1. Consider a rent seeking environment involving a monopoly and consumers. The normal outcome is that the _______ willing to pay more to influence behavior, and the _______ usually successful in influencing government behavior.
Group of answer choices
monopoly is, consumers are
consumers are, consumers are
consumers are, the monopoly is
monopoly is, monopoly is
2. Assume the inverse demand function for a Bertrand oligopoly is P = 500 – Q/5, and that the firm’s total cost function is TC = 400 + 200Q. What is the firm’s profit maximizing output?
Group of answer choices
1,500
800
750
1,200
1,250
3.Assume the following occurs in a market: consumers expect a lower price; there is an increase in the price of a complement; there is an increase in the number of firms; and there is decrease in government regulation. Which of the following correctly summarizes the outcome?
Group of answer choices
a.The equilibrium price will decrease, but any change in the equilibrium quantity is uncertain.
b.The equilibrium price will decrease, but the equilibrium quantity will remain the same.
c.None of the choices shown is correct.
d.The equilibrium quantity will increase, but any change in the equilibrium price is uncertain.
e.No predictions can be made with the information.
1. Consider a rent seeking environment involving a monopoly and consumers. The normal outcome is that...
Assume the following occurs in a market: consumers expect a lower price; there is an increase in the price of a complement; there is an increase in the number of firms; and there is decrease in government regulation. Which of the following correctly summarizes the outcome? A. None of the choices shown is correct. B. No predictions can be made with the information. C. The equilibrium quantity will increase, but any change in the equilibrium price is uncertain. D. The...
1. Which of the following correctly summarizes the strategy used by firms that employ third-degree price discrimination? Group of answer choices a.The firm’s marginal revenue will be lower in the market with the more elastic demand. b.The firm sets the price higher in the market with the more elastic demand. c.The firm sets the price lower in the market with the more inelastic demand. d.The firm’s marginal revenue will be higher in the market with the more elastic demand. e.None...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
1. An above-full-employment equilibrium occurs when Group of answer choices aggregate demand decreases while neither the short-run nor long-run aggregate supply changes. short-run aggregate supply decreases while neither aggregate demand nor long-run aggregate supply changes. the equilibrium level of real GDP is greater than potential GDP. the equilibrium level of real GDP is less than potential GDP. 2. Which of the following shifts the aggregate demand curve rightward? Group of answer choices a decrease in consumption an increase in investment...
1- Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of the following are true? Select all that apply. The monopolist loses profit. The government gains revenue. The monopolist is forced to reduce their prices. The monopolist is forced to sell less products. 2-Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of the following are true? Select all that apply. The monopolist loses profit. The government gains revenue. The...
its
fundamentals to economics
ensures that resources are allocated to their highest-valued uses. a. Monopoly b. Government C. The consumer d. Competition e. Arbitrage Styles 3 As the wago rato increases, the quantity supplied of labor in a market will a. increase. b. decrease c. first increase and then decrease. d. first decrease and then increase. e. remain constant. 4 As the wage rate increases, the quantity demanded of labor in a market will a. increase. b. decrease. c. first...
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...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
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SPECIAL ARTICLES tole of Monetary Policy C Rangarajan What should be the objectives of monetary policy? Does the objective of price stability conflict with the goal of achieving...