goods

question

Price (demand) exceeds marginal revenue for the imperfectly competitive firm because

answer

to sell more the imperfectly competitive firms must lower its price

question

Price (demand) exceeds marginal revenue for the imperfectly competitive firm because

answer

to sell more the imperfectly competitive firms must lower its price

question

assume that prescott pharmaceuticals, which holds patents on vaxadrin, vaxadrine, and vaxadrone is an unregulated monopolist. its profit-maximizing quantity will always be ___

answer

where MR is positive

question

Avogadro sells avocados in a perfectly competitive industry while purchasing his orchard equipment from Monoglom Hardware Conglomerate (MHC), the only orchard equipment supplier in town. Coincidentally, both Avogadro and MHC face identical demand and cost curves. Compared to Avogadro, MHC's price and output will be what

answer

price: higher, output: lower

question

if the marginal cost curve of a monopolist shifts up, which of the following will occur to the monopolist's price and output?

answer

increase, decrease

question

What is the bets explanation for why monopolists don't roduce the allocatively efficient quantity but perfectly competitive firms do

answer

charges a price higher than marginal cost, but a perfectly competitive firm's price equals marginal cost

question

Given the profit maximizing monopolist above, the profit maximizing quantity is __ and the price is

answer

L, B

question

Calculate the deadweight loss for the profit maxiziming monopolist A=17, B=10, etc

answer

question

Calculate total cost for the profit maximizing monopolist

answer

140

question

Calculate the total revenue for the profit maximizing monopolist

answer

136

question

Calculate profit for the profit maximizing monopolist

answer

question

What would the conusmer surplus be if the monopolist could perfectly price discriminate

answer

question

What would the monopolist price be if they could perfectly price discriminate P1=4

answer

question

if this unregulated monopolist does not price discriminate, what would the revenue be

answer

140

question

which of the following are true about profit maximizing monopolies

answer

I and III

question

which of the following is true of a natural monopoly

answer

output increase, long run ATC decreases

question

if a lump-sum tax is imposed on a monopolistic competitive firm, which of the following will happen to the P and Q sold in the market

answer

P and Q will remain unchanged

question

Which of the following correclty describes economic profits and allocative efficiency for a firm in monopolistic competition in long-run equilibrium

answer

Normal profit and allocatively inefficient

question

What happens when firms exit an industry with monopolistic competition

answer

Demand curve increases

question

McCromwell's golden arcs

answer

price = ATC and is greater than marginal cost

question

Which of the choices below best characterizes an oligopolistic market

answer

Few competing sellers with similar products and high barriers to entry

question

Not a characteristic of oligopoly

answer

P=MC

question

Which of the following is true of oligopolies

answer

I and IV. strategic decisions neither allocatively nor productively efficient

question

Two competing guitar

answer

Bender: cheat, Jibson: not cheat

question

Cromie Corp and Peterson Incorporated

answer

470

question

Given the natural monopoly depicted below, the fiar return price would be

answer

18 (ATC=P)

question

Given the natural monopoly depicted below, the socially optimal price would be

answer

7 (P=MC)

question

Firms in imperfectly competitive industries choose to produce on the ___ range of it's demand curve because consumers are ____ sensitive to changes. Total revenue _____ as a result

answer

elastic, more, increases

1 of 28

question

Price (demand) exceeds marginal revenue for the imperfectly competitive firm because

answer

to sell more the imperfectly competitive firms must lower its price

question

Price (demand) exceeds marginal revenue for the imperfectly competitive firm because

answer

to sell more the imperfectly competitive firms must lower its price

question

assume that prescott pharmaceuticals, which holds patents on vaxadrin, vaxadrine, and vaxadrone is an unregulated monopolist. its profit-maximizing quantity will always be ___

answer

where MR is positive

question

answer

price: higher, output: lower

question

if the marginal cost curve of a monopolist shifts up, which of the following will occur to the monopolist's price and output?

answer

increase, decrease

question

What is the bets explanation for why monopolists don't roduce the allocatively efficient quantity but perfectly competitive firms do

answer

charges a price higher than marginal cost, but a perfectly competitive firm's price equals marginal cost

question

Given the profit maximizing monopolist above, the profit maximizing quantity is __ and the price is

answer

L, B

question

Calculate the deadweight loss for the profit maxiziming monopolist A=17, B=10, etc

answer

question

Calculate total cost for the profit maximizing monopolist

answer

140

question

Calculate the total revenue for the profit maximizing monopolist

answer

136

question

Calculate profit for the profit maximizing monopolist

answer

question

What would the conusmer surplus be if the monopolist could perfectly price discriminate

answer

question

What would the monopolist price be if they could perfectly price discriminate P1=4

answer

question

if this unregulated monopolist does not price discriminate, what would the revenue be

answer

140

question

which of the following are true about profit maximizing monopolies

answer

I and III

question

which of the following is true of a natural monopoly

answer

output increase, long run ATC decreases

question

if a lump-sum tax is imposed on a monopolistic competitive firm, which of the following will happen to the P and Q sold in the market

answer

P and Q will remain unchanged

question

Which of the following correclty describes economic profits and allocative efficiency for a firm in monopolistic competition in long-run equilibrium

answer

Normal profit and allocatively inefficient

question

What happens when firms exit an industry with monopolistic competition

answer

Demand curve increases

question

McCromwell's golden arcs

answer

price = ATC and is greater than marginal cost

question

Which of the choices below best characterizes an oligopolistic market

answer

Few competing sellers with similar products and high barriers to entry

question

Not a characteristic of oligopoly

answer

P=MC

question

Which of the following is true of oligopolies

answer

I and IV. strategic decisions neither allocatively nor productively efficient

question

Two competing guitar

answer

Bender: cheat, Jibson: not cheat

question

Cromie Corp and Peterson Incorporated

answer

470

question

Given the natural monopoly depicted below, the fiar return price would be

answer

18 (ATC=P)

question

Given the natural monopoly depicted below, the socially optimal price would be

answer

7 (P=MC)

question

Firms in imperfectly competitive industries choose to produce on the ___ range of it's demand curve because consumers are ____ sensitive to changes. Total revenue _____ as a result

answer

elastic, more, increases

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