Applied Writing
must use graphs to demonstrate/support answers where available. Submission is to be made tonight, so needs to be finished urgently
Relative to firms into other market structures, there a profit-maximizing firm in an oligopoly: (1) is more efficient than firms in a perfectly competitive structure. (2) produces a larger level of output than firms within any other m
Within the short run, a price-maker firm along with important market power but that cannot price discriminate is unable to concurrently maximize profit and: (i) charge a price equal to marginal cost. (ii) minimize average total cost. (iii) produce out
When the rate of return onto an asset exceeds the interest rate: (1) its present value exceeds its price. (2) the market is moving away by equilibrium. (3) you should sell the asset as rapidly as possible. (4) economic rent is being r
Rising economic profits within a competitive market do NOT produce pressures for: (i) expansions of existing firms. (ii) entry by new firms. (iii) price hikes. (iv) increases in costs for specialized resources. (v) ultimate erosion of
Within the long run, a monopoly cannot continually produce economic profit unless: (w) economies of scale are important. (x) corporate taxes are lowered. (y) barriers to entry are significant. (z) the monopolist maximizes profit.
The labor union will not enhance its members' job viewpoints by: (1) Raising worker productivity through apprenticeship. (2) Limiting entry through quotas or high initiation fees. (3) Lobbying for the tariffs on competing the foreign goods. (4) Collectively bargaining
When transaction costs exist, in that case taxes on what appear to be pure economic rents to: (1) pose especially severe problems for economic efficiency. (2) may be inefficient since taxes reduce incentives to put resources to their
A large negative GDP gap implies: A) an excess of imports over exports. B) a low rate of unemployment. C) a high rate of unemployment. D) a sharply rising price level.
The short-run supply curve for a purely competitive industry is the horizontal total of the: (a) quantities demanded by consumers at each price. (b) prices charged by individual firms for each quantity supplied. (c) quantities supplied by established
A purely competitive demand of industry for labor is: (1) less elastic than the horizontal summation of the individual firm’s demands. (2) perfectly elastic. (3) upward sloping because of diminishing marginal returns to labor. (4) equal to the h
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