Homework Answers
Answer: The government does not set or influence market prices in any way
Explanation: A market economy is a sort of monetary framework where supply, as well as the demand, control the economy, as opposed to government intercession. A genuine free market economy is an economy wherein all assets are possessed by people. The choices about the designation of those assets are made by people without government mediation. Most monetary choices are made by purchasers and venders, not the government
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Question 13 1 pts A free market is described by which of the following statements? Inputs...
Question 1 Suppose that the market demand curve and the market supply curve are described, respectively,...
Question 1 Suppose that the market demand curve and the market supply curve are described, respectively, by D(p) 240 3p and S(p) 5p. Compute the equilibrium price-quantity pair (p*,q*) (A) (20, 100) (B) (20, 180) (C) (30, 150) (D) (35, 135) (E) (40,200) Question 2 The setup is the same as in Question 1, except that the government now levies a quantity tax in the amount of $8 per unit of the good. Letting pf denote the price buyers pay...
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...
Question 19 1 pts When a change in the price level leads to a change in the interest rate and thus a change in th...
Question 19 1 pts When a change in the price level leads to a change in the interest rate and thus a change in the quantity of aggregate demand, it is called theeffect. savings interest rate O price wealth o output 4 Previous Next Question 21 1 pts The Great Depression lasted longer and was deeper than the average recession, in part, because the government reduced tax rates and increased spending. the government reduced barriers to trade. there was a...
Please help with these questions, Question 1 0.16 pts Use the following scenario to answer the...
Please help with these questions,
Question 1 0.16 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will O stay where it is increase in the long run. decrease in the long run. O decrease...
A “Market Failure” can generally be best described as a situation in which: A single seller...
A “Market Failure” can generally be best described as a situation in which: A single seller of a good has substantial control over the price of the good The “free market outcome” is NOT efficient Government intervention leads to a greater Deadweight-Loss than does the “free market outcome.” Government imposes progressive taxes, in order to indirectly redistribute income. No answer text provided.
Please help with these questions, Question 5 0.16 pts When firms in a market expect the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
Question 3 Which of the following statements is necessarily true if the inverse market supply curve is vertical in a co...
Question 3 Which of the following statements is necessarily true if the inverse market supply curve is vertical in a competitive market? (A) There exists no equilibrium in this market (B) The equilibrium in this market is not Pareto efficient (C) Supply is perfectly elastic (D) Consumers' surplus is negatively affected if the government taxes the good (E) Taxation of the good does not result in any deadweight loss Question 4 Which of the following statements about the technical rate...
Question 6 1 pts The sugar market has a supply curve with formula: Ps = 2...
Question 6 1 pts The sugar market has a supply curve with formula: Ps = 2 +0.1Qs, and demand cuve: Pd = 55-0.320d What is the consumer surplus? O 3264 O 3176 O 2548 2792 Next Previous D Question 7 1 pts The sugar market has a supply curve with formula: Ps = 2 +0.1Qs, and demand cuve: Pd = 55-0.32Qd The government imposes a price floor of 22.9 Approximately what is the new equilibrium quantity for sugar? O 96...
Please help with these questions Question 5 0.4 pts Which of the following lists three main...
Please help with these questions
Question 5 0.4 pts Which of the following lists three main characteristics of a competitive market? many buyers and few sellers, similar products, easy entry into the market O many buyers and sellers, differentiated products, easy entry into the market many buyers and few sellers, unique products, barriers to entry into the market O many buyers and sellers, similar products, barriers to entry into the market O many buyers and sellers, similar products, easy entry...
Which of the following statements concerning perfect competition is NOT true? 8 Multiple Choice 8 00:27:00...
Which of the following statements concerning perfect competition is NOT true? 8 Multiple Choice 8 00:27:00 There are many buyers and many sellers, There is free entry and exit into the market. The sellers have to take the market price. O O O The products are slightly differentiated.
Question 1 Suppose that the market demand curve and the market supply curve are described, respectively, by D(p) 240 3p and S(p) 5p. Compute the equilibrium price-quantity pair (p*,q*) (A) (20, 100) (B) (20, 180) (C) (30, 150) (D) (35, 135) (E) (40,200) Question 2 The setup is the same as in Question 1, except that the government now levies a quantity tax in the amount of $8 per unit of the good. Letting pf denote the price buyers pay...
Question 19 1 pts When a change in the price level leads to a change in the interest rate and thus a change in the quantity of aggregate demand, it is called theeffect. savings interest rate O price wealth o output 4 Previous Next Question 21 1 pts The Great Depression lasted longer and was deeper than the average recession, in part, because the government reduced tax rates and increased spending. the government reduced barriers to trade. there was a...
Please help with these questions,
Question 1 0.16 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will O stay where it is increase in the long run. decrease in the long run. O decrease...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
Question 3 Which of the following statements is necessarily true if the inverse market supply curve is vertical in a competitive market? (A) There exists no equilibrium in this market (B) The equilibrium in this market is not Pareto efficient (C) Supply is perfectly elastic (D) Consumers' surplus is negatively affected if the government taxes the good (E) Taxation of the good does not result in any deadweight loss Question 4 Which of the following statements about the technical rate...
Question 6 1 pts The sugar market has a supply curve with formula: Ps = 2 +0.1Qs, and demand cuve: Pd = 55-0.320d What is the consumer surplus? O 3264 O 3176 O 2548 2792 Next Previous D Question 7 1 pts The sugar market has a supply curve with formula: Ps = 2 +0.1Qs, and demand cuve: Pd = 55-0.32Qd The government imposes a price floor of 22.9 Approximately what is the new equilibrium quantity for sugar? O 96...
Please help with these questions
Question 5 0.4 pts Which of the following lists three main characteristics of a competitive market? many buyers and few sellers, similar products, easy entry into the market O many buyers and sellers, differentiated products, easy entry into the market many buyers and few sellers, unique products, barriers to entry into the market O many buyers and sellers, similar products, barriers to entry into the market O many buyers and sellers, similar products, easy entry...
Which of the following statements concerning perfect competition is NOT true? 8 Multiple Choice 8 00:27:00 There are many buyers and many sellers, There is free entry and exit into the market. The sellers have to take the market price. O O O The products are slightly differentiated.
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