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A firma has market power if it cun
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
- 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 firmWrite a description of mechanic commodities include copper, car, ect market in supply and demand terms.A. How much is the fixed cost to produce the natural-organic oil? B. How many barrels of natural-organic oil should the firm produce to maximize its profit? C. How much is the price of the natural-organic oil per barrel? D. At what production level would the marginal cost exceed the average cost? E. How many barrels of natural-organic oil reflect the lowest minimum average variable cost?
- What is the firms profit or loss?How does technological advancement affect short and long demand?What specific data must a firm examine to decide the quantity of product it should produce to make maximum profit? How will the firm know if it should produce at all? How will the firm know if it mak a an economic profit?
- What is the profit of loss of firm A at the profit maximizing level of production.There 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.A monopolistʹs supply of a good is a. independent of the monopolistʹs demand curve. b. given by the portion of the monopolistʹs marginal cost curve that lies above its average variable cost curve. c. dependent on the monopolistʹs demand curve and its marginal cost curve. d. given by the portion of the monopolistʹs average variable cost curve that lies above its marginal cost curve.
- 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 correctClick 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 +How do we measure the Profit Margin on Sales?