Homework Answers
Q33) option b).
At eqm in Autarky, no trade
10 corm could be exchanged for 20 rice units
34) option A)
As Monopolist is a single Firm, thus no Supply Curve is possible
35) option b)
Decrease in K price, as it will decrease labor demand, more K will be used
36) option b) steeper
in perfect competition MRP curve is horizontal while in Imperfect competition, MRP curve slopes downwards and hence it is steeper
38) option D)
Trade barriers like Tariff , Quota, are needed to protect the newly established infant Industries, to help Domestic producers & workers
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QUESTION 33 Germany can produce 10 units of corn or 20 units of rice. With the...
Suppose the demand curve for corn is Q(p) 10-p. Suppose that one firm owns all five...
Suppose the demand curve for corn is Q(p) 10-p. Suppose that one firm owns all five units of corn in the world and has zero marginal cost. Does a monopoly sell less output than would be sold in a competitive market in which 100 firms each owns 0.05 units?
14. Which of the following is a characteristic of a perfectly competitive firm? A Jordon cannot t...
14. Which of the following is a characteristic of a perfectly competitive firm? A Jordon cannot tell which farm the peaches came from because they all look alike. B Donelli's Pizza was voted the best pizza in town by readers of the local newspaper. C People who want to open a bank in Kansas must obtain a charter from the Comptroller of the Currency, and there is a limit on the number of new banks. D Devin's new business software...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
MFC 25 20 15 12.50 10 D- MRP 100 25 50 75 125 Quantity of Labor...
MFC 25 20 15 12.50 10 D- MRP 100 25 50 75 125 Quantity of Labor Wage Rate (dollars per hour) Which market scenario is best described in the above graph? OA monopoly market in a small town with a dominant seller accounting for over 80% of all product sales OA competitive product market like sellers on the internet A competitive labor market like modern Los Angeles A monopsony labor market in a small town with a dominant firm who...
Question Completion Status: QUESTION 16 Refer to the above figure. The long-run average cost curve and...
Question Completion Status: QUESTION 16 Refer to the above figure. The long-run average cost curve and the longrun marginal cost curves represent o the cost curves for a natural monopoly o the cost curves for a competitive firm. o a situation where a firm has a patent. o a situation where a firm has control over the raw materials. QUESTION 17 All of the following are true about a monopolist EXCEPT the demand curve for its product is perfectly elastic....
Please show as much work and explanation as possible, thank you so much! 10. Which ones of the following statements are...
Please show as much work and explanation as
possible, thank you so much!
10. Which ones of the following statements are true about perfectly competitive markets? (a) The short run supply curve for a firm is upward sloping due to the law of diminishing returns. (b) The industry's short run supply curve is upward sloping due to the law of diminishing returns. (c) The slope of the long run supply curve for an individual firm depends on the industry cost...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes in Corn). Country A can produce 4 outfits per time period (if it specializes in outfits). If country B specializes in Corn, it can produce 40 units per time period. If country B specialized in Outfits, it can produce 3 outfits per time period. A has a comparative advantage in Corn. B has a comparative advantage in Outfits. neither country has a comparative advantage....
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Question Completion Status: QUESTION 4 In a Cournot duopoly market, the two firms agree to produce...
Question Completion Status: QUESTION 4 In a Cournot duopoly market, the two firms agree to produce half of the monopoly output level for that market and split the resulting profit. Since the monopoly profit is the highest profit that can be obtained, the two firms will always stick to that agreement even if it's not legally (or in any other way) binding. a) TRUE b) FALSE OC) UNCERTAIN 8 poi QUESTION 5 ELE LE Dolores's lawn cutting service is a...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Suppose the demand curve for corn is Q(p) 10-p. Suppose that one firm owns all five units of corn in the world and has zero marginal cost. Does a monopoly sell less output than would be sold in a competitive market in which 100 firms each owns 0.05 units?
14. Which of the following is a characteristic of a perfectly competitive firm? A Jordon cannot tell which farm the peaches came from because they all look alike. B Donelli's Pizza was voted the best pizza in town by readers of the local newspaper. C People who want to open a bank in Kansas must obtain a charter from the Comptroller of the Currency, and there is a limit on the number of new banks. D Devin's new business software...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
MFC 25 20 15 12.50 10 D- MRP 100 25 50 75 125 Quantity of Labor Wage Rate (dollars per hour) Which market scenario is best described in the above graph? OA monopoly market in a small town with a dominant seller accounting for over 80% of all product sales OA competitive product market like sellers on the internet A competitive labor market like modern Los Angeles A monopsony labor market in a small town with a dominant firm who...
Question Completion Status: QUESTION 16 Refer to the above figure. The long-run average cost curve and the longrun marginal cost curves represent o the cost curves for a natural monopoly o the cost curves for a competitive firm. o a situation where a firm has a patent. o a situation where a firm has control over the raw materials. QUESTION 17 All of the following are true about a monopolist EXCEPT the demand curve for its product is perfectly elastic....
Please show as much work and explanation as
possible, thank you so much!
10. Which ones of the following statements are true about perfectly competitive markets? (a) The short run supply curve for a firm is upward sloping due to the law of diminishing returns. (b) The industry's short run supply curve is upward sloping due to the law of diminishing returns. (c) The slope of the long run supply curve for an individual firm depends on the industry cost...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Question Completion Status: QUESTION 4 In a Cournot duopoly market, the two firms agree to produce half of the monopoly output level for that market and split the resulting profit. Since the monopoly profit is the highest profit that can be obtained, the two firms will always stick to that agreement even if it's not legally (or in any other way) binding. a) TRUE b) FALSE OC) UNCERTAIN 8 poi QUESTION 5 ELE LE Dolores's lawn cutting service is a...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
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