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FOR LINDA 21. There is some evidence to suggest that X-inefficiency
FOR LINDA 21. There is some evidence to suggest that X-inefficiency is: Answer absent whenever two or more producers are competing with one another. not encountered in either competitive or monopolist… read more
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FOR NEO 16. Assume a firm purchases resources a and b under
FOR NEO 16. Assume a firm purchases resources a and b under purely competitive conditions and combines these resources to produce X. Product X is sold in a purely competitive market. The MP of a and b… read more
Neo
Neo
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11. On a per unit basis economic profit can be determined as
11. On a per unit basis economic profit can be determined as the difference between: Answer marginal revenue and product price. product price and average total cost. marginal revenue and marginal cost… read more
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21. http //imageshack.us/photo/my-images/571/unledolr.jpg/ 22Which
21. http://imageshack.us/photo/my-images/571/unledolr.jpg/ 22Which of the following would not be expected to occur in a purely competitive market in long-run equilibrium? Answer consumer and producer … read more
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Bizhelp
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16. The loss of a purely competitive firm which shuts down
16. The loss of a purely competitive firm which shuts down in the short run: Answer is equal to its total variable costs. is zero. is equal to its total fixed costs. cannot be determined. 17. A compet… read more
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1. http //imageshack.us/photo/my-images/717/unledvsu.jpg/ 2.
1. http://imageshack.us/photo/my-images/717/unledvsu.jpg/ 2. If a pure monopolist can engage in price discrimination: Answer the marginal revenue curve and the total revenue curve will now coincide. t… read more
Linda_us
Linda_us
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1. When a monopolistically competitive firm is in long-run
1. When a monopolistically competitive firm is in long-run equilibrium: Answer production takes place where ATC is minimized. marginal revenue equals marginal cost and price equals average total cost.… read more
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1. http //imageshack.us/photo/my-images/194/unledieb.jpg/ 2.
1. http://imageshack.us/photo/my-images/194/unledieb.jpg/ 2. If at the MC = MR output, AVC exceeds price: Answer new firms will enter this industry. the firm should produce the MC = MR output and real… read more
Linda_us
Linda_us
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21. http //imageshack.us/photo/my-images/808/unledwwn.jpg/ 22.
21. http://imageshack.us/photo/my-images/808/unledwwn.jpg/ 22. There is some evidence to suggest that X-inefficiency is: Answer absent whenever two or more producers are competing with one another. no… read more
Linda_us
Linda_us
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1. Assume this firm is operating in a competitive market.
1. Assume this firm is operating in a competitive market. Q output TC MC ATC 2 $48 $4 $24 3 53 5 17.67 4 64 11 16 5 87 23 17.4 6 128 41 21.33 7 193 65 27.57 8 288 95 36 If the market price is $25 what… read more
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Steve
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Stephen L 1. Assume this firm is operating in a competitive
Stephen L. 1. Assume this firm is operating in a competitive market. Q output TC MC ATC 2 $48 $4 $24 3 53 5 17.67 4 64 11 16 5 87 23 17.4 6 128 41 21.33 7 193 65 27.57 8 288 95 36 If the market price … read more
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Steve
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Macroeconomics deals with (Points 3) bits and pieces
Macroeconomics deals with: (Points: 3) bits and pieces of the economy. the question of how a business unit should operate profitably. the working of the entire economy or large sectors of it. how indi… read more
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Kara T
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If all firms in an industry are price-takers, then ______.
If all firms in an industry are price-takers, then ______. (Points: 1) each firm can take the price that it wants to charge and sell at this price, provided it is not too different from the prices oth… read more
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Which of the following is not a barrier to entry A) economies
Which of the following is not a barrier to entry? A) economies of scale B) X-inefficiency C) patents D) ownership of essential resources 2. If a firm in a purely competitive industry is confronted wit… read more
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An analytical approach through which strategic choices can
An analytical approach through which strategic choices can be assessed is called _____. benefit-cost analysis econometric theory game theory none of the above A well-known example of an international … read more
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Unit 7 Perfect Competition and the Supply Curve & monopoly
Unit 7: Perfect Competition and the Supply Curve & Monopoly - Review Help -------------------------------------------------------------------------------- ---------------------------------------------… read more
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Which of the following is true of marginal revenue for a monopolist
Which of the following is true of marginal revenue for a monopolist that charges a single price? a) P= MR because there are no close substitutes for the monopolist's product b) P > MR because the m… read more
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skywalker
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MicroEconomics - Multiple Choice Questions- Part 3
If the loss-minimizing output for a perfectly competitive firm is zero, then, at all other output levels, a) price must be greater than average variable cost b) the marginal cost curve must slope down… read more
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skywalker
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