Homework Answers
Ans) the correct option is b) False
Monopolist is not a price taker
Ans) the correct option is c) greater than, equal to
In a monopoly, MR lies below the demand curve so monopolist charges higher price than MR where as a competitive firm charges price equal to MR.
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This Question: 1 pt 1 of 48 (1 complete) This Test: 48 pts...
1. percentage change OR change 2. total OR average 3. total OR marginal 4. total OR...
1. percentage change OR change
2. total OR average
3. total OR marginal
4. total OR marginal
5. elasticity OR rigidity
6. rigidity OR elasticity
please answer asap
This Test 48 42 of 48 (37 complete) This Question: 1 pt The monopolist estimates its marginal revenue curve, where marginal revenue is defined as the Vi in revenues due to a one unit change in quantity sold For the perfect competitor, price equals revenue equals average revenue. For the monopolist, revenue...
18 20,21,22,23 Question 18 2 pts The marginal revenue received by a firm in a perfectly...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
In the long run, all of the firms in a perfectly competitive industry will: exit the...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
monopolist is a price maker. he will determine the quantity of output that will maximize revenue....
monopolist is a price maker. he will determine the quantity of output that will maximize revenue. the monopolistic faces a downward sloping demand curve because he can sell more if he lowers the price. the profit maximizing price and output is where marginal revenue equals marginal cost, then it is extended to the market demand curve to determine what market price corresponds to that quantity. the profit maximization price is c and quantity is q.
1. Assume that at a given level of output a monopoly firm has marginal revenue of...
1. Assume that at a given level of output a monopoly firm has marginal revenue of $9, its ATC is $9, and marginal cost is $7. If this firm were to incrementally increase its output then A) profit will increase B) price will increase C) profit w decrease D) price will equal marginal revenue. 2. For a monopoly firm, if AVC = $20, P = $21, and ATC = $22, then the firm should: A) increase production. B) produce at...
PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question...
PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question carries 0.5 mark 1. If a firm can change market prices by altering its output, then it A. Has market power. B. Faces a flat demand curve. C. Is a price taker D. Engages in marginal cost pricing. 2. If economic profits are earned in a competitive market, then over time: A. Additional firms will enter the market. B. The market supply curve will...
please answer asapp 29 of 48 (24 complete) This Question: 1 pt Suppose that a company...
please answer asapp
29 of 48 (24 complete) This Question: 1 pt Suppose that a company based in Dallas, Texas, initially confronts only four other rival firms. Its own market share is 38 percent, which ties it with the other largest producer and seller in the industry. The market share of each of the other three firms is 8.00 percent Then a sbeth firm, located in Cleveland, Ohio, enters the same industry. The new firm captures 4.00percent market share and...
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...
This Question: 1 pt 434 of 45 (20 complete) This Test: 45 pts possible Marginal Total...
This Question: 1 pt 434 of 45 (20 complete) This Test: 45 pts possible Marginal Total Marginal Quantity Sold Price Total Revenue RevensCost Profit $10 52 $2 16 21 24 25 20 26 The table lists estimated revenues and costs (per week) for plastic vals (100 vials per box) for the Victona Biological Supplies Company Victoria sells plastic vials to universities and private research laboratories At Victoria's proft-maximizing output, 0 A, total revenue equals $25 and total cost equa s...
Assume that Burger King, a fast food chain, enters into a franchise agreement. The royalty paid...
Assume that Burger King, a fast food chain, enters into a franchise agreement. The royalty paid to Burger King by the franchisee is calculated as a percentage of the franchisee’s revenue. Given that the franchisee faces a downward-sloping demand curve, which of the following is likely to be true? The franchisee’s revenue-maximizing output will be greater than its profit-maximizing output. To maximize revenue, Burger King will want the franchisee to produce at the level where total revenue is positive but...
1. percentage change OR change
2. total OR average
3. total OR marginal
4. total OR marginal
5. elasticity OR rigidity
6. rigidity OR elasticity
please answer asap
This Test 48 42 of 48 (37 complete) This Question: 1 pt The monopolist estimates its marginal revenue curve, where marginal revenue is defined as the Vi in revenues due to a one unit change in quantity sold For the perfect competitor, price equals revenue equals average revenue. For the monopolist, revenue...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
1. Assume that at a given level of output a monopoly firm has marginal revenue of $9, its ATC is $9, and marginal cost is $7. If this firm were to incrementally increase its output then A) profit will increase B) price will increase C) profit w decrease D) price will equal marginal revenue. 2. For a monopoly firm, if AVC = $20, P = $21, and ATC = $22, then the firm should: A) increase production. B) produce at...
PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question carries 0.5 mark 1. If a firm can change market prices by altering its output, then it A. Has market power. B. Faces a flat demand curve. C. Is a price taker D. Engages in marginal cost pricing. 2. If economic profits are earned in a competitive market, then over time: A. Additional firms will enter the market. B. The market supply curve will...
please answer asapp
29 of 48 (24 complete) This Question: 1 pt Suppose that a company based in Dallas, Texas, initially confronts only four other rival firms. Its own market share is 38 percent, which ties it with the other largest producer and seller in the industry. The market share of each of the other three firms is 8.00 percent Then a sbeth firm, located in Cleveland, Ohio, enters the same industry. The new firm captures 4.00percent market share and...
This Question: 1 pt 434 of 45 (20 complete) This Test: 45 pts possible Marginal Total Marginal Quantity Sold Price Total Revenue RevensCost Profit $10 52 $2 16 21 24 25 20 26 The table lists estimated revenues and costs (per week) for plastic vals (100 vials per box) for the Victona Biological Supplies Company Victoria sells plastic vials to universities and private research laboratories At Victoria's proft-maximizing output, 0 A, total revenue equals $25 and total cost equa s...
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