A firm has market power if it can a. minimize costs. b. hire as many workers as it needs at the prevailing wage rate. c. maximize profits. d. influence the market price of the good it sells
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A firm has market power if it can
a. minimize costs.
b. hire as many workers as it needs at the prevailing wage rate.
c. maximize profits.
d. influence the market
Step by step
Solved in 3 steps
- Which statement is wrong? A. profit is a mechanism to allocate resources B. when economic profit is positive, it is a signal for other firms to enter C. when economic profit is negative, the losing firms will leave the industry D. producers always earn economic profits E. all are correctThere are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through economies of scale government protection control of an important input . b. ABC’s market power does does not guarantee that the firm makes an economic profit.Market-based prices are least likely to be influenced by. A. The cost to produce the product B. Whether or not the product is a commodity C. The degree of product differentiation D.Competition.
- a. what is the optimal quantity of goods for the firm to produce b. what is the optimal price for the quantity of goods for the firm to produce c. what is the total revenue for the firm d. what is the total cost for the firm e. what is profit/loss for the firmYour uncle has just purchased a wheat farm and wants your advice on how he should price his product. Explain to your uncle the characteristics of the market structure under which his farm falls and how this will help him to determine the price and quantity of the wheat he will produce.Click on the icon to read the news clip, then complete the following steps. The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1. e Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR₁. Draw a point to show the quantity produced when the price is $2 a bushel. Label it 2. Draw a shape that represents either the economic profit or economic loss when the price is $2 a bushel. Label it. Get more help. F5 *** * A 6 F6 ** & 7 F7 PrtScn F8 O O Home F9 8- 7- 6- 5- 4. 3 2 0 1- 0 Price and cost (dollars per bushel) End 10 20 30 40 50 60 70 80 Quantity of grain (thousands of bushels per year) >>> Draw only the objects specified in the question. F10 Clear all PgUp F11 MC PgDn ATC F12 MR Check answer G +
- Choose any business. If you worked for that business, what major factors would stimulate the demand for the products that this firm is selling?Choose the one alternative that best that answers the question. Assume the market for organic produce is perfectly competitive. All else being equal, as more farmers choose to produce and sell organic produce, in the long-run, Select one: a. The equilibrium price is likely to increase, and profits are likely to remain unchanged. b. The equilibrium price is likely to remain unchanged, and profits are likely to increase. c. The equilibrium price is likely to decrease, and profits are likely to decrease. d. The equilibrium price is likely to increase, and profits are likely to increase. e. Both the equilibrium price and quantity are likely to remain unchanged.How does technological advancement affect short and long demand?
