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Question 18 2.5 pts Competitive firms have downward-sloping demand curves, and they can sell as much...
Perfect price discrimination a.increases profits to the firm. b.increases total surplus. c.decreases consumer surplus. d.All of...
Perfect price discrimination a.increases profits to the firm. b.increases total surplus. c.decreases consumer surplus. d.All of the above are correct. For a firm to price discriminate, a.it must be a natural monopoly. b.it must be regulated by the government. c.it must have some market power. d.consumers must tell the firm what they are willing to pay for the product. A monopoly's marginal cost will a.be less than its average fixed cost. b.be less than the price per unit of its...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
Since firms that are not in perfect competition face downward-sloping demand curves, we know that to...
Since firms that are not in perfect competition face downward-sloping demand curves, we know that to increase sales quantity they must lower prices. As a result: Group of answer choices Product Price is less than Marginal Revenue Price and Revenue are no longer related Price and Revenue are equal to each other Marginal Revenue is less than Product Price
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.
Question 1 1 pts Consider a competitive market of ice cream with upward sloping and downward...
Question 1 1 pts Consider a competitive market of ice cream with upward sloping and downward sloping supply and demand, respectively. If consumers now prefer smoothie - a substitution for ice cream and at the same time, the wage rate of ice cream workers is going up, what will be the effect on the equilibrium price and quantity? Both the price and quantity will decrease. The quantity will increase but the price could either rise, fall, or remain the same....
The demand for a monopolist's product: O A. Is downward sloping.. B. Equals the market demand...
The demand for a monopolist's product: O A. Is downward sloping.. B. Equals the market demand curve. C. Is equal to the firm's marginal revenue curve. D. All the statements are true. E. Answers (A) and (B) are true. QUESTION 32 In contrast to perfect competition, a monopolist charges a: A. Higher price and produces a larger quantity. B. Higher price and produces a smaller quantity. C. Lower price and produces a larger quantity. D. Lower price and produces a...
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...
QUESTION 22 Why is the marginal revenue curve of a monopolist downward sloping? Because marginal revenue...
QUESTION 22 Why is the marginal revenue curve of a monopolist downward sloping? Because marginal revenue curves are downward sloping regardless of market structure. Because the monopolist can choose how many units to sell. Because the price of existing units falls when the monopolist chooses to sell more units. Because the price of existing units rises when the monopolist chooses to sell more units. QUESTION 23 Marginal revenue for a monopolist will only be positive if: it equals the market...
1. Answer the following questions: a. Why is the demand curve for a monopolist downward-sloping, while...
1. Answer the following questions:
a. Why is the demand curve for a monopolist downward-sloping,
while the demand curve for the perfectly competitive firm is
horizontal?
b. Suppose a perfectly competitive industry is suddenly
transformed to a monopoly industry. What will happen to price,
output, consumer and producer surplus, and deadweight loss?
c. If the wireless phone industry is dominated by four large
firms, each with 20% of market share, and 2 small firms, each with
10% market share, what...
DI Question 3 1 pts A monopoly's demand curve is O vertical. O downward-sloping. O horizontal....
DI Question 3 1 pts A monopoly's demand curve is O vertical. O downward-sloping. O horizontal. O upward-sloping D Question 4 1 pts A monopolist is able to maximize its profits by D setting the price at the level that will maximize its pfer unit proft. setting output at MR - MC and setting price at the demand curve's highest point. producing output where MR - MC and charging the price corresponding to that output level on the demand curve...
Perfect price discrimination a.increases profits to the firm. b.increases total surplus. c.decreases consumer surplus. d.All of the above are correct. For a firm to price discriminate, a.it must be a natural monopoly. b.it must be regulated by the government. c.it must have some market power. d.consumers must tell the firm what they are willing to pay for the product. A monopoly's marginal cost will a.be less than its average fixed cost. b.be less than the price per unit of its...
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.
Question 1 1 pts Consider a competitive market of ice cream with upward sloping and downward sloping supply and demand, respectively. If consumers now prefer smoothie - a substitution for ice cream and at the same time, the wage rate of ice cream workers is going up, what will be the effect on the equilibrium price and quantity? Both the price and quantity will decrease. The quantity will increase but the price could either rise, fall, or remain the same....
The demand for a monopolist's product: O A. Is downward sloping.. B. Equals the market demand curve. C. Is equal to the firm's marginal revenue curve. D. All the statements are true. E. Answers (A) and (B) are true. QUESTION 32 In contrast to perfect competition, a monopolist charges a: A. Higher price and produces a larger quantity. B. Higher price and produces a smaller quantity. C. Lower price and produces a larger quantity. D. Lower price and produces a...
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...
QUESTION 22 Why is the marginal revenue curve of a monopolist downward sloping? Because marginal revenue curves are downward sloping regardless of market structure. Because the monopolist can choose how many units to sell. Because the price of existing units falls when the monopolist chooses to sell more units. Because the price of existing units rises when the monopolist chooses to sell more units. QUESTION 23 Marginal revenue for a monopolist will only be positive if: it equals the market...
1. Answer the following questions:
a. Why is the demand curve for a monopolist downward-sloping,
while the demand curve for the perfectly competitive firm is
horizontal?
b. Suppose a perfectly competitive industry is suddenly
transformed to a monopoly industry. What will happen to price,
output, consumer and producer surplus, and deadweight loss?
c. If the wireless phone industry is dominated by four large
firms, each with 20% of market share, and 2 small firms, each with
10% market share, what...
DI Question 3 1 pts A monopoly's demand curve is O vertical. O downward-sloping. O horizontal. O upward-sloping D Question 4 1 pts A monopolist is able to maximize its profits by D setting the price at the level that will maximize its pfer unit proft. setting output at MR - MC and setting price at the demand curve's highest point. producing output where MR - MC and charging the price corresponding to that output level on the demand curve...
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