Microeconomics Assignment
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Economists frequently suppose that equilibrium output for any firm arises where: (w) revenue is maximized. (x) revenue is rising. (y) profit is rising. (z) profit is maximized. Can someone explain/help me with best
When a monopolist maximizes the profit in the product market, it will: (i) Hire labor till the marginal revenue product equivalents the marginal resource cost. (ii) Hire the labor till the value of marginal product equivalents the marginal resource cost. (iii) Pay a w
Shifting from left to right all along demand curve D, the price elasticity of demand for Pixie’s cheesy fried grits will be: (i) Positive, then unitary, and then negative. (ii) Constant and equivalent to one. (iii) More at high prices than at low prices. (iv) Lo
Price Rigidity: The other significant feature of oligopoly is price rigidity. Price is rigid or sticky at the prevailing level due to the fear of reaction from the rival firms. When an oligo
Opportunity costs and prices tend to be decreased by: (w) competition among speculators and other intermediaries. (x) price floors. (y) the exercise of monopoly power. (z) price ceilings. How can I
Carlos and Ivana are friends and roommates. They eat together despite who cooks. But this cooking game is repeated mostly every evening, across time the probable result would be which: (1) neither Carlos nor Ivana cook, nor do they eat. (2) Carlos alone cooks for both
I have a problem in economics on possessing a problem of Moral Hazard. Please help me in the following question. The Moral hazard poses a problem if: (i) People with health insurance acquire flu shots. (ii) Persons who are sicker purchase health insur
When a minimum legal price of a good is set below the intersection of the supply and demand curves there will be: (1) shortages and pressures for decreases in price. (2) pressures for increases in price and the emergence of black mark
For a monopsonist in the labor market, the marginal resource cost of labor is:
When a 10% hike in the price of paisley socks causes sales to fall with 20%, the demand for such socks is: (1) perfectly inelastic. (2) relatively inelastic. (3) unitarily elastic. (4) relatively elastic. (5) perfectly elastic. <
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