X4 TRUE OR FALSE? A decreasing costindustry has a long run supply curvethat is upward sloping.

In a market, decreasing cost industry refers to the one that has the ability o reduce its average…

Business

Economics

X4

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 20RQ: Are there fixed costs in the lung-run? Explain briefly.

See similar textbooks

Related questions

Q: 1.2.3 A more infectious and deadly COVID-19 variant is discovered 1.3 Do firms always pay wages that…

A: The highest wage in which a person is indifferent between working and not working. A person works if…

Q: Cost-effectiveness is a necessary condition of efficiency. Select one: O True O False

A: In simple terms, cost effectiveness means matching the worth of the result in contrast of its uses.…

Q: uppose that the economy is summarized by the following: Technology (Production Function): Yt = 10…

A: Steady state is reached where the per capita variables no longer change. The per capita income,…

Q: 1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its…

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

Q: Because of international competition, a company that manufactures high-speed submersible rotary…

A: The measure that depicts the value of a current asset at a date in the future that is being based…

Q: Given the following data on a simple closed economy: C= 10 +0.75 Y I = 20 G = 40 where C is…

A: Given information: C = 10 + 0.75Y ------------> Consumption function I = 20…

Q: Clarify why companies may need to use modes other than exporting to operate effectively in…

A: The modes other than exporting are: 1. Franchising and licensing 2. Strategic alliances 3.…

Q: Demand for $NZ will rise if Select one: a.New Zealand imports increase. b.New Zealand exports…

A: Demand for a country's currency is derived in following cases: When there is a demand for the export…

Q: 10 If the equilibrium price for tickets to a a Shakira concert is $130 each and she sells them for…

A: Here, it is given that the market equilibrium price of a ticket to Shakira concert is 130, while…

Q: Josh is lost in the desert. He determines that he would pay $50 for a bottle of cold Gatorade. He…

A: Given: Price that Josh is willing to pay = $50 Consumer surplus that he realized (CS) = $47.25

Q: J8

A: The sampling method is a technique in which all the elements of population has the equal chance to…

Q: 4. If Lino would like a Net Profit of 300,000 pesos, how many units should he sell? 5. What is the…

A: The standard form of demand function is Q = a - b P The standard form of supply function is Q = a +…

Q: Problem Solving: Copy the questions and analyze the following demand problem. Answer Emphasize the…

A: Demand refers to the quantity that a consumer wishes to purchase at a given price in a given period…

Q: d. Solve for the price consumers are willing and able to purchase at 1,000 units? e. What is the law…

Q: H8

A: Inflation rate = 3.5% Number of years

Q: Pricing at Montoya Steelworks Montoya Steelworks Montoya Steelworks is a fully integrated steel…

A: Monopoly is the market situation where a single seller or producer of a certain good exists in the…

Q: D D Question 30 Find the tax burden on sellers per unit of quantity. Answer: The tax burden on…

A: A sales tax paid by buyers shifts the demand curve, while a tax paid by sellers shifts the supply…

Q: If you borrow money from your friend, Ned, with simple interest of 12%, find the present worth of…

A: Simple interest formula: A = P(1+rt) Where A is the final value P is the initial value (or present…

Q: Product Pineapple 2021 Price 600 2021 Quantity 5 . Solve for the Real GDP using 2022 as the base…

A: Nominal GDP is also Money GDP. Nominal GDP is described as the monetary value of all finished…

Q: Assume there are two periods: today (0) and tomorrow (1) and that, after tomorrow the world comes to…

A: Total benefits in each period : B(qt) = 10 q - 0.5q2 Cost of extraction = 2q Discount rate = 10%…

Q: Changes in the food industry

A: ANSWER: The correct option is (B) Change in the food industry Explain:- New junk…

Q: True or false? Basic economic concepts can be used to understand the pricing of products.

A: Goods and services are produced by bring together various factors of production. These factors of…

Q: Problem Solving: Copy the questions and analyze the following demand problem. Answer Emphasize the…

A: Demand refers to the quantity that a consumer wishes to purchase at a given price in a given period…

Q: 5. I need help answer please

A: Contractionary fiscal policy:- When the government either slashes expenditure or hikes taxes, it is…

Q: roducuvay explainis____ of the unferences in per d. Two thirds e all

A: *Answer: Explanation: Total factor productivity (TFP) is a measure of economic efficiency and…

Q: wers with a double rule. is one of countries which is considered as large producer of rice in Asia.…

A: *Answer:

Q: The diagram belows shows the demand curve and marginal cost curve (shown in red) for a monopolist.…

A: The cost of market inefficiency, which happens when supply and demand are out of balance, is known…

Q: Production and consumption of Smartphones and Smart cars for the Republic of Westein and Republic of…

A: The Economic transaction of goods and services in between the countries is international trade.

