Objections to monopolies do NOT include which of the following? a. They reduce output below the...
Objections to monopolies do NOT include which of the following?
a. They reduce output below the efficient level of output that would be produced in perfect competition.
b. They reduce the price below what would be charged in perfect competition.
c. They charge a price that is greater than marginal cost.
d. They create a welfare cost
Homework Answers
ANSWER:
The correct answer is option b that is they reduce the price below what would be charged in perfect competition. (fact)
Add Answer to:
Objections to monopolies do NOT include which of the
following?
a. They reduce output below the...
48. Which statement explains why free markets fail to produce public goods? Firms do not want...
48. Which statement explains why free markets fail to produce public goods? Firms do not want to produce the good because they fear competition will drive the price down below costs. Consumers do not want to buy the good because the price is higher than the value of benefits they would receive. ° Consumers do not want to buy the product because each hopes that someone else will buy it and then all consumers will be able to have the...
1 points QUESTION 49 If a firm is producing an output rate at which marginal cost...
1 points QUESTION 49 If a firm is producing an output rate at which marginal cost is equal price, the firm is maximizing profits. should reduce its output level. will not be covering its fixed cost. should increase its output level. 1 points QUESTION 50 Which of the following is NOT a characteristic of perfect competition? Each firm determines the market price of its product. Products are homogeneous. Buyers and sellers have equal access to information. There are many buyers...
q1 . Which of the following is true regarding regulating natural monopolies? A. Subsidies are never...
q1 . Which of the following is true regarding regulating natural monopolies? A. Subsidies are never needed in order to encourage the regulated firm to produce the good. B. Price can be set equal to the average total cost. C. The government should never own and operate the regulated monopolist. D. The regulated monopolist should be taxed in order to get the firm to achieve the efficient outcome. q2 . Which of the following is true with regard to monopoly?...
On the graph below, label the following parts (you may need to scroll down to see...
On the graph below, label the following parts (you may need to
scroll down to see all of the labels):
A)Marginal cost curve
B)Demand curve
C)Marginal revenue curve
D)Deadweight loss
E)Price charged in monopoly
F)Price under perfect competition
G)Quantity produced under monopoly
H)Quantity produced under perfect competition
I)Consumer surplus transferred to monopolist
Price and cost Market quantity
Question 11 1 pts Consider a perfectly competitive market with a binding price ceiling. Which of...
Question 11 1 pts Consider a perfectly competitive market with a binding price ceiling. Which of the following is true? O The quantity traded in this market is less than the efficient level O The quantity traded in this market is greater than the efficient level. The quantity traded in this market equals the efficient level. O The quantity traded in this market equals the equilibrium quantity under perfect competition O none of the above. D Question 12 1 pts...
What do a firm’s Marginal Revenue (MR) and Demand curves look like in perfect competition? Draw...
What do a firm’s Marginal Revenue (MR) and Demand curves look like in perfect competition? Draw them in a Quantity-Price/MR diagram (don’t forget to label the axes). Why do the MR and Demand curves look the way you draw? Briefly explain. Now add a Marginal Cost curve (MC) to the diagram you drew above. How is the profit-maximizing output in perfect competition determined? Mark this output as q* in the diagram. What is the price a firm in perfect competition...
1.Value of marginal product differs from marginal revenue product in each of the following except __________....
1.Value of marginal product differs from marginal revenue product in each of the following except __________. A. monopoly B. oligopoly C. perfect competition D. monopolistic competition 2.If the firm operates in markets that are not perfectly competitive, what will the price will tend to be? A. Equal to marginal revenue B. Less than marginal revenue C. Greater than marginal revenue D. The same as the competitive market 3.At every level of input, the marginal revenue product of the input equals...
please explain answers. unsure on #17 & #20 16 of 25 The first unit of an...
please explain answers. unsure on #17 &
#20
16 of 25 The first unit of an information product is produced at a high fixed cost Producing additional units entails relatively low total costs marginal and average variable cost. external cost. social cost 17 of 25 Long-run equilibrium is characterized by zero profits in e monopolistic competition only e perfect competition only 9 both perfect competition and monopolistic competition market structures in which there are barriers to entry. 20 of 25...
3. If a firm must reduce price in order to sell a larger output: a. the...
3. If a firm must reduce price in order to sell a larger output: a. the firm has some monopoly or market power b. MR >P c. the demand curve facing the firm is perfectly inelastic d. the firm is a price taker e. the firm is a natural monopoly 9. Assuming that there are two firms in the market, which of the following statements is accurate concerning equilibrium market output in the Cournot and Bertrand models? a. equilibrium market...
30. The B B and H C C and H D. D and H . The...
30. The B B and H C C and H D. D and H . The profit earned by the profie-maximiring monopolist is repesented by the A. ABGH BDEG C. BCFG D. CDEF B. 32. The profit per unit is: AF-G B. E-F CE-G D. G-H 33. The monopolist's supply curve is the marginal-cost curve above average variable cost A. Tnue B. False 34. Government regulations to force a natural monopoly to charge a price equal to its marginal cost...
48. Which statement explains why free markets fail to produce public goods? Firms do not want to produce the good because they fear competition will drive the price down below costs. Consumers do not want to buy the good because the price is higher than the value of benefits they would receive. ° Consumers do not want to buy the product because each hopes that someone else will buy it and then all consumers will be able to have the...
1 points QUESTION 49 If a firm is producing an output rate at which marginal cost is equal price, the firm is maximizing profits. should reduce its output level. will not be covering its fixed cost. should increase its output level. 1 points QUESTION 50 Which of the following is NOT a characteristic of perfect competition? Each firm determines the market price of its product. Products are homogeneous. Buyers and sellers have equal access to information. There are many buyers...
On the graph below, label the following parts (you may need to
scroll down to see all of the labels):
A)Marginal cost curve
B)Demand curve
C)Marginal revenue curve
D)Deadweight loss
E)Price charged in monopoly
F)Price under perfect competition
G)Quantity produced under monopoly
H)Quantity produced under perfect competition
I)Consumer surplus transferred to monopolist
Price and cost Market quantity
Question 11 1 pts Consider a perfectly competitive market with a binding price ceiling. Which of the following is true? O The quantity traded in this market is less than the efficient level O The quantity traded in this market is greater than the efficient level. The quantity traded in this market equals the efficient level. O The quantity traded in this market equals the equilibrium quantity under perfect competition O none of the above. D Question 12 1 pts...
please explain answers. unsure on #17 &
#20
16 of 25 The first unit of an information product is produced at a high fixed cost Producing additional units entails relatively low total costs marginal and average variable cost. external cost. social cost 17 of 25 Long-run equilibrium is characterized by zero profits in e monopolistic competition only e perfect competition only 9 both perfect competition and monopolistic competition market structures in which there are barriers to entry. 20 of 25...
30. The B B and H C C and H D. D and H . The profit earned by the profie-maximiring monopolist is repesented by the A. ABGH BDEG C. BCFG D. CDEF B. 32. The profit per unit is: AF-G B. E-F CE-G D. G-H 33. The monopolist's supply curve is the marginal-cost curve above average variable cost A. Tnue B. False 34. Government regulations to force a natural monopoly to charge a price equal to its marginal cost...
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