MT Econ questions

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Red Deer College *

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Course

1100

Subject

Economics

Date

Feb 20, 2024

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docx

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2

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Samantha's Tiles Samantha has just developed a new tile installation technology for installing a one of a kind glass tile into homes in Saskatchewan. In addition to the high upfront investment cost, her patent application for this new technology was recently approved resulting in significant barriers to entry for other firms. No other firm has access to this technology. Samantha is trying to decide what price she should charge her customers. Question 37 (1 point) Listen What is Samantha's total profit? Question 37 options: $100.00 $70.00 $200.00 Question 38 (1 point) Listen Based on the graph above, what price should Samantha charge based on the profit maximising level of output? Question 38 options: $7.00 $10.00 $20.00 Question 39 (1 point) Listen In the above graph, the marginal revenue curve is twice as steep as the demand curve. Based on this information, we can conclude: Question 39 options: The market is perfectly competitive The market is a monopoly The market will not provide any profits Question 40 (1 point) Listen Samantha's brother has a company that sells Tractors in Winnipeg. Her brother recently told her that there are high barriers to entry, and he typically chooses output and prices based on the decisions of other tractor
companies in Winnipeg. He is trying to decide if he should collaborate with other tractor companies or individually compete to gain more profits. This industry can be characterized as: Question 40 options: Monopoly Perfect Competition Oligopoly Question 41 (1 point) Listen Based on the graph above, what is the profit maximizing level of output? Question 41 options: 5 units, the lowest point of the MC curve 10 units, where MR = MC 15 units, the lowest point on the AC curve
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