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Consider a perfectly competitive market for a product X that is in its long run equilibrium. Suppose that this is an inferior good, and that consumer's income increases and the increase is expected to be permanent. Assuming that the prices of the inputs remain constant, then
the quantity of X traded will decrease in the short run and the number of firms in the industry will go up in the long run
the price of X will increase in the short run and the number of firms in the industry will go up in the long run
the price of X will decrease in the short run and the number of firms in the industry will go down in the long run
none of the above.
The market demand is P=100-1.5Q and marginal & average costs are constant at 10 (MC=AC=10) find the monopoly price and quantity. Find the perfect competition price and quantity. Calculate profit, social welfare (consumer and producer surpluses), and ..
Suppose there are n identical firms in a market. Each firm’s cost function is given by C = 25 + q2, where q is the amount that an individual firm produces. How much output will each of them produce? What will be the market price? How many firms will ..
q1. in long-run equilibrium assume the economy. in a short duration of time there is a pessimistic revision of
By paying a higher-than-market wage, a firm can avoid the problem of:
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
Suppose you are a manager for a company that produces grape jelly. Which of the following is the best way for you to reduce your risk
Emma consumes only apples and milk. She does not have any income, but she inherited an apple tree and a single cow from her grandfather. The apple tree produces 100 apples each year and the cow gives 160 gallons of milk. Suppose that Emma can freely ..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
Hebron and Stack discuss the fragmentation of nations - the rise of smaller units within a nation. While this is certainly happening at the same time as increasing market integration and globalization, is this a product of globalization or is mere..
Suppose a politician promises a program that will give Amanda and Britney 70 units of utility for each.
suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
a perfectly competitive industry has... A. A perfectly elastic demand curve B. A downward sloping supply curve C. A perfectly elastic supply curve D. A downward sloping demand curve
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