Homework Answers
24. Ans: Difference between the marginal cost and the price of the monopolistic competitor.
Explanation:
Markup is the the amount added to the cost price of goods to cover overheads and profit.
25. Ans: The Federal Trade Commission (FTC)
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Please Help Question 24 0.16 pts The concept of markup under monopolistic competition would best be...
Please help with these questions Question 17 0.4 pts The point of the 1890 Sherman Act...
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Question 17 0.4 pts The point of the 1890 Sherman Act was to O establish patents and copyrights as ways to protect creative activity O make rent seeking through lobbying of public officials illegal. O nationalize industries where economies of scale were especially important. O prevent monopoly practices and promote commercial competition. forbid states from imposing import tariffs on other states. Question 18 0.4 pts With monopolistic competition, firms have demand curves that are the...
Please help with these questions Question 45 0.4 pts Refer to the accompanying figure to answer...
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Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
Please Help Question 21 0.16 pts Examining the cost, revenue, and demand curves for a monopolistic...
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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...
Please Help Question 5 0.16 pts Markup would not exist in O a monopoly monopolistic competition....
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Question 5 0.16 pts Markup would not exist in O a monopoly monopolistic competition. O an oligopoly a cartel. O a competitive market. Question 6 0.16 pts prices than can be reached under perfect competition, Despite monopolistic competition results in any other market. variety than can be reached in O higher; less O more inefficient; more excessive O higher; greater O lower: less O lower: greater Question 7 0.16 pts The mayor of Stockville is seeking reelection and...
Please help with these questions Question 1 0.16 pts Siyed, an economics student, believes that a...
Please help with these questions
Question 1 0.16 pts Siyed, an economics student, believes that a beer sold by one particular shack on the beach is completely different from an identical beer produced by the same factory and sold by the luxury hotel adjacent to the shack. Siyed most likely thinks that O the luxury hotel is a monopoly seller of the been O the shack is in a perfectly competitive industry, but the luxury hotel is in an oligopoly...
Please Help Question 17 0.16 pts Monopolistic competitors do not enjoy the competition. As a result,...
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Question 17 0.16 pts Monopolistic competitors do not enjoy the competition. As a result, firms will never produce ataverage total cost. ___demand of perfect O perfectly inelastic; minimum O relatively elastic; maximum O relatively elastic; maximum O relatively elastic; minimum O perfectly elastic; minimum Question 18 0.16 pts A unique feature of monopolistic competition is O free entry and exit many sellers O significant barriers to entry and exit O differentiated products O similar products Question 19 0.16...
Please Help Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically...
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Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically competitive firm and the optimal quantity in a competitive market is known as inefficient scale. insufficient capacity. flux capacity O markup. excess capacity Question 10 0.16 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O price discrimination. the number of firms in the industry. whether they produce industrial or consumer products. O product differentiation. O the...
Please Help Question 13 0.16 pts An industry (such as California cheese) might advertise so that...
Please Help
Question 13 0.16 pts An industry (such as California cheese) might advertise so that its product (cheese) O will now be viewed as homo O may be characterized by a horizontal demand curve. O will be sold in perfectly competitive markets. O is no longer viewed as homogeneous. O will now have a price elasticity of demand that is more elastic. geneous for all producers. Question 14 0.16 pts Firms in a monopolistically competitive industry produce monopolistic goods...
Please help with these questions, Question 1 0.16 pts Use the following scenario to answer the...
Please help with these questions,
Question 1 0.16 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 O stay where it is increase in the long run. decrease in the long run. O decrease...
Please help with these questions, Question 21 0.16 pts One difference between implicit costs and explicit...
Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
Please help with these questions
Question 17 0.4 pts The point of the 1890 Sherman Act was to O establish patents and copyrights as ways to protect creative activity O make rent seeking through lobbying of public officials illegal. O nationalize industries where economies of scale were especially important. O prevent monopoly practices and promote commercial competition. forbid states from imposing import tariffs on other states. Question 18 0.4 pts With monopolistic competition, firms have demand curves that are the...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
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...
Please Help
Question 5 0.16 pts Markup would not exist in O a monopoly monopolistic competition. O an oligopoly a cartel. O a competitive market. Question 6 0.16 pts prices than can be reached under perfect competition, Despite monopolistic competition results in any other market. variety than can be reached in O higher; less O more inefficient; more excessive O higher; greater O lower: less O lower: greater Question 7 0.16 pts The mayor of Stockville is seeking reelection and...
Please help with these questions
Question 1 0.16 pts Siyed, an economics student, believes that a beer sold by one particular shack on the beach is completely different from an identical beer produced by the same factory and sold by the luxury hotel adjacent to the shack. Siyed most likely thinks that O the luxury hotel is a monopoly seller of the been O the shack is in a perfectly competitive industry, but the luxury hotel is in an oligopoly...
Please Help
Question 17 0.16 pts Monopolistic competitors do not enjoy the competition. As a result, firms will never produce ataverage total cost. ___demand of perfect O perfectly inelastic; minimum O relatively elastic; maximum O relatively elastic; maximum O relatively elastic; minimum O perfectly elastic; minimum Question 18 0.16 pts A unique feature of monopolistic competition is O free entry and exit many sellers O significant barriers to entry and exit O differentiated products O similar products Question 19 0.16...
Please Help
Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically competitive firm and the optimal quantity in a competitive market is known as inefficient scale. insufficient capacity. flux capacity O markup. excess capacity Question 10 0.16 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O price discrimination. the number of firms in the industry. whether they produce industrial or consumer products. O product differentiation. O the...
Please Help
Question 13 0.16 pts An industry (such as California cheese) might advertise so that its product (cheese) O will now be viewed as homo O may be characterized by a horizontal demand curve. O will be sold in perfectly competitive markets. O is no longer viewed as homogeneous. O will now have a price elasticity of demand that is more elastic. geneous for all producers. Question 14 0.16 pts Firms in a monopolistically competitive industry produce monopolistic goods...
Please help with these questions,
Question 1 0.16 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 O stay where it is increase in the long run. decrease in the long run. O decrease...
Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
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