4. Under imperfect competition withquality orand horizontaly differentiated products, the firmunits from a welfare perspective.marginal costs sellsa. price competition à la Hotelling; higher; lower; too fewb. quantity competition à la Hotelling; higher; lower; too fewc. quantity competition à la Cournot; higher; higher; too fewd. price competition à la Hotelling; lower; lower; too manywith5. The n-firmmodelperfect competition as the number of firmsa. asymmetric linear Bertrand; converges to; decreasesb. symmetric linear Cournot; converges to; increasesc. symmetric non linear Cournot; diverges from; decreasesd. symmetric non linear Bertrand; diverges from; increases6. In the linearmeasure of market power since it captures the average markup in equilibrium.a. Cournot; Herfindahl; appropriateb. Bertrand; Herfindahl; inappropriatec. Cournot; Lerner; appropriated. Bertrand; Lerner; inappropriatemodel with homogeneous products, theindex is an

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4. Under imperfect competition with with and horizontaly differentiated products, the firm units from a welfare perspective. marginal costs sells a. price competition à la Hotelling; higher; lower; too few b. quantity competition à la Hotelling; higher; lower; too few c. quantity competition à la Cournot; higher; higher; too few d. price competition à la Hotelling; lower; lower; too many quality or 5. The n-firm model perfect. competition as the number of firms

4. Under imperfect competition with with and horizontaly differentiated products, the firm units from a welfare perspective. marginal costs sells a. price competition à la Hotelling; higher; lower; too few b. quantity competition à la Hotelling; higher; lower; too few c. quantity competition à la Cournot; higher; higher; too few d. price competition à la Hotelling; lower; lower; too many quality or 5. The n-firm model perfect. competition as the number of firms

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. Problems and Applications Q6 A firm in a competitive market receives $1,120 in total revenue and has marginal revenue of $20. The firm's average revenue is_____, and_______units were sold.
Please do help me answer the following amd follow the instruction given.
4. Your firm operates in a perfectly competitive market. The market price is above both your firm’s average total cost and your firm’s marginal cost at the quantity that your firm is currently producing. Which of the following is true?A. Your firm runs a loss and could reduce this loss by producing a larger quantity.B. Your firm runs a loss and could reduce this loss by producing a smaller quantity.C. Your firm makes a positive economic profit but could make more profit by producing a larger quantity.D. Your firm makes a positive economic profit but could make more profit by producing a smaller quantity PROVIDE A BRIEF WRITTEN EXPLANATION JUSTIFYING YOUR CHOICE.
Q6 Perfect competition refers to a market structure where... a. Each firm has zero market power and cannot affect the price. b. Firms behave strategically. c. Firms can set the price of their product. d. All firms are earning profits. e. Firms cooperate with each other.
12. A current shortage is due to a price ceiling. If the price ceiling is removed, a. price would increase, quantity supplied would increase, and quantity demanded would decrease b. price would increase, quantity supplied would decrease, and quantity demanded would increase c. price would decrease, quantity supplied would increase, and quantity demanded would decrease d. price would decrease, quantity supplied would decrease, and quantity demanded would increase 13. Adverse selection refers to a. the phenomenon that occurs when one party in an exchange takes advantage of knowing more than another party b. the tendency for individuals to alter their behaviour once they are insured against loss c. the tendency for individuals to engage in insurance fraud d. both the tendency for individuals to alter their behaviour once they are insured against loss and the tendency for individuals to engage in insurance fraud
1.The long run average cost curve a. is identical to the profit maximizing short run average cost curve b. Envelopes the short run average cost curves c. lies above the short run average cost curves d. lies to the right of the short run average cost curves 2. On a diagram, you can find the profit-maximizing quantity of output for a monapoly by identifying the quantity where a. marginal revenue intersects marginal cost. b. marginal cost, marginal revenue, and demand all intersect. c. marginal cost intersects demand d. marginal revenue intersects demand 3. À monopoly that could potentially lose its monopoly position to a competitor is a. A closed monopoly b. A contestable monopoly c. A natural monopoly d. An open monopoly
Question 1 2 pts Panera's promise to serve delicious food that is better for you, for our associates, and for the world we live in" is their value proposition O production concept O segmentation strategy O market offering selling concept Question 3 2 pts French Wine producers operate with the philosophy that they produce a great quality wine that is deeply rooted in their traditions, and that the world should appreciate their wine the same way they have been for centuries. This philosophy aligns with societal marketing concept selling concept production concept marketing concept O product concept
Price or Cost(dollars per unit) Pc MR Later C2 MR B MC Demand QE QC QB QA Later ATC Demand Quantity (units per period) 3. Refer to the graph above. Identify each of the following market outcomes: a. Short-run equilibrium output in perfect competition. b. Long-run equilibrium output in perfect competition. c. Long-run equilibrium price in perfect competition. d. Long-run equilibrium output in monopoly. e. Long-run equilibrium output in monopolistic competition.
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3. For a perfectly competitive firm: a. the demand curve is perfectly inelastic at the market price and is one and the same with its marginal-revenue curve. b. economic profits can be earned in the long run but not in the short run. c. the profit-maximizing quantity to produce occurs at that output level in which price equals marginal cost. d. its total-revenue function is linear (a straight line), with a slope equal to the quantity demanded.
2. List the conditions needed for pure competition to exist ?
Give typing answer with explanation and conclusion Which of the following characteristic(s) does not describe a competitive market? 1. A market where firms can freely enter or exit the market. 2. A market where firms sell a differentiated product. 3. A market with few buyers and sellers. 4. A market where firms sell a nearly identical product. Choices A.2 and 3 B.1, 2 and 3 C.1, 3, and 4