Homework Answers
39. E) marginal cost; negative
Where there are economies of scale, if the firm sets its price equal to marginal cost it will fail to cover total costs and would incur economic losses.
40. C) Slopes downward; slopes downward; below
In imperfect competition, MR, price of product, and AR decreases with the increase in the quantity of product. Marginal revenue is less than price, so the marginal revenue curve will lie below the demand curve.
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31. If two countries begin trade and both produce a product subject to internal economies of scale, then the country with the rate of production will production until it controls of the market. A) higher; increase; 50%. B) higher, increase; 100%. C) higher; decrease; 0% D) lower; increase; 50%. E) lower, increase; 100%. 32.__. The primary determinant of patterns of interregional trade is: A) accidents of history. B) centralized optimization. C) resource allocations. D) weather. E) factor abundance. 33. The...
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please answer all
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QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a...
QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a horizontal supply function. perfectly elastic demand. QUESTION 10 The short-run industry supply curve slopes up because the law of diminishing marginal product applies in the short run. wages increase as the industry increases output. the firms eventually experience diseconomies of scale. the higher price is needed to get more firms to enter the industry.
International trade ar 36 Internal economies of scale will by average cost when output is Pr...
International trade
ar 36 Internal economies of scale will by average cost when output is Pr A) increase; increas ed; a firm B) reduce; increased; the industry C) increase; increased; the industry D) reduce; reduce; the industry E) reduce; increased; a firm and 37 The learning curve describes the A) direct; unit cost; cumulative output B) inverse; educ ation; annual income C) inverse; unit cost; cumulative output D) direct; education; annual income E) direct; education; labor productivity , relationship between...
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1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
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7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
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31. If two countries begin trade and both produce a product subject to internal economies of scale, then the country with the rate of production will production until it controls of the market. A) higher; increase; 50%. B) higher, increase; 100%. C) higher; decrease; 0% D) lower; increase; 50%. E) lower, increase; 100%. 32.__. The primary determinant of patterns of interregional trade is: A) accidents of history. B) centralized optimization. C) resource allocations. D) weather. E) factor abundance. 33. The...
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...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a horizontal supply function. perfectly elastic demand. QUESTION 10 The short-run industry supply curve slopes up because the law of diminishing marginal product applies in the short run. wages increase as the industry increases output. the firms eventually experience diseconomies of scale. the higher price is needed to get more firms to enter the industry.
International trade
ar 36 Internal economies of scale will by average cost when output is Pr A) increase; increas ed; a firm B) reduce; increased; the industry C) increase; increased; the industry D) reduce; reduce; the industry E) reduce; increased; a firm and 37 The learning curve describes the A) direct; unit cost; cumulative output B) inverse; educ ation; annual income C) inverse; unit cost; cumulative output D) direct; education; annual income E) direct; education; labor productivity , relationship between...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
42. In an industry where firms experience internal scale economies, we wong-run Ousu of production will depend on: A) individual firms' fixed costs. B) the size of the labor force. C) whether the country engages in intra-industry trade. D) the size of the market. E) whether the country engages in inter-industry trade. 43. In the model of monopolistic competition, if firms have average cost curves, then opening trade will the total number of firms and the average price. A) downward...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
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