plz all the question and how and why was it solve this way thanks a lot...

Question

Question

plz all the question and how and why was it solve this way thanks a lot

12. Which of the following is observed under monopolistic competition and perfect competition? A. Barriers to entry B. One se

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

12) Free entry and exit in the long run

option(C)

13) implicit costs

option(A)

14) explicit costs = 1100+100 = 1200

option(C)

15) Accounting profits = total revenue - explicit costs

= 6000-1200 = 4800

option(B)

16) Economic profits = accounting profits - implicit costs

= 4800-2000

= 2800

option(B)

Add a comment

Answer 2

Similar Homework Help Questions

plz all the question and how and why was it solve this way thanks a lot Refer to the following information for question...

plz all the question and how and why was it solve this way thanks a lot Refer to the following information for questions 17 - 19. Lilly's current marginal utility from consuming tea (MUT) is 50 utils per ounce and her marginal utility from consuming coffee (MUC) is 60 utils per ounce. If tea costs (P1) $0.25 per ounce and Coffee costs (Pc) $0.30 per ounce, 17. What is Lilly's utility per dollar spent on tea (MUT/Pr)? A. 100 B....
plz all the question and how and why was it solve this way thanks a lot...

plz all the question and how and why was it solve this way thanks a lot 5. The following table represents the costs of a price-taking firm that manufactures air conditioners. If the market price of one of its new air conditioners (P) is $105, how many air conditioners must the firm produce per day to maximize profits? (Hint: Use the condition for profit maximization for a perfectly competitive firm). Air conditioners per day Total cost ($ per day) Marginal...
plz all the question and how and why was it solve this way thanks a lot...

plz all the question and how and why was it solve this way thanks a lot 21. Refer to the graph below that represents a firm in the short run in a perfectly competitive market. If the price is $8 per unit, the firm Single Representative Firm MC 10 15 20 25 30 35 40 45 50 Quantity (Number of Units) A. will shut down. B. will continue to produce output and make a profit. C. will continue to produce...

1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...

1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Please answer all the question!! Thanks a lot！ At Allen Company, manufacturing overhead is applied based...

Please answer all the question!! Thanks a lot！ At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
During March, the following costs were incurred for each job: Oak Poplar Magnolia Direct materials $1,200...

During March, the following costs were incurred for each job: Oak Poplar Magnolia Direct materials $1,200 $8,000 $2,100 Direct labor* $1,800 $4,800 $360 *Direct labor wages average $20 per direct labor hour. Pine $3,000 $1,200 The company uses a traditional, normal costing system to allocate manufacturing overhead to production. The predetermined manufacturing overhead rate calculated at the beginning of the year was $5 per direct labor hour. Actual manufacturing overhead for March was $2,000. Given that MOH is closed to...

1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month,...

1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month, and the cost of ingredients and overhead averages $500 per month. Ralph could earn $35,000 per year as the manager of a competing pizza restaurant nearby. His total explicit costs for the year were a. $24,000. b. $66,000. c. $72,000. d. $60,000. e. $6,000....
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...
Managers, Profits, and Markets 1. For each one of the costs below, explain whether the...

Managers, Profits, and Markets 1. For each one of the costs below, explain whether the resource cost is explicit or implicit, and give the annual opportunity cost for each one. Assume the owner of the business can invest money and earn 4.5 percent annually. a. The company’s delivery truck, which cost $150,000 four years ago, is now worth $120,000. The company has paid off its bank loan used to purchase the truck and now owns the delivery truck. b....

Please do all seven thank you!! Question 2 Inconect The problems of high prices, inefficient production...

Please do all seven thank you!! Question 2 Inconect The problems of high prices, inefficient production inefficient allocation of resources, and lack of change/innovation are most likely to occur in what market structure? . 0.00 points out of 100 Select one a monopoly Pflag question b. none of the above this combination of problems cannot happen together in one market structure c oligopoly d. monopolistic competition e. perfect competition on 3 incorrect If there are significant barriers to entry, then...

plz all the question and how and why was it solve this way thanks a lot...

Homework Answers

Add Answer to:
plz all the question and how and why was it solve this way thanks a lot...

Post as a guest

Earn Coins