1. Society seeks for monopolists to operate at the point where _______ = MC which is...
1. Society seeks for monopolists to operate at the point where
_______ = MC which is the lowest point on the ATC curve (the most
efficient).
a. D
b. ATC
c. MR
d. AVC
2. Many firms exercise ____________________ such as when different prices are charged by telephone companies for individuals compared to businesses.
a.Obscene profits
b.Price discrimination
c.Rip off
d.None of the above
Homework Answers
Society seeks for monopolists to operate at the point where ATC = MC which is the lowest point on the ATC curve (the most efficient)
Ans is b) ATC,
Explanation:
when ATC = MC,at that point ATC is minimum and this is the most efficient level, that's why society seeks for monopolists to operate at the point where ATC = MC
Add Answer to:
1. Society seeks for monopolists to operate at the point where
_______ = MC which is...
1)When there are lower prices, but waiting lines customers will often be drawn to the competing...
1)When there are lower prices, but waiting lines customers will often be drawn to the competing location of a Monopolistic Competitor with greater customer service and better atmosphere. true or false? 2) According to the table above, this firm would most likely set price at the quantity where______________. a. MR = ATC b. MR = P c. MR = MC d. None of the above 3) Many firms exercise ____________________ such as when different prices are charged by telephone companies...
all of them Question 1 (1 point) A firm producing a positive output level, covering variable...
all of them
Question 1 (1 point) A firm producing a positive output level, covering variable costs but making a loss in the short run O may nonetheless be doing the nest it can with respect to its profits O should exit the industry O should definitely shut down O is not maximizing profits O should either expand or contract its plant size Question 2 (1 point) The perfectly competitive firm's profits can be calculated as O (MR-ATC)Q O (P-AVC-AFC)Q....
Please help with these questions Question 1 0.4 pts We could state correctly that the minimum...
Please help with these questions
Question 1 0.4 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O the level of the concentration ratio. O whether they produce industrial or consumer products. O the number of firms in the industry O price discrimination. O product differentiation. Question 2 0.4 pts According to Section 2 of the Sherman Antitrust Act, a person who attempts to monopolize commerce among the several states is guilty of...
Help with #8-11 please. For questions 8-11, refer to this diagram for 2 purely competitive producer....
Help with #8-11 please.
For questions 8-11, refer to this diagram for 2 purely competitive producer. ATC AVC 8. The lowest price at which the firm should produce (as opposed to shutting down) is: A.P. B. P2 C.P. D. P. 9. The firm will produce at a loss at all prices: A. Above P2. B. Above P3. C. Above P. D. Between P2 and Ps. 10. If product price is P3: A. The firm will maximize profit at point d....
1. A cartel is a. Not illegal in the United States. b. An organization intended to...
1. A cartel is a. Not illegal in the United States. b. An organization intended to increase competition in an industry. c. A public agreement between firms or countries to restrict production and raise prices. d. A type of market structure. 2. A monopoly a. Produces less output than a competitive industry, ceteris paribus. b. Charges the same price as a competitive industry, ceteris paribus. c. Maximizes profits at the output where P = MR d. Maximizes profits at the...
1. In the short run production function of a firm, MC, ATC, and AVC curves are...
1. In the short run production function of a firm, MC, ATC, and AVC curves are usually U Shaped because of: a. diminishing marginal product of variable input as output produced rises. b. increasing marginal product c. the fact that increasing marginal product follows decreasing marginal product d. the fact that decreasing marginal product follows increasing marginal product. 2. Perfectly Competitive market is considered to be efficient in the LR because, among others,: a. MR=MC=P b. MC=P=Minimum ATC c. Produces...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
need some help with all of this. ert Format Arrange View Share Window Help HW9monoA (1)...
need some help with all of this.
ert Format Arrange View Share Window Help HW9monoA (1) TT Insert Table Chart Text Shape Media D 126% Zoom + Add Page View Comment Cole 60 On the left is your monopoly. 1)If you handle your customers without any discrimination and maximize your profits, then where MC crosses MR below this will be your of_This Qapplied to the PD (price, demand) curve will result in price of $_which at that quantity is above...
