Homework Answers
24) Marginal revenue is the addition made to the total revenue when the firm is able to sell one more unit of a good. In this way it is the additional revenue received from the sale of one additional unit. Select A
25) 525000 is the maximum buyer can pay. Tax will reduce the maximum willingness to pay as demand shifts down. Hence the maximum he can pay for a house without tax is 525000/1.08 = 486111. Select C
26) When NPV is negative it still earns accounting profits but there are economic losses. But when NPV is positive there are economic profits due to higher return than cost of capital. Select A
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QUESTION 24 Marginal revenue a Is the additional revenue eamed by selling one...
The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue....
The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue. at a lower quantity than the perfectly competitive firm. O All of these statements are true. In the short run, monopolistically competitive firms: will earn zero economic profits by acting like a monopolist. O can earn positive economic profits by acting like a perfectly competitive firm. will earn zero economic profits by acting like a perfectly competitive firm. can earn positive economic profits by...
Question 6 Marginal revenue is the change in total revenue divided by the change in total...
Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue. Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel...
Moving to another question will save this response. stion 7 Price, Marginal o Revenue, Total Revenue...
Moving to another question will save this response. stion 7 Price, Marginal o Revenue, Total Revenue Price, Marginal o Revenue, Total Revenue Quantity Demanded Type here to search Quantity Demanded Refer to the two diagrams for individual firms. Line A represents the firm's total revenue curve in both figures. marginal revenue in Figure 1 and total revenue in Figure 2. total revenue in Figure 1 and average revenue in Figure 2. demand curve in both figures. A Moving to another...
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...
Question 5 2 pts When marginal revenue intersects marginal cost on a graph, a monopolist prices...
Question 5 2 pts When marginal revenue intersects marginal cost on a graph, a monopolist prices the good at that point. a monopolist always makes an economic profit. O profits are maximized for a monopolist but not for a competitive firm. a monopolist must go up to the demand curve to find the price. O profits are maximized for a competitive firm but not for a monopolist. The following table summarizes six potential customers' ages and willingness to pay for...
.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...
15. Which of the following is a true statement about the difference between a price-taker firm and a competitive price-s...
15. Which of the following is a true statement about the difference between a price-taker firm and a competitive price-searcher firm in the long run (more than one answer is correct)? a. Both will sell their products at a price equal to average total cost, but only the price-searcher will produce at minimum average total cost. b. Both will sell their products at a price equal to marginal cost, and only the competitive price searcher will produce at minimum average...
11.) Economies of scale will allow which of the following types of cities to lower their...
11.) Economies of scale will allow which of the following types of cities to lower their average total cost of clearing snow by investing in larger snow plow fleets? Cities with a.) more people. b.) more existing snow plows. C.) less snowfall. d.) larger budgets. e.) more snowfall. 12.) Which of the following is false? a) Economic profit is always higher than accounting profit. b) Accounting profit is the difference between total revenue and explicit costs c) Economic profit is...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product and each firm comprises only a very small portion of the total market. 2. If a price-taker firm wants to sell its output, it must accept the market price, but it can sell as much output as it wishes at that market price. O N 3. For a price-taker firm, its marginal revenue from the sale of an addi- tional unit is generally less...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue. at a lower quantity than the perfectly competitive firm. O All of these statements are true. In the short run, monopolistically competitive firms: will earn zero economic profits by acting like a monopolist. O can earn positive economic profits by acting like a perfectly competitive firm. will earn zero economic profits by acting like a perfectly competitive firm. can earn positive economic profits by...
Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue. Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel...
Moving to another question will save this response. stion 7 Price, Marginal o Revenue, Total Revenue Price, Marginal o Revenue, Total Revenue Quantity Demanded Type here to search Quantity Demanded Refer to the two diagrams for individual firms. Line A represents the firm's total revenue curve in both figures. marginal revenue in Figure 1 and total revenue in Figure 2. total revenue in Figure 1 and average revenue in Figure 2. demand curve in both figures. A Moving to another...
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...
Question 5 2 pts When marginal revenue intersects marginal cost on a graph, a monopolist prices the good at that point. a monopolist always makes an economic profit. O profits are maximized for a monopolist but not for a competitive firm. a monopolist must go up to the demand curve to find the price. O profits are maximized for a competitive firm but not for a monopolist. The following table summarizes six potential customers' ages and willingness to pay for...
.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...
11.) Economies of scale will allow which of the following types of cities to lower their average total cost of clearing snow by investing in larger snow plow fleets? Cities with a.) more people. b.) more existing snow plows. C.) less snowfall. d.) larger budgets. e.) more snowfall. 12.) Which of the following is false? a) Economic profit is always higher than accounting profit. b) Accounting profit is the difference between total revenue and explicit costs c) Economic profit is...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product and each firm comprises only a very small portion of the total market. 2. If a price-taker firm wants to sell its output, it must accept the market price, but it can sell as much output as it wishes at that market price. O N 3. For a price-taker firm, its marginal revenue from the sale of an addi- tional unit is generally less...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
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