Homework Answers
Q16. Option 3
All of the competitive firms supply goods at a constant market
determined price
Q17. Option 3
Economies of scale is attained with the increase in productivity
which reduces the average cost of production
Q18. Option 4
Because of market power monopolist firms produces lower output and
charges higher price than competitive firms
Q19. Option 4
Monopolist may not always succeed in preventing the resale of
goods
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Question 16 Marginal revenue and price are equal for competitive firms because: price is the same...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
Monopolies are socially inefficient because the price they charge is equal to marginal revenue. above marginal cost. equal to demand above demand.
Monopolies are socially inefficient
because the price they charge is equal to marginal revenue. above
marginal cost. equal to demand above demand.
1A Marginal revenue for a monopoly firm is: not related to the price that the monopolist...
1A Marginal revenue for a monopoly firm is: not related to the price that the monopolist charges for its products. less than the price that the monopolist charges for its products. always greater than the price that the monopolist charges for its products. equal to the price that the monopolist charges for its products. 1B Regarding monopoly firms, our text concludes that: firms which have been granted monopoly status by a government are less-efficient and provide a lower-quality and higher-priced...
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.
FICE 150 firms in the monopolistically competitive industry. Price is above marginal revenue, as a general...
FICE 150 firms in the monopolistically competitive industry. Price is above marginal revenue, as a general rule, regardless of the number firms in the monopolistically competitive industry. At low levels of output, price is above marginal revenue. At high levels of ou price is below marginal revenue as long as the number of firms is not too ma because if it is too large, the monopolistically competitive industry will beco perfectly competitive. Question 13 (1 point) If monopolistically competitive forms...
30. The change in total revenue that results fr A. Marginal cost. B, Marginal revenue C....
30. The change in total revenue that results fr A. Marginal cost. B, Marginal revenue C. Marginal profit. D. Total revenue erease in qipntity sold is: 31. For a monopolist, marginal revenue is A. Equal to price, just as it is for a perfectly competitiy B. Constant up to the rate of output that maximizes tot i C. Always less than price, after the first unit. D. The same as the demand curve. loral 32. For a monopolist, after the...
PLZ HELP???? QUESTION 7 A monopolist can usually keep price equal to marginal revenue by lowering...
PLZ HELP???? QUESTION 7 A monopolist can usually keep price
equal to marginal revenue by lowering the price on the last unit
sold only. is constrained in its pricing decisions by the demand
curve it faces. faces a demand curve that is more elastic than the
demand curve for the industry. can charge whatever price it wants
because it is the only firm producing the good
10.Shortly after the turn of the century, U.S. Steel owned most
of the iron...
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 30 A downward-sloping portion of a long-run average total cost curve is the result of:...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of: economies of scale. diseconomies of scale. diminishing returns. the existence of fixed resources. 2.5 points QUESTION 31 In the long run, firms in many industries often experience a falling average total cost curve as a result of: gains through trade. increasing marginal returns. economies of scale. lower fixed costs. 2.5 points QUESTION 32 A large aircraft manufacturer, like Boeing, may have a...
Question 1 1 pts A natural monopoly is characterised by: large marginal costs relative to fixed...
Question 1 1 pts A natural monopoly is characterised by: large marginal costs relative to fixed costs. large fixed costs relative to variable costs. small fixed costs relative to variable costs. fixed costs that are equal to variable costs. Question 2 1 pts In the market equilibrium, a single-price monopolist generally O generates lower total surplus than in perfect competition O produces at an inefficient scale causes deadweight loss all of the above none of the above
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.
FICE 150 firms in the monopolistically competitive industry. Price is above marginal revenue, as a general rule, regardless of the number firms in the monopolistically competitive industry. At low levels of output, price is above marginal revenue. At high levels of ou price is below marginal revenue as long as the number of firms is not too ma because if it is too large, the monopolistically competitive industry will beco perfectly competitive. Question 13 (1 point) If monopolistically competitive forms...
30. The change in total revenue that results fr A. Marginal cost. B, Marginal revenue C. Marginal profit. D. Total revenue erease in qipntity sold is: 31. For a monopolist, marginal revenue is A. Equal to price, just as it is for a perfectly competitiy B. Constant up to the rate of output that maximizes tot i C. Always less than price, after the first unit. D. The same as the demand curve. loral 32. For a monopolist, after the...
PLZ HELP???? QUESTION 7 A monopolist can usually keep price
equal to marginal revenue by lowering the price on the last unit
sold only. is constrained in its pricing decisions by the demand
curve it faces. faces a demand curve that is more elastic than the
demand curve for the industry. can charge whatever price it wants
because it is the only firm producing the good
10.Shortly after the turn of the century, U.S. Steel owned most
of the iron...
Question 1 1 pts A natural monopoly is characterised by: large marginal costs relative to fixed costs. large fixed costs relative to variable costs. small fixed costs relative to variable costs. fixed costs that are equal to variable costs. Question 2 1 pts In the market equilibrium, a single-price monopolist generally O generates lower total surplus than in perfect competition O produces at an inefficient scale causes deadweight loss all of the above none of the above
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