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33. If the short-run supply curve for fresh fruit is perfectly inelastic and the demand curve...
6. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive turkey...
6. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per pound of turkey and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health. The Surgeon General's report will cause consumers to demand_ turkey at every price. In the short run, firms will respond by of the Surgeon General's...
3. Consider a perfectly inelastic supply curve at q = 1,013, and a perfectly elastic demand...
3. Consider a perfectly inelastic supply curve at q = 1,013, and a perfectly elastic demand curve at p = 101. A subsidy of $5 per unit is given to producers. Using a diagram, explain how the subsidy is shared between consumers and producers. What is the Deadweight Loss? (30%)
The fresh fruit market and frozen dinner market are currently in equilibrium. Fresh fruit is a...
The fresh fruit market and frozen dinner market are currently in equilibrium. Fresh fruit is a normal good for consumers and frozen dinners are an inferior good. Given an upward sloping supply curve, if there is an economic boom that increases consumers' incomes, this will lead to: an increase in the equilibrium price of frozen dinners a decrease in the equilibrium quantity of fresh fruit an increase in the equilibrium price of fresh fruit
QUESTION 40 An increasing-cost industry will have a perfectly inelastic long-run supply curve. an upward sloping...
QUESTION 40 An increasing-cost industry will have a perfectly inelastic long-run supply curve. an upward sloping supply curve in the long run. a perfectly elastic long-run supply curve. an upward sloping demand curve in the long run. QUESTION 41 An industry in which an increase in output leads to a reduction in long-run per-unit costs is a(n) increasing-cost industry. constant-cost industry. break-even cost industry. decreasing-cost industry.
8. Short-run and long run effects of a shift in demand Suppose that the perfectly competitive...
8. Short-run and long run effects of a shift in demand Suppose that the perfectly competitive tuna industry is in long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per year. Suppose Health Canada issues a report saying that eating tuna is bad for your health Health Canada's report will cause consumers to demand tuna at every price. In the short run, firms will respond by Shift the supply curve, the...
explain why such a supply curve represents the very short run, and provide a hypothetical or...
explain why such a supply curve represents the very short run, and provide a hypothetical or real world example. How are price and quantity determined in such a market (assuming typical downward sloping demand curves). Include a supply-demand diagram to supplement your explanation.
TRUE OR FALSE A) In the very short run the demand curve is perfectly inelastic (vertical) so the ...
TRUE OR FALSE A) In the very short run the demand curve is perfectly inelastic (vertical) so the position of the supply curve determines the market price B) The patterns in 20th century U.S. wage inequality are best explained by the increase in foreign trade during this time period. C) a corporate income tax can reduce business investment if the cost accounting system differs from the internal cost accounting of the business decision makers.
small blank is "more" or "less" 8. Short-run and long-run effects of a shift in demand...
small blank is "more" or "less"
8. Short-run and long-run effects of a shift in demand Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicken and a quantity of 350 million pounds per year. Suppose the Surgeon General issues a report saying that eating chicken is bad for your health. The Surgeon General's report will cause consumers to demand chicken at every price. In the short run, firms will respond by...
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...
7. Short-run and long-run effects of a shift in demand Suppose that the tuna industry is...
7. Short-run and long-run effects of a shift in demand Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 50 million cans per year. Suppose that WebMD claims that the bacteria found in tuna willl decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand tuna at every price. In the short run, firms will respond by Shift the demand curve, the...
6. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per pound of turkey and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health. The Surgeon General's report will cause consumers to demand_ turkey at every price. In the short run, firms will respond by of the Surgeon General's...
3. Consider a perfectly inelastic supply curve at q = 1,013, and a perfectly elastic demand curve at p = 101. A subsidy of $5 per unit is given to producers. Using a diagram, explain how the subsidy is shared between consumers and producers. What is the Deadweight Loss? (30%)
QUESTION 40 An increasing-cost industry will have a perfectly inelastic long-run supply curve. an upward sloping supply curve in the long run. a perfectly elastic long-run supply curve. an upward sloping demand curve in the long run. QUESTION 41 An industry in which an increase in output leads to a reduction in long-run per-unit costs is a(n) increasing-cost industry. constant-cost industry. break-even cost industry. decreasing-cost industry.
8. Short-run and long run effects of a shift in demand Suppose that the perfectly competitive tuna industry is in long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per year. Suppose Health Canada issues a report saying that eating tuna is bad for your health Health Canada's report will cause consumers to demand tuna at every price. In the short run, firms will respond by Shift the supply curve, the...
small blank is "more" or "less"
8. Short-run and long-run effects of a shift in demand Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicken and a quantity of 350 million pounds per year. Suppose the Surgeon General issues a report saying that eating chicken is bad for your health. The Surgeon General's report will cause consumers to demand chicken at every price. In the short run, firms will respond by...
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...
7. Short-run and long-run effects of a shift in demand Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 50 million cans per year. Suppose that WebMD claims that the bacteria found in tuna willl decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand tuna at every price. In the short run, firms will respond by Shift the demand curve, the...
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