1.A firm or individual whose decisions regarding buying or selling have no effect on the prevailing...
1.A firm or individual whose decisions regarding buying or selling have no effect on the prevailing market price of a good is called a:
Group of answer choices
profit maximizer
monopolist
fool
price taker
2.In the short run, a firm will shut down if the market price is less than:
Group of answer choices
minimum average variable cost
average fixed cost
minimum average total cost
marginal cost
3.The extra revenue a firm receives when it sells one more unit of output is called______________. [two words]
Homework Answers
1. Price taker - is correct
2. Minimum average variable cost - is correct
3. Marginal revenue - is correct
Add Answer to:
1.A firm or individual whose decisions regarding buying or
selling have no effect on the prevailing...
Assume a monopolist charges a price corresponding to the intersection of the marginal cost and marginal...
Assume a monopolist charges a price corresponding to the intersection of the marginal cost and marginal revenue curves. If this price is between its average variable cost and average total cost curves, the firm will: Group of answer choices earn an economic profit. continue to operate in the long run shut down and exit the industry. continue to operate in the short run.
1. Marginal cost pricing means that a firm charges Group of answer choices A price that...
1. Marginal cost pricing means that a firm charges Group of answer choices A price that is marginally lower than the average total cost of production. Any price as long as average total cost is greater than marginal cost. A price that is marginally higher than the average total cost of production A price that is equal to the marginal cost of production. 2. If the government wants a natural monopolist to achieve allocative efficiency, the government should Group of...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
1) When we say that a firm is a price-taker, we are indicating that Group of...
1) When we say that a firm is a price-taker, we are indicating that Group of answer choices a the firm takes the price established in the market and then tries to increase that price through advertising b the firm will have to take a lower price if it wants to increase the number of units that it sells c the firm can increase or decrease its rate of production and sales without having any significant effect on the price...
two price-taking firms compete by setting quantities of output, then Select one: O a marginal revenue...
two price-taking firms compete by setting quantities of output, then Select one: O a marginal revenue is the same as the market price. b. social surplus will be maximized. O c. the market price will be climater than marginal cost. Od they will produce the same amount of output as in perfect competition. If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long run resource mobility, then...
44. Under both perfect competition and monopoly, a firm: a. is a price taker. b. is a price maker. c will shut down...
44. Under both perfect competition and monopoly, a firm: a. is a price taker. b. is a price maker. c will shut down in the short-run if price falls short of average total cost d. always earns a pure economic profit. e.) sets marginal cost equal to marginal revenue. 45. True/False. In the long run, all inputs AND costs are variable. a. True b. False 46. True/False. Marginal cost is calculated by dividing the change in total cost by the...
Question 2 (35 points): (3rd Degree Price Discrimination) Let there be a monopolist firm and two ...
Please answer clearly and explain.
Question 2 (35 points): (3rd Degree Price Discrimination) Let there be a monopolist firm and two groups of consumers. Suppose that marginal cost is defined by MC- 2. T'he demand that each consumer receives is given by Q,-50-pl 202 200-P 1) ( 4 points) Consider the monopolist engages in first degree price discrimina- tion only in market 2. Compute the monopoly profit in this market. ii) (4 points) Which group has a mhore inelastic demand...
Question 2 (35 points): (3rd Degree Price Discrimination) Let there be a monopolist firm and two ...
Please answer clearly and explain. Thank you!
Question 2 (35 points): (3rd Degree Price Discrimination) Let there be a monopolist firm and two groups of consumers. Suppose that marginal cost is defined by MC- 2. The demand that each consumer receives is given by 1 50- P 2Q2- 200 - P2 i) (4 points) Consider the monopolist engages in first degree price discrimina- tion only in market 2. Compute the monopoly profit in this market. ii) (4 points) Which group...
1,6. A firm finds that by producing and selling the last unit of its commodity, the...
1,6. A firm finds that by producing and selling the last unit of its commodity, the marginal revenue it earns is R15 and the marginal cost it incurs is R14. In order to maximise profits, the firm should A reduce its output irrespective of the type of firm it is. B. increase its output irrespective of the type of firm it is. C. reduce its output if it is a perfectly competitive firm, but not necessarily if it is a...
Under the cartel model, each firm produces where Group of answer choices marginal cost equals marginal...
Under the cartel model, each firm produces where Group of answer choices marginal cost equals marginal revenue. price equals marginal cost. the average cost curve is at a minimum. price exceeds marginal cost by the greatest amount.
two price-taking firms compete by setting quantities of output, then Select one: O a marginal revenue is the same as the market price. b. social surplus will be maximized. O c. the market price will be climater than marginal cost. Od they will produce the same amount of output as in perfect competition. If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long run resource mobility, then...
44. Under both perfect competition and monopoly, a firm: a. is a price taker. b. is a price maker. c will shut down in the short-run if price falls short of average total cost d. always earns a pure economic profit. e.) sets marginal cost equal to marginal revenue. 45. True/False. In the long run, all inputs AND costs are variable. a. True b. False 46. True/False. Marginal cost is calculated by dividing the change in total cost by the...
Please answer clearly and explain.
Question 2 (35 points): (3rd Degree Price Discrimination) Let there be a monopolist firm and two groups of consumers. Suppose that marginal cost is defined by MC- 2. T'he demand that each consumer receives is given by Q,-50-pl 202 200-P 1) ( 4 points) Consider the monopolist engages in first degree price discrimina- tion only in market 2. Compute the monopoly profit in this market. ii) (4 points) Which group has a mhore inelastic demand...
Please answer clearly and explain. Thank you!
Question 2 (35 points): (3rd Degree Price Discrimination) Let there be a monopolist firm and two groups of consumers. Suppose that marginal cost is defined by MC- 2. The demand that each consumer receives is given by 1 50- P 2Q2- 200 - P2 i) (4 points) Consider the monopolist engages in first degree price discrimina- tion only in market 2. Compute the monopoly profit in this market. ii) (4 points) Which group...
1,6. A firm finds that by producing and selling the last unit of its commodity, the marginal revenue it earns is R15 and the marginal cost it incurs is R14. In order to maximise profits, the firm should A reduce its output irrespective of the type of firm it is. B. increase its output irrespective of the type of firm it is. C. reduce its output if it is a perfectly competitive firm, but not necessarily if it is a...
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