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Economic profits may result from:
O a. innovation
b.risk taking
Oc. exploiting market inefficiencies
Od. all the above
O e. a and b
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- Explain in words why a profit-maximizing film will not choose to produce at a quantity where marginal cost exceeds marginal revenue.If new technology in a perfectly competitive market brings about a substantial reduction in costs of production, how will this affect the market?A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers?
- QUESTION 8 Economic profits may result from: O a. innovation W O b.risk taking c. exploiting market inefficiencies O d. all the above C e. a and bWhat issues do the online businesses face? How are they similar to offline competition? How are these issues resolved (market v. nonmarket) in the online and offline business? Use the theory fo the 4 Is. Issues are understood as moral concerns, consequences, justice, and rights at stake which can be resolved by either market or non-market action.Economics Which of the following will influence the level of competition in an industry? O A. A new product that fills a consumer need better. O B. Competition from other firms in the form of better customer service. C. The bargaining power of suppliers. D. The bargaining power of buyers. E. All of the above.
- Wheat is produced in a perfectly competitive market. Market demand for wheat increases. This will cause the individual wheat farmer's marqinal revenue to maximizing level of output to and their profit- O a. decrease; increase O b. decrease; decrease O c. increase; increase d. increase: decreaseThe table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children's mittens in a competitive market. Smitten's Production Costs Marginal Cost (dollars) $1.60 Quantity (pairs of Average Total Cost |(dollars) $2.2 mittens) 25 30 2.00 2.17 35 2.45 2.21 40 3.55 2.38 45 4.00 2.56 50 5.50 2.85 55 6.00 3.14 60 8.50 3.58 Instructions: In part a, enter your answer as a whole number. In parts b, c and d, round your answers to 2 decimal places. a. If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to maximize its profits? 6 pairs of mittens b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? %24 %24The Mazoon Company paid for the advertisement of their milk and milk products to Oxygen Advertising Agency. Choose the cost incurred by Mazoon company. O a. Production cost O b. Explicit cost O c. All of these O d. Opportunity cost
- QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost SO 1 2 3 4 5 7 8 $50 $102 $157 $217 $285 $365 $462 $582 O b.S0 O c. $80 O d. $68 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 3 4 5 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost. O b. price exceeds marginal cost, while a monopolist produces where marginal cost equals price. O c. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. d. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.In a competitive industry a. firms sell more if price is above marginal cost b. firms sell more is price is below marginal cost O c. firms sell less if price is above marginal cost O d. none of the aboveAVC, ATC,MC 110 80 76 " 50 40 30 29 18 MC ATC 1234567H0 11 12 13 14 Output per period O a Loss of $90 O b. Profit of $180 O c. 50 Od. Profit of $6300 The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that the market price is $70. What is the firm's maximum profit (or minimum loss)?
