long run supply
Illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry.
A profit maximizing monopolist produces output where: (i) MR = MC as long as the corresponding price exceeds average variable costs [P>AVC]. (ii) marginal revenue minus marginal costs [MR - MC] is maximized. (iii) price minus average cost is maximi
The bilateral monopoly model is most likely most applicable in analyzing a case where a: (1) Major employer collectively bargains with the influential union. (2) Firm consists of monopoly power in output market and monopsony power in the labor market. (3) Labor market
Purchasing low in one market and concurrently selling at a high price in another is NOT a mechanism which: (i) Rises supply in the low-price market. (ii) Risklessly produces profits. (iii) Is termed as arbitrage. (iv) Decreases price differentials among markets. (e) I
When market demands for agricultural products are relatively price inelastic and relatively income inelastic both, in that case as per capita income raises, the average income of farmers will: (w) increase while supplies of agricultur
Buying since you expect a price to increase, at that point you will sell, which is termed as: (w) arbitration. (x) speculation. (y) profiteering. (z) arbitrage. Hey friends please give your opinion for the problem
Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry
I have a problem in economics on Definition of Industry. Please help me in the following question. The industry is stated as: (1) Each and every firm producing all final services and goods. (2) Each and every firm producing the similar product. (3) Th
Microeconomic analysis is more attached than macroeconomics along with the: (1) banking and monetary systems. (2) rates of joblessness and inflation. (3) inequity caused by main depressions. (4) rate of economic development. (5) decis
Surveys can be classified as probabilistic sampling: • Simple random sampling: If you have a relatively small, self-contained, or clearly stated population, suc
A monopolist operates in two separated markets. The inverse demand functions ofthose markets are given by and where arethe quantities supplied to these markets, respectively. The total cost function facedby the monopolist is &nbs
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