Homework Answers
Answer:
8]
Correct option is C] A firm that charges each customer exactly his or her willingness to pay.
9]
Correct option is A] Charges
prices according to observable characteristics of people that are
related to willingness to pay.
(This is called price discrimination.)
13]
Correct option is A] a board game used to learn the Principles of firm Behavior
14]
Correct option is C] the highest joint profits are made by cooperating but each firm has an incentive to cheat
Add Answer to:
8. A firm that is a perfect price discriminator is best described as: a) Some who...
QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many...
QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many sellers, each small in size relative to the overall market. Few sellers. All sellers produce identical products. Easy, low-cost entry and exit. QUESTION 2 The industry that most closely approximates the conditions of the oligopoly model is: Restaurant. Retail clothing. Airlines in the U.S. The local cable company. QUESTION 3 In which of the following market structures must the price and output decisions of...
3. In perfect competition a.) each firm is a price taker b.) each firm sets its...
3. In perfect competition a.) each firm is a price taker b.) each firm sets its own price so that it is different from the prices of its competitors c.) earning an economic profit for certain d.) consumers band together to demand the lowest price possible
First, (Perfect) degree price discrimination means that a firm charge: Select one: a. The maximum amount...
First, (Perfect) degree price discrimination means that a firm charge: Select one: a. The maximum amount that buyers are willing to pay for each unit. b. One single price—the maximum possible—to all of its buyers. c. Different prices to people of different racial or ethnic backgrounds. d. Different prices to different groups of buyers.
Please answer the multiple choice questions. Refer to the figure below. When the firm charges the reservation price to...
Please answer the multiple choice questions.
Refer to the figure below. When the firm charges the reservation price to each consumer, the additional profit equals area s/o MC D AR MR Quany Select one: a.A+D b. B+A c. C+ B C. C d. B+C+ D Refer to the figure below. The price-discriminating firm earns a higher profit by s/0 AC-MC MR D-AR MAK Quantity Select one: a.charging a lower price as time goes by. b. charging a lower price to...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segm...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segment the market into two or more groups to each customer based on race, religion, or other individual characteristic based on the quantity of a good or service purchased. to each customer based on his or her willingness and ability to pay. b. Which of the following purchases is an example of first-degree price discrimination? A big-box store offering a discount for people who...
Which of the following options best describes market structures from the lowest to the highest degree...
Which of the following options best describes market structures from the lowest to the highest degree of market power? Perfect competition, monopolistic competition, oligopoly, monopoly Oligopoly, monopoly, monopolistic competition, perfect competition Monopoly, perfect competition, oligopoly, monopolistic competition Monopolistic competition, oligopoly, monopoly, perfect competition A cable company has determined that the marginal revenue from an additional subscriber is $15, and the marginal cost of providing cable services is $5. Based on this information, what should the company do? Increase the quantity...
long run 39) What does monopolistic competition have in common with -) barriers to exit but...
long run 39) What does monopolistic competition have in common with -) barriers to exit but no barriers to entry le proft in the A) a large number of fims B) a downward-sloping demand curve C) the ability to collude with respect to price D) mutual interdependence E) barriers to entry 40) An example of a fim in monopolistic competition is A) your local water company B) the sole cable television company C) the many Chinese restaurants in San Francisco...
1,6. A firm finds that by producing and selling the last unit of its commodity, the...
1,6. A firm finds that by producing and selling the last unit of its commodity, the marginal revenue it earns is R15 and the marginal cost it incurs is R14. In order to maximise profits, the firm should A reduce its output irrespective of the type of firm it is. B. increase its output irrespective of the type of firm it is. C. reduce its output if it is a perfectly competitive firm, but not necessarily if it is a...
QUESTION 1 Which of the following conditions is NOT required for successful direct price discrimination? A....
