Question

PLEASE ANSWER EACH QUESTION 1 Thru 4

1. Question

The productivity of a resource in influenced by all but which one of the following?

Select one:

a. Resources prices.

b. Productivity of other resources.

c. Technology.

d. Manaderial ability.

2. Question

The social disadvanatges of a purely competitive market situation do not include which one of the following?

Select one:

a. The industry is slow in adopting improved technology tht has already been developed.

b. The product lacks the variety desired by the public, because of the homogeneity in production.

c. All of the above are dsiadvantages of pure competition.

d. Like industries in other market situations, purely competitive firm cannot include external cost in their costs and revenues.

3. Question

The Wheeler Wheat Farm sells wheat to a grain broker in Seattle, Washington. Since the market for wheat is generally considered to be competitive, the Wheeler Wheat Farm maximizes its profit by choosing which one of the following?

Select one:

a. To produce the quantity at which average variable cost is minimized.

b. To sell its wheat at a price where marginal cost is equal to average total cost.

c. To produce the quantity at which average fixed cost is minimized.

d. The quantity at which market price is equal to the farm's marginal cost of production.

4. Question

Whcih are the following barriers for a monopoly industry?

Select one:

a. produces a product for which there are no close substitutes.

b. has very significant barriers to entry.

c. faces a downward sloping demand curve.

d. has all of the above characteristics.

e. may earn economic profits or losses in the short run.

4. Question

Question text

Under pure monopoly which one of the following is true?

Select one:

a. Producers' surplus increases by a greater amount than consumers' surplus decreases.

b. Consumers' surplus increases.

c. Producers' surplus increase by the same amount as the consumers' surplus decreases.

d. Producers' surplus increases by a samller amount than consumers' surplus decreases.

Answer 1

1) Eight factors affecting productivity of a resource are:

• Technical factors,
• Production factors,
• Organizational factor,
• Personnel factors,
• Finance factors,
• Management factors,
• Government factors, and.
• Location factors.

So, these encompass (a) resource prices, (c) technology and (d) managerial skills.

So, the right option is: (b) productivity of other resources.