Question 1 1. All types of unemployment are natural except one, which is................................ 2. In perfect...
Homework Answers
1) Cyclical unemployment
It refers to which where people quit their job and not able to find other or students who looking for their first job.
2) Normal prifit where MC = ATC
Show in the graph below
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Question 1
1. All types of unemployment are natural except one, which
is................................
2. In perfect...
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in...
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in perfect competition is: ______________ (Shape or slope) 3. The firm operates at the quantity where _________ equals ___________. 4. Total profit is equal to ___________ minus ________________. 5. The marginal revenue curve in perfect competition is: ______________ (Shape or slope) 6. The entrance of one or two new firms (in perfect competition) does what to market price? _______________________________________, 7. For a firm to operate,...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...
The "perfect information" assumption of perfect competition includes all of the following except one. Which one?...
The "perfect information" assumption of perfect competition includes all of the following except one. Which one? Select one: a. Consumers know their preferences. b. Consumers know their income levels. c. Consumers know the prices available. d. Consumers can anticipate price changes. e. Firms know their costs, prices and technology.
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or...
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or exit. O no control over price. O many buyers and sellers. One of the innovations that helped globalization was: o the development of currency controls. O an increase in market demand. O a recognition that proprietors and firms were not perfectly rational with the result of relaxation of price controls. O a reduction in transaction costs due to containerization. (Table) Based...
1 points QUESTION 49 If a firm is producing an output rate at which marginal cost...
1 points QUESTION 49 If a firm is producing an output rate at which marginal cost is equal price, the firm is maximizing profits. should reduce its output level. will not be covering its fixed cost. should increase its output level. 1 points QUESTION 50 Which of the following is NOT a characteristic of perfect competition? Each firm determines the market price of its product. Products are homogeneous. Buyers and sellers have equal access to information. There are many buyers...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
1.All types of industry structures – competitive markets, monopolies, oligopolies, monopolistic competition, and cartels all strive...
1.All types of industry structures – competitive markets, monopolies, oligopolies, monopolistic competition, and cartels all strive to reach the point where MC = MR. This statement is true. This statement is false. We do not have enough information to conclude if this is true or false. MR=MC has no practical applications and is just a theory. 2.Should non-profit firms be concerned with the MC=MR profit maximization formula? Non-profit firms do not need to calculate this formula and it will not...
Answer Only Please :) 1) Perfect competition is characterized by numerous firms. False True 2)Once a...
Answer Only Please :) 1) Perfect competition is characterized by numerous firms. False True 2)Once a firm's marginal revenue curve is known, the output level can be determined. Group of answer choices True False 4)A firm will shut down in the short run if Group of answer choices AVC > AFC. P > AVC. TR > TC. P < AVC. 5)Helga owns Viking, Inc., started with her $100,000 inheritance. Helga's accountant informs her that her firm earned a profit of...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
The "perfect information" assumption of perfect competition includes all of the following except one. Which one? Select one: a. Consumers know their preferences. b. Consumers know their income levels. c. Consumers know the prices available. d. Consumers can anticipate price changes. e. Firms know their costs, prices and technology.
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or exit. O no control over price. O many buyers and sellers. One of the innovations that helped globalization was: o the development of currency controls. O an increase in market demand. O a recognition that proprietors and firms were not perfectly rational with the result of relaxation of price controls. O a reduction in transaction costs due to containerization. (Table) Based...
1 points QUESTION 49 If a firm is producing an output rate at which marginal cost is equal price, the firm is maximizing profits. should reduce its output level. will not be covering its fixed cost. should increase its output level. 1 points QUESTION 50 Which of the following is NOT a characteristic of perfect competition? Each firm determines the market price of its product. Products are homogeneous. Buyers and sellers have equal access to information. There are many buyers...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
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