Homework Answers
The correct answer is option b. Cartel members may have different costs of production. In this scenario even if firms have different cost of production, their joint profit is maximized where the profit takes into account the firms production costs which is subtracted from total revenue.
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Which of the following is NOT a reason that cartels tend to fail? Select one: O...
37) One of the reasons cartels are considered unstable is that A) it is inefficient to...
37) One of the reasons cartels are considered unstable is that A) it is inefficient to manage individual firms collectively. B) member firms reduce their investment, thereby becoming uncompetitive over time. consumers seek out substitutes to the cartel product. D) there are wide fluctuations in price as cartel members vary their output. E) individual members of the cartel have an incentive to violate the cartel agreement 38) If there are economic profits in a monopolistically competitive industry, they will generally...
19 failed logins sim Cartels are unstable for each of the following reasons except which one?...
19 failed logins sim Cartels are unstable for each of the following reasons except which one? Question 13 Not yet answered Points out of 1.00 Select one: A. the self-interest of each member P Flag question B. the bargaining necessary to form a cartel C. barriers to entry . O D. entry by new firms An insurmountable barrier to entry can enable a firm to earn positive economic profits in__ Question 14 Not yet answered Points out of 1.00 P...
22. Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC) a...
22. Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC) and that the market price is expected to rise at least to ATC in the near future. In the short run, a firm that is a price-taker would: a. immediately shut down and get out of the industry. b. continue to produce a quantity of output such that its marginal revenue equals marginal cost. c. shut down temporarily, in hopes...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
Is this the correct answer? Thanks Which of the following statements is CORRECT? Select one: O...
Is this the correct answer?
Thanks
Which of the following statements is CORRECT? Select one: O a. Because companies are required to follow GAAP, two firms in exactly the same operating situation will have exactly the same financial statement b. The emphasis in finance is on the determination of accounting income since the value of a firm is determined by the net income generated. O c. Even if a firm follows generally accepted accounting principles (GAAP), its reported net income...
Which one of the following is the most important reason to calibrate equipment used for measurements?...
Which one of the following is the most important reason to calibrate equipment used for measurements? Select one: a. It will increase the range of the measurement. b. It will decrease the percent error of the measurement c. It will decrease the range of the measurement. d. It will increase the percent error of the measurement. Which of the following types of equipment may need to be calibrated? Select one: a. analytical balances O b. gasoline pumps O c. fitness...
If each country specializes in producing those goods in which it has a comparative advantage, then...
If each country specializes in producing those goods in which it has a comparative advantage, then Select one: a. each country will be self-sufficient b. world output will be maximized c. the consumption possibilities for the world will be reduced d. all countries will have the same standard of living. e. rich countries will get richer and poor countries will get poorer Evidence indicates that tariffs and quotas are Select one: a. beneficial for producers in a protected industry, but...
Question 1 For a monopolist? Select one: a. all of the above are true. b. existing...
Question 1 For a monopolist? Select one: a. all of the above are true. b. existing economic profits can be sustained over time. c. its demand curve is downward sloping. d. its marginal revenue is less than price. Question 2. For a natural monopoly, which of the following is false? Select one: a. It is more efficient to have a single firm produce the good. b. One large firm can produce at lower cost than two or more smaller firms....
ple Unanswered QUESTIONS. 1 POINT At 120 units of output, marginal revenue is $7, marginal cost...
ple Unanswered QUESTIONS. 1 POINT At 120 units of output, marginal revenue is $7, marginal cost is $7, and average cost is $6. If consumers demand 120 units of output when the price is $10, what is the expected profit? Provide your answer below: D FEEDBACK Content attribution QUESTION O.1 POINT The table below shows costs and revenues for a monopoly firm. What is this monopolist's profit-maximizing price? Quantity Price Marginal Revenue Marginal Cost Average Cost (P) (MR) (MC) (AC)...
37) One of the reasons cartels are considered unstable is that A) it is inefficient to manage individual firms collectively. B) member firms reduce their investment, thereby becoming uncompetitive over time. consumers seek out substitutes to the cartel product. D) there are wide fluctuations in price as cartel members vary their output. E) individual members of the cartel have an incentive to violate the cartel agreement 38) If there are economic profits in a monopolistically competitive industry, they will generally...
19 failed logins sim Cartels are unstable for each of the following reasons except which one? Question 13 Not yet answered Points out of 1.00 Select one: A. the self-interest of each member P Flag question B. the bargaining necessary to form a cartel C. barriers to entry . O D. entry by new firms An insurmountable barrier to entry can enable a firm to earn positive economic profits in__ Question 14 Not yet answered Points out of 1.00 P...
Is this the correct answer?
Thanks
Which of the following statements is CORRECT? Select one: O a. Because companies are required to follow GAAP, two firms in exactly the same operating situation will have exactly the same financial statement b. The emphasis in finance is on the determination of accounting income since the value of a firm is determined by the net income generated. O c. Even if a firm follows generally accepted accounting principles (GAAP), its reported net income...
Which one of the following is the most important reason to calibrate equipment used for measurements? Select one: a. It will increase the range of the measurement. b. It will decrease the percent error of the measurement c. It will decrease the range of the measurement. d. It will increase the percent error of the measurement. Which of the following types of equipment may need to be calibrated? Select one: a. analytical balances O b. gasoline pumps O c. fitness...
ple Unanswered QUESTIONS. 1 POINT At 120 units of output, marginal revenue is $7, marginal cost is $7, and average cost is $6. If consumers demand 120 units of output when the price is $10, what is the expected profit? Provide your answer below: D FEEDBACK Content attribution QUESTION O.1 POINT The table below shows costs and revenues for a monopoly firm. What is this monopolist's profit-maximizing price? Quantity Price Marginal Revenue Marginal Cost Average Cost (P) (MR) (MC) (AC)...
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