homework micro.docx - Word (Error de activación de productos)ARCHIVOINICIOINSERTARDISEÑODISEÑO DE PÁGINADiana Arenas -REFERENCIASCORRESPONDENCIAREVISARVISTAX CortarA Buscar -Calibri (Cuerpo)11- AAAar AAаBЬСcDd AaBЬСcDd AaBbС AаBbСcС Аав АавЬСсDabCopiarSac ReemplazarPegarx²A - aby ,AI Normal1 Sin espa..Título 1Título 2PuestoSubtítuloN KabeX,Copiar formatoSeleccionar -PortapapelesFuentePárrafoEstilosEdición8. As the demand for a product falls, it is not uncommon for the industry to become a monopoly. This ismost likely due toA. An increase in the number of barrierB The surviving firm operating on the declining part of its average cost curveC Patent protection causing high pricesD Legal restrictions being imposed9. Until recently, the drug maker Pfizer enjoyed a monopoly of the cholesterol-control drug Lipitorbecause of patents rights. True or false10. In order for the price system to have satisfied the exacting requirements for efficiency,A. MU must equal MC for each and every commodity.B. every consumer's MU will be equal to marginal physical product.C. The average cost of producing each good must be to its MU. D. The maximum possible of the totaleconomic profit must be produced.PÁGINA 1 DE 2INGLÉS (ESTADOS UNIDOS)+366 PALABRAS113%10:25 AMO Type here to search11/17/2020(9 homework micro.docx - Word (Error de activación de productos)ARCHIVOINICIOINSERTARDISEÑODISEÑO DE PÁGINACORRESPONDENCIADiana Arenas -REFERENCIASREVISARVISTAX CortarA Buscar --|11 - ACalibri (Cuerpo)AAa- AAaBbCcDd AaBbCcDd AaBbC AaBbCcC AABI AaBbCcDabCopiarSac Reemplazar1 Normal1 Sin espa.Título 1Título 2PuestoSubtítuloPegarN KabeX,x²A - aby -ACopiar formatoSeleccionar -PortapapelesFuentePárrafoEstilosEdición1. Inefficient allocation of resources occurs whenA. society is operating at a point low on the production possibilities frontierB. society is operating at a point high on the production possibilities frontierC. no one can be made better off without having someone else give up somethingD. it is possible to make some people better off without making others worse off.2. The marginal revenue curve for a monopolist is always below the demand curve. True or false3. Under a systems of laissez-faire, output selection is determined by consumers' wants. True or false4. Any increase in efficiency increases output available for distribution. True or false5. Under the theory of perfect competition, firms and buyers know the availability and prices associatewith all products in the market. True or false6. Politician and citizens may often choose policies that reduce economic efficiency because they areperceived as “fairer". True or false7. Society might argue that there are cases in which it is appropriate to resist price increases insituations where scarcity is serious. Included would be the case ofA. All of the responses are correctB. Taxes imposed on products capriciously and inappropriateC Rising pricing falling so heavily on the poor that rationing becomes preferableD. Unrestrained monopoly that would otherwise succeed in extracting funds from the public.PÁGINA 1 DE 2INGLÉS (ESTADOS UNIDOS)+366 PALABRAS113%10:21 AMO Type here to search11/17/2020(8

A production possibilities frontier is the locus of all maximum combinations of two goods an economy can produce employing all resources and capital available at its disposal at a given level of technology. The frontier represents different output combinations that can be achieved at full employment and maximized efficiency. A standard production possibilities frontier is represented as a downward sloping curve that is concave to the origin, essentially indicating increasing opportunity cost of production. In an economy, it is necessary to allocate resources in a manner that optimizes efficiency due to the universal existence of scarcity, which refers to the limited availability of resources against theoretically unlimited human wants and desires. Since resources that render utility are scarce, the economic system experiences a fundamental challenge in their allocation. In a market system, resources are allocated via a price mechanism that is derived from the interaction of demand and supply forces. At a price where the quantity demanded of a good or service becomes equal to its quantity supplied, Pareto-efficiency is acquired, which refers to a state where no economic agent can be made better off without compromising with the welfare of any other economic agent(s). However, if it is possible to improve the welfare of an economic agent without making anyone else worse off, the allocation is considered inefficient. Hence, the correct option would be D. it is possible to make some people better off without making others worse off. Since you have posted multiple independent questions in the same request, we will solve the first question for you. To get the remaining questions solved, please repost other questions independently.

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1. Inefficient allocation of resources occurs when A. society is operating at a point low on the production possibilities frontier B. society is operating at a point high on the production possibilities frontier C. no one can be made better off without having someone else give up something D. it is possible to make some people better off without making others worse off.

1. Inefficient allocation of resources occurs when A. society is operating at a point low on the production possibilities frontier B. society is operating at a point high on the production possibilities frontier C. no one can be made better off without having someone else give up something D. it is possible to make some people better off without making others worse off.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle and horses can step in and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a production possibilities frontier showing a rancher's production option between cattle production and prairie dog production showing increasing opportunity cost and show what would happen in each of the following situations. (Use a separate graph for each situation.)
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