QUESTION 1 Which of the following conditions is NOT required for successful direct price discrimination? A. The seller must be able to prevent arbitrage between low-value and high-value buyers B. The seller should charge higher prices to high-value buyers C. The seller must offer different products for high-value and low-value groups of consumers D. The seller must be able to identify customers as high-value or low-value buyers QUESTION 2 Under a version of direct price discrimination, the seller is able...
Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly....
Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly. Monopoly. Perfect competition. A manufacturer produces 5,000 metal crates each month at a cost of $50,000. However, the production of these crates leads to pollution in the surrounding community. As a result of the pollution, residents in the community have higher health care costs (equal to $20,000 each month) and must repeatedly clean their cars and homes (at a cost equal to $10,000 each month)....
Please answer the multiple choice questions.
Refer to the figure below. When the firm charges the reservation price to each consumer, the additional profit equals area s/o MC D AR MR Quany Select one: a.A+D b. B+A c. C+ B C. C d. B+C+ D Refer to the figure below. The price-discriminating firm earns a higher profit by s/0 AC-MC MR D-AR MAK Quantity Select one: a.charging a lower price as time goes by. b. charging a lower price to...
a. First-degree price discrimination involves a firm charging different prices: based on the firm's ability to segment the market into two or more groups to each customer based on race, religion, or other individual characteristic based on the quantity of a good or service purchased. to each customer based on his or her willingness and ability to pay. b. Which of the following purchases is an example of first-degree price discrimination? A big-box store offering a discount for people who...
long run 39) What does monopolistic competition have in common with -) barriers to exit but no barriers to entry le proft in the A) a large number of fims B) a downward-sloping demand curve C) the ability to collude with respect to price D) mutual interdependence E) barriers to entry 40) An example of a fim in monopolistic competition is A) your local water company B) the sole cable television company C) the many Chinese restaurants in San Francisco...
1,6. A firm finds that by producing and selling the last unit of its commodity, the marginal revenue it earns is R15 and the marginal cost it incurs is R14. In order to maximise profits, the firm should A reduce its output irrespective of the type of firm it is. B. increase its output irrespective of the type of firm it is. C. reduce its output if it is a perfectly competitive firm, but not necessarily if it is a...
Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly. Monopoly. Perfect competition. A manufacturer produces 5,000 metal crates each month at a cost of $50,000. However, the production of these crates leads to pollution in the surrounding community. As a result of the pollution, residents in the community have higher health care costs (equal to $20,000 each month) and must repeatedly clean their cars and homes (at a cost equal to $10,000 each month)....
Most questions answered within 3 hours.
-
What is the hydroxide ion concentration, [OH-], in a solution
with a hydronium ion concentration, [H3O+]...
asked 1 minute from now -
For Bergson the concept of Being contains less reality than does
the concept of Becoming. True...
asked 12 minutes ago -
What species is the reducing agent in the following
equation?
Mg(s) + 2HCl (aq) --> MgCl2(aq)...
asked 14 minutes ago -
A 50g ice cube is taken out of a freezer at 0 degrees Celsius
and put...
asked 2 hours ago -
How do ratios help you determine trends? What specific
information do managers look at? Is there...
asked 2 hours ago -
A wavelength of 514 nm is used to find an unknown diffraction
grating. If the separation...
asked 2 hours ago -
Use the central limit theorem to find the mean and standard
error of the mean of...
asked 2 hours ago -
You will be given a file that will contain averages for classes
which are divided into...
asked 2 hours ago -
A Pew Research Center poll surveyed a random sample 850 voters
and asked them if they...
asked 2 hours ago -
Design a class named
NumDays, to
store a value that represents a number of hours and...
asked 2 hours ago -
(R)-2-chloro-(S)-3-bromobutane and
(S)-2-chloro-(S)-3-bromobutane are: A. enantiomers. B.
diastereomers. C. meso compounds. D. the same molecule.
asked 2 hours ago -
1_ What is the Frank-Starling law of the heart? And why the
heart cannot function on...
asked 2 hours ago