Explain the all option assuming that average costs are the same in both circumstances, all of the followingstatements except one are true regarding the long-run comparison between monopoly andperfect competition. which is the exception?a) the monopoly price will be higher than the competitive price.b) the monopoly produces below capacity whereas the competitive from produces atcapacity output.c) the monopoly may be making economic profits whereas the competitive firm will not.d) the monopoly quantity will be lower than the competitive quantity.

a) The monopoly price will be higher than the competitive price. This statement is true because a…

Answered: assuming that average costs are the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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On your way home from Super Groceries, your car breaks down. It is a hot summer day and you have nobody to call. With little time before the food spoils, you decide to prioritize what to carry on the walk home. You choose to take three items with you. Since you will need all five items today, you will replace the two abandoned items at the corner store near your house, Convenient Grocers. The table contains the prices you paid for each good at Super Groceries and the prices you will need to pay at Convenient Grocers to replace the goods. Which three items should you save? OOOOO vegetables fruits eggs ham milk Item milk eggs ham vegetables fruits Price at Super Groceries $3.75 $3.80 $2.95 $3.80 $2.50 Price at Convenient Grocers $4.25 $2.95 $5.25 $3.05 $3.80
Number 4 please
Suppose you own a profitable small business in another state and you wanted to hold a meeting, but you needed to make a decision on whether to fly to the other state using your free frequent-flyer miles and pay a $100 cab-fare or hold a video conference meeting (at a facility that you have already prepaid a $2000 access-fee but must also paid a $155/hour to use the facility). What option should you choose?
Explain traditional or behavioral economic beliefs
You want to travel to Las Vegas to celebrate spring break and your "A" in your microeconomics class! You are trying to figure out if you should drive or fly. A round trip airline ticket from Riverside to Las Vegas costs $350 and flying there and back takes about 5 hours. Driving roundtrip to Las Vegas costs about $50 in gas and takes about 10 hours. Other things constant, what is the minimum amount of money that you would have to expect to make by gambling in Las Vegas to induce you as a rational individual to fly rather than drive? O $10 an hour $60 an hour O $70 an hour O $300 an hour
Price elasticity measures the responsiveness of the quantity demanded or supplied to a good to a change in its price. Note: Select an option True False er than the Save Answer button will NOT save any changes to your answers!
Multiple Choice O O O O D. C. B. E.
You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon? Select one: O a. $57 O b. $12 ○ c. $22 ○ d. $8

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