Homework Answers
16. Cost curve for natural monopoly.
17. the demand curve for its product is perfectly elastic. A monopoist has a downward sloping demand curve which is elastic in nature rather than perfectly elastic.
18. the industry demand curve. Since, a monopolist is the sole seller in the market, his demand curve represents the market/ industry demand curve.
19. 20 years.
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Question Completion Status: QUESTION 16 Refer to the above figure. The long-run average cost curve and...
QUESTION 1 Refer to the figure below. Assume this firm is a single-price monopoly. How many...
QUESTION 1 Refer to the figure below. Assume this firm is a single-price monopoly. How many units of output does this monopolist sell to maximize economic profit? Price 8.00 5.00 МC 3.00 D 0 300 450 600 1100 Quantity MR a. 100 units. b. 300 units. C. 450 units. d. 600 units. QUESTION 2 A single-price monopolist's demand curve a. shows that demand for the good is inelastic. Click Save and Submit to save and submit. Click Save All Answers...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If th...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
Question 3 1 pt If a market has a continually decreasing long run average total cost...
Question 3 1 pt If a market has a continually decreasing long run average total cost curve, then economists recommend that: a firm be granted legal monopoly status, but not regulated a firm be granted legal monopoly status and regulated if there is a monopoly then the government should break it up. Question 4 1 pts Which of the following statements is TRUE? Consumer surplus is lower in monopoly than in perfect competition A monopolist will always achieve allocative efficiency...
UUS ment_id 1332651_1&course id=_1773666 1&content_ide43267378 18 stepenuh Question completion Status QUESTION 16 In the long run...
UUS ment_id 1332651_1&course id=_1773666 1&content_ide43267378 18 stepenuh Question completion Status QUESTION 16 In the long run a firm will ext an industry if the market price is less than its break-even price shutdown price marginal cost fixed cost QUESTION 17 Different firms in a competitive industry will have differing shutdown they have different cost curves they are charging different prices they entered the indutry at different times they all have identical cost curves QUESTION 18 An industry's output is produced...
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b....
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b. increase competition. c. behave independently. d. maximize joint profit. 2. If a firm's product loses brand loyalty, then the demand curve will: a. Become less price elastic. b. Shift to the right. c. Become more price elastic. d. Shift to the left. 3. Assume a monopoly confronts the same costs and demand as a competitive industry. In this case, the monopolist produces: a. Less...
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.
QUESTION 18 If the cross price elasticity of two goods is -3.5, then these two products...
QUESTION 18 If the cross price elasticity of two goods is -3.5, then these two products are relatively inelastic complements. these two products are relatively elastic substitutes. these two products are relatively elastic complements. these two products are relatively inelastic substitutes. QUESTION 19 A monopolist faces the inverse demand curve p = 60 - Q. It has varia Click Save and Submit to save and submit. Click Save All Answers to sau lenovo Esc F1 12 13 F5 (0)
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC....
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers based on different elasticities of demand b. charge each customer the same price. c. incur a different cost for producing each unit of output. d. all of the above. 18. If DeBeers has a monopoly in the diamond market, then: a. DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. b. the marginal...
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...
QUESTION 1 Refer to the figure below. Assume this firm is a single-price monopoly. How many units of output does this monopolist sell to maximize economic profit? Price 8.00 5.00 МC 3.00 D 0 300 450 600 1100 Quantity MR a. 100 units. b. 300 units. C. 450 units. d. 600 units. QUESTION 2 A single-price monopolist's demand curve a. shows that demand for the good is inelastic. Click Save and Submit to save and submit. Click Save All Answers...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
Question 3 1 pt If a market has a continually decreasing long run average total cost curve, then economists recommend that: a firm be granted legal monopoly status, but not regulated a firm be granted legal monopoly status and regulated if there is a monopoly then the government should break it up. Question 4 1 pts Which of the following statements is TRUE? Consumer surplus is lower in monopoly than in perfect competition A monopolist will always achieve allocative efficiency...
UUS ment_id 1332651_1&course id=_1773666 1&content_ide43267378 18 stepenuh Question completion Status QUESTION 16 In the long run a firm will ext an industry if the market price is less than its break-even price shutdown price marginal cost fixed cost QUESTION 17 Different firms in a competitive industry will have differing shutdown they have different cost curves they are charging different prices they entered the indutry at different times they all have identical cost curves QUESTION 18 An industry's output is produced...
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.
QUESTION 18 If the cross price elasticity of two goods is -3.5, then these two products are relatively inelastic complements. these two products are relatively elastic substitutes. these two products are relatively elastic complements. these two products are relatively inelastic substitutes. QUESTION 19 A monopolist faces the inverse demand curve p = 60 - Q. It has varia Click Save and Submit to save and submit. Click Save All Answers to sau lenovo Esc F1 12 13 F5 (0)
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers based on different elasticities of demand b. charge each customer the same price. c. incur a different cost for producing each unit of output. d. all of the above. 18. If DeBeers has a monopoly in the diamond market, then: a. DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. b. the marginal...
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...
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