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When a previously competitive industry becomes monopolized along with no consequence on market demand or the structure of production costs, the effect will be: (w) higher prices and greater output. (x
A firm along with market power faces a downward sloping demand curve since: (w) selling more of the good needs a price cut. (x) marginal revenue should equal average revenue. (y) only pure monopolies
The demand curve which confronts a: (i) competitive industry is perfectly elastic. (ii) purely competitive firm is downward sloping. (iii) monopolistic firm is horizontal. (iv) monopolistic industry i
Every firm which can considerably influence the price of its output: (i) is a pure monopoly. (ii) will be more profitable than any firm in pure competition. (iii) has market power: (iv) is essentially
An unregulated monopoly is a market structure: (w) which is especially inefficient when price discrimination is practiced. (x) inhabited by several firms, all selling identical goods. (y) composed of
The market structure of monopoly is characterized by: (w) a single firm producing a good which lacks close substitutes. (x) differentiated products produced by various firms. (y) marginal revenue or s
Most markets into the American economy are: (i) purely competitive. (ii) primarily unregulated monopolies. (iii) blends of monopolistic and competitive tools. (iv) dominated by regulated monopolies. (
The problem of asymmetric information is that: a) neither health care buyers nor providers are well-informed. b) health care providers are well-informed, but buyers are not. c) the outcomes
what is implication of hawthrone experiment ?
This profit-maximizing pure competitor would stop operating within this market into the long run when the price was expected to be persistently less than the price consequent to: (i) point c. (ii) poi
When this firm is typical in illustrated figure of this purely competitive market and when this is a constant-cost industry, in that case the long run supply curve for the industry is a horizontal lin
When resource supply curves facing an industry are positively sloped, in that case the exit of firms which have incurred losses will result in: (w) higher prices and lower output for the industry, alt
Supply is too elastic (contain a smaller coefficient) within the long run than in the: (w) short-run in competitive, constant-cost industries. (x) short-run in competitive, increasing-cost industries.
The long-run dynamics of purely competitive industry make sure that:( w) surviving firms make positive economic profits. (x) accounting profits will equal economic profits. (y) accounting profits will
A firm generating where MC = SRAC = LRAC operates at the minimum point of its: (w) short-run and long-run average total cost curves. (x) long-run total cost curve. (y) total physical product of labor
Which of the given is NOT a condition for long-run equilibrium into a purely competitive market: (w) P = MC (x) MR = MC (y) P = LRAC (z) TFC = TC Can anybody suggest me the proper explanation for giv
Pure competitors in a long-run equilibrium are paid a price which: (i) allows recovery of any previous operating losses. (ii) equals MC although exceeds average cost. (iii) maximizes average revenue m
For a purely competitive firm long run equilibrium is characterized by: (w) P > MR > MC > ATC. (x) P = MR = MC = minimum LRAC. (y) maximum MC - MR. (z) minimum TR + TC. Can anybody suggest m
The only profit earned within the long run through a purely competitive firm is of: (w) normal accounting profit. (x) offset by short term losses. (y) created by exceptionally astute managers. (z) unr
Purely competitive equilibrium, in long-run firms normally experience positive accounting profit and economic profit which is: (w) also positive, but smaller. (x) zero. (y) negative, but barely that w
The resources of a firm in the long run which has consistently suffered economic losses are probably to: (i) move into a more profitable industry. (ii) share losses equal to the firm’s fixed cos
Predictable results of unexpected development of demand for a competitively produced good comprise increases and in that case gradual decreases in the: (w) price of the good and the profits of produce
Economic losses produce competitive pressures which decrease the industries: (w) output and number of firms. (x) prices and profits. (y) percentage mark-ups over costs. (z) long term labor turnover.
Economic profits produce competitive pressures which cause: (w) each firm’s output to shrink during the short run. (x) an industry’s output to increase. (y) market prices to increase. (z)
When curve C reflects the long run supply curve as in demonstrated figure for this industry, in that case this is a/an: (w) decreasing cost industry. (x) increasing cost industry. (y) constant cost in