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Question 651 pts
Natural barriers to entry ________.
include patent laws and exclusive franchises
must be sustained by government regulation
result from an increasing long-run average cost curve
most commonly arise through economies of scale
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Question 661 pts
When a firm obtains market power through barriers to entry created not by the firm, but by the government, it is referred to as ________.
regulated market power
legal market power
differentiated market power
natural market power
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Question 671 pts
Which of the following is true of the market for labor?
Workers are the suppliers of labor.
The labor supply curve is perfectly elastic.
Workers are the demanders of labor.
The labor demand curve is perfectly elastic.
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Question 681 pts
Which of the following is an example of a factor of production?
Canned soup
Television sets
Cell phones
Land
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Question 691 pts
Labor demand is described as a derived demand because ________.
it is derived from the demand for capital equipment
it is derived from the demand for land
perfectly competitive firms determine how much output to produce and then determine how much labor to hire
perfectly competitive firms determine what price to charge for their product and then determine how much labor to hire
Q651. Option 4. As other firms cannot compete with the firm because of lower cost of production
Q661. Option 2. Firms obtain market power created and issued by a government like patent and copyright
Q671. Option 2. For a equilibrium wage rate the labor supply for a firm is perfectly elastic at the market rate
Q681. Option 4
Q691. Option 4. Here the firm decides the price to be charged based on demand for the good then it decides the number of labours to be hired.
help with practice test Question 651 pts Natural barriers to entry ________. include patent laws and...
Please Help Question 21 0.16 pts Examining the cost, revenue, and demand curves for a monopolistic competitor reveals that, at optimal output, the demand curve lies above the average total cost curve. Which of the following is true? O There is economic profit in the long run. Firms will enter the industry in the long run. O There is not enough information because demand is an imperfect benchmark for measuring profitability O There is an economic loss in the long...
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please check my answers (2) As a natural monopoly production, its constantly falls throughout the range of demand Ouest5 Not yet anvwered Points out of 1.00 P Flag question Select one: A decreases marginal cost B. decreases: long-run average cost • Cincreases: long run average cost Dncreases: sunk cost Monopolistically competitive firms have some market power because Ost 6 Not yet answered Points out of 1.00 Flag question Select one: A each firm cannot set their own price B. there...
Please help with these questions Question 37 0.4 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 stay where it is. increase in the short run decrease in the long run. decrease in the...
THIS IS ALL ONE QUESTION Assume the firm is a monopolist: Demand for labor is VMP = 35 – 0.004E, supply of labor is w = 5 + 0.01E, and Marginal cost of hiring workers is MC = 5 + 0.02E a. How much labor does the firm hire and at what wage when there is no minimum wage? b. How much labor would be employed if this was a perfectly competitive market? c. Draw the diagram and show the...
can you please help me with these problems . microeconomics 0/1.21 pts ed Question 80 The practice of setting prices deliberately below pricing. costs in an effort to drive a competitor out of the market is known as predatory average variable O average fixed explicit average total marginal 0/1.21 pts wered Question 78 0/1.21 An example of a tying arrangement is a restaurant offering both Pepsi and Coca-Cola products. a car manufacturer installing expensive onboard GPS/navigation systems in all the...