Homework Answers
The correct option is 4.
Allocative efficiency is the level of output where the price of a good or service is equal to the marginal cost of production.
Market price is equal to minimum acceptable price, this is the output level of allocative efficiency.
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Saved Maximum Minimum Willingness Market Acceptable Units to Pay Price Price $14 $8 2 12 31086 48 8 10 Co Co Co 00...
Use the table below to answer the following question. Market Price Units 1 Maximum Willingness to...
Use the table below to answer the following question. Market Price Units 1 Maximum Willingness to Pay $14 12 10 00 00 2 3 اور یہ اس ام | 00 00 = 00 |o What is the value of consumer surplus in the table above? Multiple Choice 0 $54 0 $44 0 $12 0 $6
Use the table below to answer the following question. Units Market Price Minimum Acceptable Price 1...
Use the table below to answer the following question. Units Market Price Minimum Acceptable Price 1 $8 $ 2 2 8 4 3 8 6 4 8 8 5 8 10 6 8 14 What is the value of producer surplus in the table above? $44 $6 $12 $54
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple...
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple Choice O + 0 ab 0 a+c < Prev 39 of 50 !! Next > Product Minimum Actual Price Acceptable (Equilibrium Price Price) $6 $13 13 Refer to the provided table. If the equilibrium price increases, then the Multiple Choice C ) producer surplus will increase o O allocative efficiency will increase o producer surplus will decrease < Prev 38 of 50 !! Next...
40 s $2.00 D $1.50 Price (per gallon) 8 00:53:48 $1.00 0 20 27 28 30...
40 s $2.00 D $1.50 Price (per gallon) 8 00:53:48 $1.00 0 20 27 28 30 35 Millions of Gallons of Milk Per Week Refer to the above diagram for the milk market. If the price were $2 per gallon, then there would be a Multiple Choice surplus of 30 million gallons. surplus of 10 million gallons. shortage of 10 million gallons. shortage of 20 million gallons. Public choice economists 41 Multiple Choice 00:53:29 use the tools of economics to...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market has ATC - S6, AVC - S5, and MC - $8. How much economic profit is the firm earning in the short run? a. $2 per unit b. Si per unit c. $0 per unit Od.$3 per unit QUESTION 23 Which of the following factors is most likely to shift IBM's total cost and marginal cost curves downward? a. a technological advance resulting in...
8 Alvarez Company's break-even point in units is 1.550. The sales price per unit is $16...
8 Alvarez Company's break-even point in units is 1.550. The sales price per unit is $16 and variable cost per unit is $12. If the company sells 3,600 units, what will net income be? 0:40:24 Multiple Choice $82,400 ook $14.400 $8,200 $3,000 $43,400 Saved Use the following information to determine the break-even point in units (rounded to the nearest whole unit): Unit sales Unit selling price Unit variable cost Fixed costs 44,000 Units $ 15.30 $ 9.10 $180,000 Multiple Choice...
In the expenditures approach of national income accounting, C, Ig and G include expenditures for Multiple...
In the expenditures approach of national income accounting, C, Ig and G include expenditures for Multiple Choice domestically produced goods and services only. exported goods and services. domestically produced as well as imported goods and services the private sector of the economy only. <Prev 14 of 50 Ned> 000 FA @ $ A & 3 4 5 E R T Y U O CO Value added by a firm is the market value of the firm's output minus the Multiple...
6. Consider diagram below, which illustrates the market for low skilled labor. $/hr - NWC 2 4 6 8 10 12 14 16 18...
6. Consider diagram below, which illustrates the market for low skilled labor. $/hr - NWC 2 4 6 8 10 12 14 16 18 Q (thousands of workers) If the government introduces a minimum wage law set at $9 per hour, then, in the new equilibrium, which of the following statements is TRUE? 1. There will be 11,000 workers willing to work who cannot find work, given the wage. II. The number of workers employed will decrease by 11,000. III....
Use the table below to answer the following question. Market Price Units 1 Maximum Willingness to Pay $14 12 10 00 00 2 3 اور یہ اس ام | 00 00 = 00 |o What is the value of consumer surplus in the table above? Multiple Choice 0 $54 0 $44 0 $12 0 $6
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple Choice O + 0 ab 0 a+c < Prev 39 of 50 !! Next > Product Minimum Actual Price Acceptable (Equilibrium Price Price) $6 $13 13 Refer to the provided table. If the equilibrium price increases, then the Multiple Choice C ) producer surplus will increase o O allocative efficiency will increase o producer surplus will decrease < Prev 38 of 50 !! Next...
40 s $2.00 D $1.50 Price (per gallon) 8 00:53:48 $1.00 0 20 27 28 30 35 Millions of Gallons of Milk Per Week Refer to the above diagram for the milk market. If the price were $2 per gallon, then there would be a Multiple Choice surplus of 30 million gallons. surplus of 10 million gallons. shortage of 10 million gallons. shortage of 20 million gallons. Public choice economists 41 Multiple Choice 00:53:29 use the tools of economics to...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market has ATC - S6, AVC - S5, and MC - $8. How much economic profit is the firm earning in the short run? a. $2 per unit b. Si per unit c. $0 per unit Od.$3 per unit QUESTION 23 Which of the following factors is most likely to shift IBM's total cost and marginal cost curves downward? a. a technological advance resulting in...
8 Alvarez Company's break-even point in units is 1.550. The sales price per unit is $16 and variable cost per unit is $12. If the company sells 3,600 units, what will net income be? 0:40:24 Multiple Choice $82,400 ook $14.400 $8,200 $3,000 $43,400 Saved Use the following information to determine the break-even point in units (rounded to the nearest whole unit): Unit sales Unit selling price Unit variable cost Fixed costs 44,000 Units $ 15.30 $ 9.10 $180,000 Multiple Choice...
In the expenditures approach of national income accounting, C, Ig and G include expenditures for Multiple Choice domestically produced goods and services only. exported goods and services. domestically produced as well as imported goods and services the private sector of the economy only. <Prev 14 of 50 Ned> 000 FA @ $ A & 3 4 5 E R T Y U O CO Value added by a firm is the market value of the firm's output minus the Multiple...
6. Consider diagram below, which illustrates the market for low skilled labor. $/hr - NWC 2 4 6 8 10 12 14 16 18 Q (thousands of workers) If the government introduces a minimum wage law set at $9 per hour, then, in the new equilibrium, which of the following statements is TRUE? 1. There will be 11,000 workers willing to work who cannot find work, given the wage. II. The number of workers employed will decrease by 11,000. III....
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