Homework Answers
1) a) True
If negative profits, then firm will exit the industry.
B) True
As wage rise, if Labor is a normal input, then firm will decrease the use
C) False
Long run market supply curve is horizontal only if it's a constant cost industry.
D) True
Lower price imply Consumer surplus rises.
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1. Evaluate whether the statement is true or false. Explain why Competitive firm never produces when it is making a...
Explain why the following statements are true or false: &n
Explain why the following statements are true or false: A: Exporting a good reduces consumer surplus therefore overall economic welfare decreases. B: Importing a good reduces producer surplus therefore overall economic welfare decreases. C: A tariff reduces imports, increases domestic production and producer surplus therefore overall economic surplus increases. D: Export subsidies increase both consumer and producer surplus thereof they improve overall net economic welfare. 4. Explain why the following statements are either true or false: A: In a competitive...
Explain why the following statements are true or false: &n
Explain why the following statements are true or false: 3) A: Exporting a good reduces consumer surplus therefor overall economic welfare decreases. B: Importing a good reduces producer surplus therefore overall economic welfare decreases. C: A tariff reduces imports, increases domestic production and producer surplus therefore overall economic surplus increases. D: Export subsidies increase both consumer and producer surplus thereof they improve overall net economic welfare. . 4) Explain why the following statements are either true or false: A:...
Which of the following statements is true of a monopolistically competitive firm? a. It produces more...
Which of the following statements is true of a monopolistically
competitive firm?
a. It produces more than a perfectly competitive firm.
b. Its profits are protected by significant barriers to
entry.
c. It charges lower prices than a perfectly competitive
firm.
d. It earns positive economic profits in the long run.
e. It faces a downward sloping demand curve.
.
Which of the following statements is false? B D Cost and Price E F Quantity Point B shows the level...
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions....
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions. Surplus is the quantity supplied If there is a surplus of a good its price rises, skeds the quartz clem If both demand and supply curves shift rightward then equilibrium quantity increases. quantity demanded equals the quantity supplere Ah increase in demand lowers the equilibrium price in the market. Equilibrium Price is the price at which the If demand increases and supply increases the...
Please assist with these questions, 1. Select whether the statement is true or false. Laws that...
Please assist with these questions, 1. Select whether the statement is true or false. Laws that government enacts to regulate prices (such as price floor and price ceilings) are called price barriers. Use letters in alphabetical order to select options A true B false 2. Fill in the blank with the correct answer by typing in the box. The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called consumer ______________________. 3....
.t 17) Suppose the minimum wage is $4 per hour, and 1,100 correct statement. the minimum...
.t 17) Suppose the minimum wage is $4 per hour, and 1,100 correct statement. the minimum wage to $6 per hour, and 900 units are now hired. Choose the units of labour are hired. Then the A) Total wages paid to workers has fallen. B) The quantity of labour supplied is greater at the higher minimum wage C) The price elasticity of demand for labour is 0.5 D) There is unemployment in this labour market E) all of the above...
Question 3 1 pt If a market has a continually decreasing long run average total cost...
Question 3 1 pt If a market has a continually decreasing long run average total cost curve, then economists recommend that: a firm be granted legal monopoly status, but not regulated a firm be granted legal monopoly status and regulated if there is a monopoly then the government should break it up. Question 4 1 pts Which of the following statements is TRUE? Consumer surplus is lower in monopoly than in perfect competition A monopolist will always achieve allocative efficiency...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces at an output that is lower than its minimum efficient scale (MES) It earns positive economic profits in the long run It deters entry of new firms by putting up entry barriers All of the answers are correct b) Suppose a monopolistically competitive firm has MC=4Q+5. Its demand is P=145-3Q and marginal revenue is MR=145-6Q. What is its profit-maximizing output level? 17 14 16...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20 marks) 1. A demand curve is downward sloping because as the price of a good falls, consumers will substitute some other good for that good whose price has fallen. 2. An improvement in the technology for producing Gari will shift the supply curve for Gari to the left. 3. The minimum wage is an example ofa price floor. 4. Ifthe price ofa good goes...
1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10...
1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10 online websites where consumers can buy tickets. The following describes the market demand for concerts and the cost of selling tickets. Market Demand: Q = 480 - 4p Cost to Firm: c(q) = 2.5q^2 + 100 Market Structure: Perfect Competition with N = 10 in the short run Market Equilibrium – Intersection of Market Demand and Market Supply e) How many tickets does each...
Which of the following statements is true of a monopolistically
competitive firm?
a. It produces more than a perfectly competitive firm.
b. Its profits are protected by significant barriers to
entry.
c. It charges lower prices than a perfectly competitive
firm.
d. It earns positive economic profits in the long run.
e. It faces a downward sloping demand curve.
.
Which of the following statements is false? B D Cost and Price E F Quantity Point B shows the level...
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions. Surplus is the quantity supplied If there is a surplus of a good its price rises, skeds the quartz clem If both demand and supply curves shift rightward then equilibrium quantity increases. quantity demanded equals the quantity supplere Ah increase in demand lowers the equilibrium price in the market. Equilibrium Price is the price at which the If demand increases and supply increases the...
.t 17) Suppose the minimum wage is $4 per hour, and 1,100 correct statement. the minimum wage to $6 per hour, and 900 units are now hired. Choose the units of labour are hired. Then the A) Total wages paid to workers has fallen. B) The quantity of labour supplied is greater at the higher minimum wage C) The price elasticity of demand for labour is 0.5 D) There is unemployment in this labour market E) all of the above...
Question 3 1 pt If a market has a continually decreasing long run average total cost curve, then economists recommend that: a firm be granted legal monopoly status, but not regulated a firm be granted legal monopoly status and regulated if there is a monopoly then the government should break it up. Question 4 1 pts Which of the following statements is TRUE? Consumer surplus is lower in monopoly than in perfect competition A monopolist will always achieve allocative efficiency...
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