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Competition between firms results in:
a. Lower prices
b. Greater output
c. Less deadweight loss
d. a and b
e. a,b, and c
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- A pretzel-stand owner in Chicago hires workers to make hot pretzels and sell them to customers. If the firm is competitive in both the market for pretzels and in the market for pretzel-makers, then it has A. no control over the price of pretzels but some control over the wage it pays to its workers. B. some control over both the price of pretzels and the wage it pays to its workers. C. some control over the price of pretzels but no control over the wage it pays to its workers. D. no control over either the price of pretzels or the wage it pays to its workers.Question 33 A major reason why the market equilibrium for a manufactured good may not be efficient is the industry is producing too little output. O there is likely to be a positive externality associated with production. O the industry is likely to be a monopoly. O there is too much government regulation. O property rights are not well defined.Femi's Hook NLadder is the only company selling fire engines in the fictional country of Alexandrina. Femi initially produced eight trucks, but then decided to increase production to nine trucks. The following graph gives the demand curve faced by Femi's HookNLadder. As the graph shows, in order to sell the additional fire truck, Femi must lower the price from $80,000 to $40,000 per truck. Notice that Femi gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial eight engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. PRICE (Thousands of dollars per fire engine) 220 200 180 160 140 120 100 BO 60 40 20 1 2 6 6 7 QUANTITY (Fire…
- Question 3 Question 6 $19 16 Question 16 13 10 30 0 Total Product Assume that supply of a product increases while the demand for it decreases. Then, the equilibrium quantity will, 100 160180 210 Quantity In order to maximize profits, this firm should charge $ Average Fixed Average Variabile Cost Cost $100.00 33.33 25.00 Question 11 2.5 points Save An Paris has a weekly income that she spends on two goods: fast food meals and sugary drinks. If she spends all her money on fast food meals, she can buy 8 of them. If she spends all her money on sugary drinks, she can buy 9 of them. Calculate the opportunity cost of one y drink (in terms of fast food meals) your answers as a number with 2 c (like 2.38 or 1.00 or 9.35) as your answer. 16.01 14.2% 12.50 11.11 10.00 $17.00 16.00 15.00 14.00 14.00 15.71 17.50 19.44 Average Total Cost $117.00 66.00 MC 34.00 30.67 SO 30.00 30.55 31.60 33.09 MR Marginal Cost $17 ATC 1.5 points (choose one and write it out exactly as it is written: increase,…Price and cost $40.50 36.00 30.00 22.00 20.00 O Lover b. profit of $1,440 c. loss of $2,520 d. profit of $1,300 MC ATC 130 180 240 adest erias in 20 AVC MR Quantity 34. Please refer to the figure above: If the market price is $30 and the firm is producing output, what is the amount of the firm's profit or loss? a. loss of $1,080A firma has market power if it cun a minimize costs. b. hire as many workers as it needs at the prevailing wage rate. c. maximize profits. d. influence the market price of the good it sells,
- TI,c market for apple pies in the city of F.ctenia is competitive and has the following demand schedule; a. Compute each producer's total cost and averagetotal cost for l to 6 pies.b. The price of a pie is now SIL How many pies aresold? How many pies docs each producer make?How many producers are there? How much profitdocs each producer earn? c. ls the situation d escribed in part (bl a long-runequilibrium? Why or why not?d. Suppose tha t in the Jong run there is free entryand exit. How much profit does each producerearn in the Jong-run equilibrium? Wha t is themarket price? How many pies docs each producermake? How many p ies are sold in the market?How many pie producers arc operating?I am a Solar panel company, that manufactures and distributes solar panels in the US market. Two years ago it had 5 competitors but the government stimulus in the industry has encouraged 7 new US competitors ti ebter the market. In these circumstances, my solar panel company's price for its output ......36. In alperfectly competitive market which of the following shifts in the supply.curye and demand curves will definitely cause both the equilibrium price and quantity to decrease? Supply eurve Demand curve Shifts to the left a. b. No shift Shifts to the right C. d. No shift No shift Shifts to the right Shifts to the right Shifts to the left
- Safari File Edit View History Bookmarks Develop Window Help 20% O Sat 12:19 PM A bbhosted.cuny.edu F Access Denied - Jordan Retro 1 High OG . WAITING D Search Results B6 Take Test: Short Exam #2. C Solved: If The MPP Of An. * Question Completion Status: Question 19 24 points Save Answer A small local firm produces string lights for Halloween and has the following revenues and costs in a perfectly competitive market: Output in units per hour (Q) Variable Total Cost (TC) Marginal Cost (MC) Total Profit, Price of $15 Market Price of Total Fixed Cost (FC) Revenue Cost (VC) $15 $15 1 $15 15 9. 14 9. $15 30 5 20 25 3 $15 45 33 13 4 $15 5 48 53 15 5 $15 75 64 69 16 a. If the market price is $15, what is the revenue at output equal to 4 units? b. What is the total cost at output equal to 3 units? c. What is the marginal cost at output equal to 2 units? d. If the market price is $15, how much output per hour should the firm produce? What is the profit at that level of output? étv W 31Many small boats are made of fiberglass and a resinderived from crude oil. Suppose that the price of oilrises.a. Using diagrams, show what happens to the costcurves of an individual boat-making firm and tothe market supply curve.b. What happens to the profits of boat makers in theshort run? What happens to the number of boatmakers in the long run?When buyers in a competitive market take the selling price as given, they are said to be a. market entrants. b. monopolists. c. free riders. d. price takers