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Economics

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Question 110 pts If, at the output where marginal cost equals marginal revenue, both a pure competitor’s and a monopolist’s marginal revenue is $5.00: both sellers’ profit-maximizing price will be $5.00. both sellers’ profit-maximizing price will be greater than $5.00. the pure competitor’s profit-maximizing price will be $5.00, and the monopolist’s profit-maximizing price will be greater than $5.00. the monopolist’s profit-maximizing price will be $5.00, and the pure competitor’s profit-maximizing price will be greater than $5.00. it is impossible to compare the output choice of the perfect competitor with that of the monopolist Flag this Question Question 210 pts Firm A is concerned about the reactions of buyers to the price it sets for its product. Firm B is concerned about the reactions of buyers and its few rivals to the price it sets for its product. Firm C has no control over the price at which its product is sold. Which of the following best describes Firms A, B, and C respectively? a monopolistic competitor, an oligopolist, and a pure competitor. an oligopolist, a monopolistic competitor, and a pure competitor. a monopolistic competitor, a pure competitor, and an oligopolist. a pure competitor, an oligopolist, and a monopolistic competitor. None of the above is correct. Flag this Question Question 310 pts A firm in any market structure will maximize its profit or minimize its loss by operating where: total revenue equals total cost. total revenue equals marginal revenue. marginal revenue is greater than marginal cost. marginal revenue equals marginal cost. None of the above is correct. Flag this Question Question 410 pts Which of the following statements is FALSE? A tariff is an example of a trade-restricting policy. Dumping or increasing a tariff by a country could result in a trade war with another country. International specialization can become more extensive as the markets in which trade occurs become larger. The gains from trade include a greater variety of goods. Noone benefits from trade-restricting policies. Flag this Question Question 515 pts Consider the production of Higher Education (college and graduate school). Explain why you would ORwould not expect it to exhibit economies of scale. Use textual evidence from one or more of the required articles to support your point. 3-6 sentences. HTML EditorKeyboard Shortcuts Font Sizes Paragraph p Flag this Question Question 620 pts Below are some possible combinations of rice and fish for people living on the Islands of Alpha and Beta. Suppose the Alphas currently produce and consume 10 pounds of rice and 60 pounds of fish. The Betas currently produce 15 pounds of fish and 25 pounds of rice. Each island can produce any linear combination in between the points of producing only one type of good. Alpha Island Beta Island Rice (Pounds) Fish (Pounds) Rice (Pounds) Fish (Pounds) 0 80 0 40 40 0 40 0 A. What is the opportunity cost of 1 pound of rice on Alpha Island? (Answer with a number and good. For example, “12 bicycles”). B. What is the opportunity cost of 1 pound of rice on Beta Island? (Answer with a number and good. For example, “12 bicycles”). C. Which island has the comparative advantage in rice production? D. Suppose that the Alphas propose a trade in which they specialize in fish and give the Betas (who would specialize in rice) 15 pounds of fish and receive 10 pounds of rice in return. Would it be rational to agree? Explain why in terms of the class notes and/or Chapter 16 of the text. Connect your answer to evidence from one or more of the required articles. Answers should be 3-6 sentences. HTML EditorKeyboard Shortcuts Font Sizes Paragraph p Flag this Question Question 725 pts The Wall Street Journal reported the following news about Brazil on September 24, 2014: “With . . . inflation at 6.5%, Latin America’s largest econo

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