Please help with these questions, Question 16 0.16 pts Rent seeking occurs when O resources are...
Please help with these questions,
Question 16 0.16 pts Rent seeking occurs when O resources are used to deregulate a market through the political process. resources are used to maximize profits. O resources are used to secure monopoly rights through the political process O two firms try to enter the same market. O landlords attempt to raise the rent on tenants Question 17 0.16 pts Use the following scenario to answer the following questions: Babak owns a sports practice facility...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
all of them
Question 1 (1 point) A firm producing a positive output level, covering variable costs but making a loss in the short run O may nonetheless be doing the nest it can with respect to its profits O should exit the industry O should definitely shut down O is not maximizing profits O should either expand or contract its plant size Question 2 (1 point) The perfectly competitive firm's profits can be calculated as O (MR-ATC)Q O (P-AVC-AFC)Q....
Please help with these questions
Question 1 0.4 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O the level of the concentration ratio. O whether they produce industrial or consumer products. O the number of firms in the industry O price discrimination. O product differentiation. Question 2 0.4 pts According to Section 2 of the Sherman Antitrust Act, a person who attempts to monopolize commerce among the several states is guilty of...
Help with #8-11 please.
For questions 8-11, refer to this diagram for 2 purely competitive producer. ATC AVC 8. The lowest price at which the firm should produce (as opposed to shutting down) is: A.P. B. P2 C.P. D. P. 9. The firm will produce at a loss at all prices: A. Above P2. B. Above P3. C. Above P. D. Between P2 and Ps. 10. If product price is P3: A. The firm will maximize profit at point d....
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
need some help with all of this.
ert Format Arrange View Share Window Help HW9monoA (1) TT Insert Table Chart Text Shape Media D 126% Zoom + Add Page View Comment Cole 60 On the left is your monopoly. 1)If you handle your customers without any discrimination and maximize your profits, then where MC crosses MR below this will be your of_This Qapplied to the PD (price, demand) curve will result in price of $_which at that quantity is above...
Please help with these questions,
Question 16 0.16 pts Rent seeking occurs when O resources are used to deregulate a market through the political process. resources are used to maximize profits. O resources are used to secure monopoly rights through the political process O two firms try to enter the same market. O landlords attempt to raise the rent on tenants Question 17 0.16 pts Use the following scenario to answer the following questions: Babak owns a sports practice facility...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
Most questions answered within 3 hours.
-
Say a study determines that the amount of time that college
students on a given campus...
asked 16 minutes ago -
Each PART should be 1–2 paragraphs in length.
PART 1: IDENTIFYING THE CUSTOMER AND PROBLEM
Choose...
asked 3 minutes ago -
A 0.357 g of sample of an unknown oxidant is added to an excess
solution of...
asked 16 minutes ago -
Bond James Bond Corporation has 7 percent coupon bonds that have
9 years left to maturity....
asked 12 minutes ago -
Suppose Rural wage = $2.40 per day, Urban modern wage = $4.50
per day, Urban informal...
asked 13 minutes ago -
Draw a different protonation states of histidine at pH 0, 4, 8,
12
asked 31 minutes ago -
List the four (4) elements of strategy Explain briefly those
activities that are conducted under each...
asked 33 minutes ago -
if
a smooth ball is 39.5mm and mass is 23g, the ball is released from
underwater....
asked 38 minutes ago -
An open economy whose total desired spending (C+I+G) exceeds its
potential output (Yf) experiences a trade...
asked 49 minutes ago -
What are the differences between the leadership of virtual teams
and the leadership of traditional teams...
asked 51 minutes ago -
A cotyledon is?
Group of answer choices
the zygote formed in ferns from the union of...
asked 52 minutes ago -
Discuss creative strategy development and the roles of various
client and agency personnel.
asked 1 hour ago