Question 15 In what case might a single seller be preferred to a competitive market? O If the single seller can offer the good at a lower price than if there were many firms If the single seller has a patent on the good Competition is always better than a single seller O If the single seller donates enough of its profits to charity

Question 15 In what case might a single seller be preferred to a competitive market? O If the single seller can offer the good at a lower price than if there were many firms If the single seller has a patent on the good Competition is always better than a single seller O If the single seller donates enough of its profits to charity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In a competitive market, what must a firm do in order to be successful? What happens to firms that fail to provide consumers with desired goods at prices equal to or less than those available from other firms? Explain. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). ... BIUS Paragraph Arial 10pt ABC
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Economic efficiency is O A. a market outcome in which the marginal benefit to consumers of the last unit produced is greater than its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum. O B. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum. O C. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is not at a maximum. O D. a government outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum.
O The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from $1 to $2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market. 300 270 2404 210 180 150 120 90 Incorrect. 60 30 0 0 10 Market for violins 20 30 40 50 60 70 Quantity of violins (in thousands) Increase in consumer surplus: S Increase in producer surplus: $ Incorrect SI b. How much does this new technology increase consumer surplus? Increase in total surplus: $ c. How much does this new technology increase producer surplus? Incorrect S2 D 80 90 100 Incorrect CS PS d. How much does this new technology increase total (or social) surplus? /items/c33159e3-e40a-4... Q
Solve all this question......you will not solve all questions then I will give you down?? upvote....
Ilia is driving home from work. She needs to buy gas and notices an Exxon-Mobil station on one side of the street and a Shell station on the other side of the street. Although run by different companies, the two stations sell gasoline at the same price. a. The most likely reason that the price is the same is that _gas stations always make a profit, so they can charge any price they want. _drivers need gas and are willing to pay whatever price a gas station charges. _government regulation requires both gas stations to charge the same price. _consumers view gasoline from different gas stations as perfect substitutes. b. If one station increases its price, _it will be fined by the government. _it will sell more gasoline. _it will make a higher profit. _it will lose customers to the cheaper station across the street.
les of Microeconomics Spring20 fall20 Consumer surplus is the Select one: O A. price of a good expressed in dollars. O B. value of a good expressed in dollars. on O C. value of a good plus the price paid for it summed over the quantity bought. O D. value of a good minus the price paid for it summed over the quantity bought.
Deadweight loss is the reduction in economic surplus resulting from a market not being in competitive equilibrium. In the diagram to the right, deadweight loss is equal to the area(s): O A. C&E. O B. A, B, & C. OC. B&D. P1 O D. A. P, B Do Quantity (per time period)
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Zone Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are efficient. Why are below- or above-equilibrium levels of output inefficient, according to these two sets of ideas? When the consumers' utility goes beyond, goes below) the price paid, consumer surplus is generated. Likewise, when producers receive a price (greater, smaller ) than marginal cost, producer surplus is created. By producing up to the point where MB = MC, the maximum potential consumer surplus (CS) and producer surplus (PS) is generated. Producing (more. less ) than the equilibrium level means that potential surplus is left unrealized (underproduction). Overproduction subtracts from the surplus because society values the use of the additional resources in other pursuits more than it values them in consumption of that good.
You stop by a crafts fair and you notice consumershaggling with vendors over prices. What does thistell you about the competitiveness of this market?Suppose you plan to go to a farmers’ market next.Do you expect to find more or less haggling at thismarket than you did at the crafts fair? Why?
Price 0 52 * S" Quantity Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and 52 (point E). If the technology to produce motorcycles improves and the number of buyers increases, how will the equilibrium point change? O The equilibrium point will move from E to B. O The equilibrium point will move from E to C. The equilibrium point will move from E to A. The equilibrium point will remain at E.