Homework Answers
Q. Under what circumstances can a cartel succeed in the long run?
Ans. C) Member firms cooperate and resist their individual incentives.
Members of the cartel should agree on the total level of production and on the amount produced by each member.
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Under what circumstances can a cartel succeed in the long run? O A. All firms are...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _a...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _and the firm is experiencing O A. horizontal, constant returns to scale OB. upward sloping; diseconomies of scale O C. downward sloping; constant returns to scale OD. downward sloping, economies of scale
In the long run in this monopolistically competitive sweatshirt industry, MC ATC O A. all firms...
In the long run in this monopolistically competitive sweatshirt industry, MC ATC O A. all firms will leave the industry OB. product supply will increase so prices will go up. OC. some firms will enter the industry and industry profits for all firms will increase. D. some firms will leave the industry until the remaining firms reach a break even point. 23 Dollars ($) 22 18 MR D 50 70 75 Quantity of personalized sweatshirts Click to select your answer.
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If th...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
all of them Question 7 (1 point) If the long-run average cost is upward sloping, the...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
When do firms decide to shut down production in the short run under perfect competition? Explain...
When do firms decide to shut down production in the short run under perfect competition? Explain carefully. The market for bread in Brooklyn, NY is characterized by perfect competition. Firms and consumers are price takers and in the long run there is free entry and exit of firms in this industry. Illustrate with the help of a graph how the individual firm maximizes profit in the short run.
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
In a market operated by a cartel, if price is $30 which of the following must...
In a market operated by a cartel, if price is $30 which of the following must be true? Marginal revenue is 30 and marginal cost must be less than $30. Marginal revenue must be zero ATC must be under $30 Marginal Revenue and marginal cost must be under $30 Which of the following is the best example of oligopoly? paper towels Ogreen beans auto repair Apples If a oligpolist is experiencing profits in the short-run, then in the long-run Firms...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of:...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of: economies of scale. diseconomies of scale. diminishing returns. the existence of fixed resources. 2.5 points QUESTION 31 In the long run, firms in many industries often experience a falling average total cost curve as a result of: gains through trade. increasing marginal returns. economies of scale. lower fixed costs. 2.5 points QUESTION 32 A large aircraft manufacturer, like Boeing, may have a...
We assume that in the long run in a perfectly competitive market: the firms can enter...
We assume that in the long run in a perfectly competitive market: the firms can enter or exit. the number of firms is fixed. O collusion will set in without government regulation. the price will be constant. MC $15 MR 9 11 14 According to the graph shown, at point C the firm is earning: fewer profits than at point B, and they should produce more. higher profits than at point B, and they should produce more. fewer profits than...
Please provide a detailed response so that I may be able to understand how you came...
Please provide a detailed response so that I may be able to
understand how you came to your answer. Thank you!!!
freely trading Problem 2. (Monopolistic competition) [week 5]. Consider two countries that are in differentiated products. Each producer in the industry is subject to increasing returns to scale, derived from fixed costs of production. In particular, the cost function of a firm in the industry is linear with respect to output, with fixed costs of 100 and variable costs...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _and the firm is experiencing O A. horizontal, constant returns to scale OB. upward sloping; diseconomies of scale O C. downward sloping; constant returns to scale OD. downward sloping, economies of scale
In the long run in this monopolistically competitive sweatshirt industry, MC ATC O A. all firms will leave the industry OB. product supply will increase so prices will go up. OC. some firms will enter the industry and industry profits for all firms will increase. D. some firms will leave the industry until the remaining firms reach a break even point. 23 Dollars ($) 22 18 MR D 50 70 75 Quantity of personalized sweatshirts Click to select your answer.
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
In a market operated by a cartel, if price is $30 which of the following must be true? Marginal revenue is 30 and marginal cost must be less than $30. Marginal revenue must be zero ATC must be under $30 Marginal Revenue and marginal cost must be under $30 Which of the following is the best example of oligopoly? paper towels Ogreen beans auto repair Apples If a oligpolist is experiencing profits in the short-run, then in the long-run Firms...
We assume that in the long run in a perfectly competitive market: the firms can enter or exit. the number of firms is fixed. O collusion will set in without government regulation. the price will be constant. MC $15 MR 9 11 14 According to the graph shown, at point C the firm is earning: fewer profits than at point B, and they should produce more. higher profits than at point B, and they should produce more. fewer profits than...
Please provide a detailed response so that I may be able to
understand how you came to your answer. Thank you!!!
freely trading Problem 2. (Monopolistic competition) [week 5]. Consider two countries that are in differentiated products. Each producer in the industry is subject to increasing returns to scale, derived from fixed costs of production. In particular, the cost function of a firm in the industry is linear with respect to output, with fixed costs of 100 and variable costs...
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