curve (domestic plus international demand for X);...
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only...
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only Most market structures All market structures 3) A firm in a monopoly market structure always operates at an economic profit. Group of answer choices True False 4) Comparing monopoly and competitive market structures, "Deadweight Loss" refers to: Group of answer choices Underground markets developing to supply the monopoly good. Shortages caused by high monopoly pricing. The production gap resulting from under-allocation of resources. Surpluses...
1. Which of the following is not a characteristic of perfect competition? Firms face downward-sloping demand...
1. Which of the following is not a characteristic of perfect competition? Firms face downward-sloping demand functions. Outputs of the firms are perfect substitutes for one another. No barriers to entry or exit. Large number of firms in the industry. 2. Which of the following statements is correct? Managerial decisions are affected by both microeconomic and macroeconomic forces. Managerial decisions are affected primarily by microeconomic forces. Managerial decisions are affected primarily by macroeconomic forces. By and large, managerial decisions are...
Question 2 A. Suppose that the aggregate demand and supply curve for solar panels is given...
Question 2 A. Suppose that the aggregate demand and supply curve for solar panels is given by P = 10 - 2Q and P = 1 + 5Q respectively. i. Draw the demand and supply curves for solar panels for this market and mark the equilibrium. Label this point as A. ii. Calculate the consumer surplus, producer surplus and total economic surplus of the market when it is in equilibrium. B. Suppose that, following a technological advancement, solar panels can...
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...
What are the major sources of economic profit? Oa. certainty, monopolistic competition, and inelastic supply. Ob. competition, perfect information, and elasticity of market demand. oc. barriers...
What are the major sources of economic profit? Oa. certainty, monopolistic competition, and inelastic supply. Ob. competition, perfect information, and elasticity of market demand. oc. barriers to entry, uncertainty, and entrepreneurial alertness. Od. externalities, inflation, and size of firm. The procedure used to calculate the present value of future income is called Oa. indirect production. O b. investment tax shelter planning. Oc. discounting. d. amortizing. If the interest rate is 5 percent, the net present value of $200 to be...
#7 #13-15 #16 #22 #26 please O Resources have higher costs in the short run than...
#7
#13-15
#16
#22
#26
please
O Resources have higher costs in the short run than in the long run. . In the short run, at least one resource is foed in the long run, all resources are variable There are diminishing returns in the short run, but increasing returns in the long run. In the long run all resources are variable in the short run all resources are fred rrect Question 7 0/2 pts Economies of scale may arise...
In which of the following types of markets does a single firm have the most market power? Multiple Choice Perfect competition. Monopolistic competition. Oligopoly Monopoly A perfectly competitive firm is a price taker because Multiple Choice The price of the product is determined by many buyers and sellers It has market power. Market supply is upward-sloping. Its products are differentiated. Competitive firms cannot individually affect market price because Multiple Choice There is an infinite demand for their goods. Demand is...
The diagram shows an export subsidy by a large country under perfect competition. The vertical axis shows price and the horizontal axis shows the quantity of product X. The downward sloping domestic demand and upward sloping domestic supply curves intersect at a point below the international prices (international price under free trade and international price under subsidy). There are two additional demand curves. One of them is a free trade horizontal world demand curve (domestic plus international demand for X);...
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...
What are the major sources of economic profit? Oa. certainty, monopolistic competition, and inelastic supply. Ob. competition, perfect information, and elasticity of market demand. oc. barriers to entry, uncertainty, and entrepreneurial alertness. Od. externalities, inflation, and size of firm. The procedure used to calculate the present value of future income is called Oa. indirect production. O b. investment tax shelter planning. Oc. discounting. d. amortizing. If the interest rate is 5 percent, the net present value of $200 to be...
#7
#13-15
#16
#22
#26
please
O Resources have higher costs in the short run than in the long run. . In the short run, at least one resource is foed in the long run, all resources are variable There are diminishing returns in the short run, but increasing returns in the long run. In the long run all resources are variable in the short run all resources are fred rrect Question 7 0/2 pts Economies of scale may arise...
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