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Market Structure: Monopoly and Monopolistic Competition

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1. From 2001 to 2004, the real price of eggs decreased and the total annual consumption of eggs decreased. Which of the following would cause an unambiguous decrease in the real price of eggs and an unambiguous decrease in the quantity of eggs consumed? (Points : 2) A shift to the right in the supply curve for eggs and a shift to the right in the demand curve for eggs. A shift to the left in the supply curve for eggs and a shift to the right in the demand curve for eggs. A shift to the left in the supply curve for eggs and a shift to the left in the demand curve for eggs. None of the above. 2. What will be the effect on the supply curve, and what will happen to market equilibrium price and quantity in the short run, if: the price of the product falls? (Points : 2) Supply decreases; equilibrium price rises and quantity falls. Supply increases; equilibrium price falls and quantity rises. This is a movement along the supply curve, and the quantity supplied will decrease. Supply increases (now); equilibrium price falls and quantity rises. 3. What will be the effect on the supply curve, and what will happen to market equilibrium price and quantity in the short run, if: The government requires pollution control filters that raise production costs? (Points : 2) Supply decreases; equilibrium price rises and quantity falls. Supply increases; equilibrium price falls and quantity rises. This is a movement along the supply curve, and the quantity supplied will decrease. Supply increases (now); equilibrium price falls and quantity rises. 4. What will be the effect on the demand curve, and what will happen to market equilibrium price and quantity in the short run if, the price of a substitute good rises. (Points : 2) Demand increases (now); equilibrium price and quantity increase. Demand increases; equilibrium price and quantity increase. Demand decreases; equilibrium price and quantity fall. Demand increases; equilibrium price and quantity increase. Demand decreases; equilibrium price and quantity fall. This is a movement along the demand curve, and the quantity demanded will decrease. 5. Industry supply and demand are given by: QD = 1000 – 2P and QS = 3P. At a price of $100, will there be a shortage or a surplus, and how large will it be? (Points : 2) There will be a surplus of 100 There will be a shortage of 300 There will be a shortage of 500 There will be a surplus of 800 There will be a surplus of 600 6. The eThe effect on sales of an increase in price is a decrease in: (Points : 2) the quantity demanded. demand. supply. the quantity supplied. Both b and c none of the above 7. If the monopolist represented in Graph 2 were to behave like a perfect competitive firm operating in the long run, determine its output. (Points : 2) 0E 0L 0M JK Not enough information to determine it 8. From Graph 1, determine the price at which the profit maximizing level of output will be sold. (Points : 2) P4 P3 P2 P1 Cannot tell as there is not enough information 9. From Graph 1, identify the firm’s short run supply curve (Points : 2) Points abcd Points abf Points bcd Points acf None of the above. 10. Industry supply and demand are given by: QD = 1000 – 2P and QS = 3P. At a price of $300, will there be a shortage or a surplus, and how large will it be? (Points : 2) There will be a surplus of 100 There will be a shortage of 300 There will be a shortage of 500 There will be a surplus of 800 There will be a surplus of 600 11. From 2000 to 2010, the real price of a college education increased, and total enrollment increased. Which of the following could have caused this increase in price and enrollment? (Points : 2) A shift to the right in the supply curve for college education and a shift to the left in the demand curve for college education. A shift to the left in the supply curve for college educatio

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