Reference no: EM131099857
Write True or False for each question. If you say False for any statement, you must explain clearly your reason for answering False in order to receive credit.
a) One characteristic of a Oligopoly Market is that many sellers serve the entire market
b) A firm in a Monopolistic Competitive Market has no power over its on price.
c) If a large numbers of firms are competing, then the market could be perfect competition or monopolistic competition.
d) Monopolies can make their customers pay any price the Monopolies want.
e) The only way for a firm in a Monopolistic Competitive Market to increase its sales is to lower its price.
f) Since Monopolies have no competition, they will not pay for advertising.
g) If there are four firms in an industry with the market shares of 50%, 40%, 5% and 5%, the Herfindahl-Hirschman Index is 4000.
h) Product Differentiation provides no benefit to society.
|
Profit-maximizing output-price and profit of pick industries
: Pick Industries produces plastic toothpicks that it sells to distributors in the Southwest. During the early 1990s, the price of the plastic it uses to produce toothpicks fell by 46 percent, due to a local glut of recycled plastic containers. what im..
|
|
Firms have short-run supply curve with slope
: An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $5, half of the firms have a short-run supply curve with a slope (change in quantity/change in price) of 1; the other half each have a short-run ..
|
|
Teleconference call to shareholders
: "In a recent 'earnings call,' a teleconference call to shareholders in which the CEO reports and discusses quarterly earnings per share, Coca-Cola's CEO Muhtar Kent bragged about 'winning' market share from rival beverage company PepsiCo. The pursuit..
|
|
Capitalism and market-determined services
: Social Security and Medicare are clear examples of: a. capitalism. b. market-determined services. c. market failures and externalities. d. governmental intervention in the market. "Second-hand" smoke, an often cited disadvantage of allowing smoking i..
|
|
One characteristic of oligopoly market
: One characteristic of a Oligopoly Market is that many sellers serve the entire market. A firm in a Monopolistic Competitive Market has no power over its on price. If a large numbers of firms are competing, then the market could be perfect competition..
|
|
Production function specifies the maximum output attainable
: A production function specifies the maximum output attainable from a given amount of inputs. The relation between output and variation in only one input is: return to scale OR returns to a factor OR Continous. Isoquants are the production analogy to ..
|
|
Establishing lines of authority and reporting relationships
: Claire is establishing lines of authority and reporting relationships within the finance department in her company. Which of the following organization-building actions is Claire undertaking:
|
|
Firms operating in short run in perfectly competitive market
: Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 800 + 25 q + 0.5 q2, and your marginal cost function is MC = 25 + q. The (short run and lon..
|
|
Continue operating in the short-run and long-run
: Susan quit her job as a teacher, which paid her $36,000 per year in order to start her own catering business. She spent $12,000 of her savings, which had been earning 10% interest per year, on equipment for her business. She also borrowed $12,000 fro..
|