šŸ·ļø LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION ā†’
Log in
Economics
1
answer
0
watching
53
views

Which major factor of economic theory do behavioral economists question?

a. Supply and Demand

b. Monopolies

c. Interest rates always increasing with term length

d. Objective probabilities in assessing expectation

e. Rationality

Watch
1
answer
0
watching
53
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Mahe Alam
Mahe AlamLv10
16 Sep 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

1. Which of the following allows a competitive firm to exercise monopoly power?

a. Control over some significant factors of production.

b. Production of a homogenous commodity.

c. Always maximizing profit.

d. Increasing industry-wide average costs

Ā 

2.Ā Which of the following statements is true about monopolies?

a. Monopolies always earn economic profits.

b. If the price falls below the minimum AVC, the monopolist shuts down its plant.

Ā 

3.Ā If a monopolist is practicing third-degree price discrimination:

a. Customers with lower elasticities of demand will be charged the same price as customers with higher elasticities of demand.

b. Customers with lower elasticities of demand will be charged lower prices than customers with higher elasticities of demand.

c. It must allow arbitrage to occur.

d. Customers with lower elasticities of demand will be charged higher prices than customers with higher elasticities.

Ā 

4.Ā Economist Gordon Tullock suggests that monopolists may use up their ______________ to engage in rent-seeking behaviour.

a. Marginal revenue

b. Deadweight loss

c. Economic profits

d. Marginal costs

In macroeconomics, the game theory focuses on the strategic interactions between which of the following groups of agents?

a. Individuals, firms, and policymakers.

b. Academic economists and business economists.

c. Individuals, firms, and economic forecasters.

d. Individuals and firms.

e. Policymakers and economic forecasters.

Ā 

32. Which of the following is not a difference between monopolies and perfectly competitive markets?

A. Monopolies face downward sloping demand curves while perfectly competitive firms face horizontal demand curves.

B. Monopolies charge a price higher than marginal cost while perfectly competitive firms charge a price equal to marginal cost.

C. Monopolies can earn profits in the long run while perfectly competitive firms break even.

D. Monopolies choose to produce the quantity at which marginal revenue equals marginal cost while perfectly competitive firms do not.

40. Which of the following statements is not correct?

A. Both monopolies and monopolistically competitive firms can earn economic profits in the long run.

B. Both monopolistically competitive and perfectly competitive firms can earn economic profits in the short run.

C. Only competitive firms produce the welfare-maximizing level of output.

D. Firms in perfect competition, monopolistic competition, and monopoly maximize profits by producing where marginal revenue equals marginal cost.

43. A monopolistically competitive firm is currently producing 20 units of output. At this level of output the firm is charging a price equal to $20, has marginal revenue equal to $12, has marginal cost equal to $12, and has average total cost equal to $18. From this information we can infer that

A. the profits of the firm are negative.

B. firms are likely to leave this market in the long run.

C. the firm is currently maximizing its profit.

D. All of the above are correct.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in