4 When I'MaGoldMiner chooses what quantity of gold each of its mines will produce over the next 12 months,this quantity, along with the prices prevailing in the market for output and inputs, will do which of thefollowing?ADetermine the company's total revenue, total costs, and profitsHave no effect on the market forces of demand and supplyCONo longer be dictated by the forces of demand and supplyDODetermine the company's annual revenue, variable costs, and profits 5 Which term is synonymous with a perfectly competitive firm?AOligopolyBOPrivate enterpriseCOPrice takerDOMonopoly

Since you have asked multiple question, we will solve the first question for you. If you want any…

When I'MaGoldMiner chooses what quantity of gold each of its mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will do which of the following? Determine the company's total revenue, total costs, and profits B Have no effect on the market forces of demand and supply No longer be dictated by the forces of demand and supply DO Determine the company's annual revenue, variable costs, and profits

When I'MaGoldMiner chooses what quantity of gold each of its mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will do which of the following? Determine the company's total revenue, total costs, and profits B Have no effect on the market forces of demand and supply No longer be dictated by the forces of demand and supply DO Determine the company's annual revenue, variable costs, and profits

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 4SCQ: Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the...

See similar textbooks

Similar questions

What offect would an increase in the cost of materials used to produce cars have on the supply of cans? O Increase O Decrease
Time left 0:56:44 All of the following except one would increase the amount of a particular model of a Ford automobile that buyers would like to buy. Which is the exception? Select one: O a. an increase in buyers' incomes O b. increased prices of other Ford models an expected future increase in the price Ос. O d. a decrease in the price of steel an increase in the population O e. Next ge eg IMG_7969.jpeg JPEG
15.Over time, housing shortages caused by r ent control AREA MAJID A increase, because the demand and su PAREA MAJID pply curves for housing are more inela stic in the long run. MAJID B decrease, because the demand and s MAJID upply curves for housing are more inel astic in the long run. C change very little since price is not all owed to adjust. AD D increase, because the demand and su pply curves for housing are more elas tic in the long run.
You are working for the chiefeconomist at Microsoft. Microsoft’s only significantcosts to producing and distributing a new version itit’s operating system is $30,000 in wages to itsemployees, $15,000 in computer testing, and$5,000 in utilities. Microsoft’s marketing department estimates that thedemand a new version it it’s operating system is Q = 320 – 0.5 P, with Pmeasured in dollars.What price should Microsoft charge for a new version it it’s operatingsystem? What profit should Microsoft expect?
The cost of producing flat-screen TVs has fallen overthe past decade. Let’s consider some implications ofthis fact.a. Draw a supply-and-demand diagram to show theeffect of falling production costs on the price andquantity of flat-screen TVs sold.
Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?
A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?
We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you show this graphically?
The figure belov ws suppl i demand curves for bread. Sty gl 25 De O 1 00 2000 1000 4000 so00 4000 7000 KO00 R00 10.000 Quantity of loaves Q You will not be given credit unless you provide a detailed explanation for the following questions! a) What are the equilibrium price and the equilibrium quantity in the bread market? How can you tell? b) 2.5 euros. Is there excess supply or excess demand in the bread market when the price of bread is 2.5 euros? Why? Explain how price, quantity demanded and quantity supplied will adjust to reach equilibrium when the price is c) change as resuit. Initially, the bread market is in equilibrium. Suppose that there is technological improvement in the production process of bread. Explain how supply and demand curves, equilibrium price and equilibrium quantity
What is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costs
The figure belov WS suppl i demand curves for bread. Spplyginal con 35 30 25 00 O 1 00 2000 1000 4000 so00 4000 7.000 LO00 R000 10000 Quantity of loaves Q You will not be given credit unless you provide a detailed explanation for the following questions! a) What are the equilibrium price and the equilibrium quantity in the bread market? How can you tell? Is there excess supply or excess demand in the bread market when the price of bread is 2.5 euros? Why? Explain how price, quantity demanded and quantity supplied will adjust to reach equilibrium when the price is b) 2.5 euros. Initially, the bread market is in equilibrium. Suppose that there is technological improvement in the production process of bread. Explain how supply and demand curves, equilibrium price and equilibrium quantity change as result.
In the market for a nonrenewable natural resource, the equilibrium price is the price that gives suppliers an expected profit equal to the The equilibrium quantity is OA. interest rate; constantly decreasing OB. inflation rate; constantly decreasing C. inflation rate; equal to zero in the long run D. inflation rate; the quantity demanded at that price E. interest rate; the quantity demanded at that price J % 5 6 3 Oll & 7 8 9 0 Next T tact L +