Q: Reducing the cost-of-living increase for Social Security recipients would dramatically and…

A: Two measures that would drastically and permanently cut down on government spending are: • lowering…

Q: 3. A firm has a production function, q = k0.5 10.5, where q is daily output (in kilogram) and I and…

A: We are given: Production function: Q = k0.5 l0.5k = 40 (as it is short run)Per unit cost of capital…

Q: II. PROBLEM SOLVING: Product Pineapple 2021 Price 600 2021 Quantity 5 1. Solve for the Real GDP…

A: There are two type of GDP: 1. Nominal GDP (Money GDP) 2. Real GDP

Q: Choice DRUMS A B C D E 30 25 20 15 10 5 0 0 On the following graph, use the blue points (circle…

A: Opportunity cost refers to the sacrifice of the second best alternative when one particular…

Q: Determine the current yield on a bond with a $200 annual interest repayment as well as a $1,550…

A: Bonds are a type of debt instrument that stand in for loans given to the issuer. Bonds are a…

Q: If a McDonald's Happy Meal costs $3, how many Happy Meals per week c Instructions: Round your…

A: Given information: A McDonald's Happy Meal costs $3 France's Per Capita income (in 2016) = $38,477…

Q: List four argumnets that favor a central Bank that is brought under the control of goverment

A: A central bank is a national institution that offers banking and financial services to other…

Q: The PAE is the quantity of spending anticipated by group of potential solutions 1. All households…

A: The total planned spending influences the economy's employment and real GDP levels.t he economy's…

Q: Question Consumers ratings for a FAB Lawnmower range from one star (strongly dislike) to five stars…

A: The consumer ratings are always a combination of count of ratings and the ratings ( ranging from 1…

Q: You are given the function y=11−1.5x. The slope of the equation is enter your response here.…

Q: In the 1950s, Walt Disney began to plan the development of a theme park that would eventually become…

A: Development: Development means an increase in the size or pace of an economy so that more products…

Q: A firm produces two goods in pure competition and has the following total revenue and total cost…

A: Given: The total revenue function is TR = P1Q1 + P2Q2 The total cost function is TC = 2Q12 + Q1Q2…

Q: 5. Consider the Solow growth model. The production function is: Y = Ka (AN)¹-a, the saving rate is…

A: Solow Model of Economic Growth is an exogenous growth model where it studies how capital…

Q: No government can sustain or effectively operate without it's powers. Enumerate and discuss each of…

A: Inherent powers are powers of a division of government not particularly listed in the constitution.…

Q: Firms Markets for Goods and Services Markets for Factors of Production Based on this model,…

A: The circular-flow diagram is a graphical representation of the flows of goods/services and money…

Q: Let the global demand q (in thousand-tonnes per day) for one partic- ular metal be related to the…

A: Given information: p = D(q) = 501-0.01q Where p is the price in thousand dollars per tonne q is…

Q: Explain what is meant by the Income and Substitution Effects? With the help of standard Indifference…

A: The interaction between the income and substitution effects will determine how the quantity required…

Q: Introduce supply chain and identiy relevant economic problems and contracting processes to your…

A: The network of all individual organizational actions and technological components involved in the…

Q: II. PROBLEM SOLVING: Product Pineapple 2021 Price 600 2021 Quantity 5 1. Solve for the Real GDP…

A: Gross domestic product refers to the total value of all the goods and services produced in a country…

Q: How does an increase in wealth effect the price level and real GDP?

A: An accumulation of valuable economic resources that may be valued in terms of physical products or…

Q: According to the globalist viewpoint, organisations like the United Nations and International…

A: With its headquarters in Washington, D.C., the International Monetary Fund (IMF) is a United Nations…

Q: Employee compensation in the form of health insurance is currently subject to personal taxation,…

A: Introduction Insurance Insurance is one way to manage risk. When you buy insurance, you are buying…

Question

TRUE OR FALSE? A decreasing cost
industry has a long run supply curve
that is upward sloping.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?
Are there fixed costs in the lung-run? Explain briefly.
What are the short-run and long-run costs of the production of Walmart?
What are Sunk Costs?
Dr. D. is a critic of standard microeconomic analysis.In one of his frequent tirades, he was heard tosay, ‘‘Take the argument for upward-sloping,long-run supply curves. This is a circular argumentif I ever heard one. Long-run supply curves aresaid to be upward sloping because input pricesrise when firms hire more of them. And that occursbecause the long-run supply curves for theseinputs are upward sloping. Hence, the argumentboils down to ‘long-run supply curves are upwardsloping because other supply curves are upwardsloping.’ What nonsense!’’ Does Dr. D. have apoint? Explain clearly.
Explain the fact that the short-run supply curve for a price taking firm is that segment of its marginal cost (MC) curvethat lies above the average variable cost curve?
An increase in the cost of an input will cause the supply curve of the output to shift left. a. True b. False
What is the shut-down condition? a..A condition stating when a firm should cease to operate and produce nothing because profits are maximized when not producing b.A condition saying when the school should shut down due to public health concerns c.In the short runthe shut down condition is TR
Suppose that a firm has increasing marginal cost, and a positive fixed cost. What happens to minimum effcient scale if the xed cost increases
The figure is not finished but how will you draw the long run equilbirum at the price of $100 on this?
Define the term "sunk costs" and illustrate with an example. View keyboard shortcuts
Graph the long-run supply curve for this market, with specific numbers on the axes as relevant