logo

Crowdly

ECON-1010-D1/D2-Introduction to Microeconomics

Looking for ECON-1010-D1/D2-Introduction to Microeconomics test answers and solutions? Browse our comprehensive collection of verified answers for ECON-1010-D1/D2-Introduction to Microeconomics at moodle.uleth.ca.

Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!

Which of the following scenarios best represents a monopoly situation?
0%
0%
100%
0%
0%
View this question
Taking competitive rent seeking activity into account, the social cost of monopoly is equal to the
0%
0%
0%
0%
100%
View this question
Why do natural monopolies differ from other forms of monopoly?
0%
0%
0%
0%
100%
View this question

Use the figure to answer the following six questions about a firm in monopolistic competition.

To maximize economic profit, this firm produces units per week.

To maximize economic profit, this firm will charge a price of $ per unit.

At the profit-maximizing output level, the firm makes an economic profit of $ .

At the profit-maximizing output level, the firm's markup is $ per unit.

If the firm produced the efficient quantity, it would produce units per week.

At the profit-maximizing output level, the firm has excess capacity of units per week.

View this question
The four-firm concentration ratio in an industry is 80 percent. Total sales in the industry are $870 million and total economic profit in the industry is $610 million

. Normal profit for each firm is zero.

From this information we know that total sales from the four largest firms is

$ million.
View this question
The next two questions refer to the following table:

1) The four-firm concentration ratio for taco stands is %

.

2) The four-firm concentration ratio for pizza sellers is %.
View this question

Use the figure to answer the following six questions about a firm in monopolistic competition.

To maximize economic profit, this firm produces units per week.

To maximize economic profit, this firm will charge a price of $ per unit.

At the profit-maximizing output level, the firm makes an economic profit of $ .

At the profit-maximizing output level, the firm's markup is $ per unit.

If the firm produced the efficient quantity, it would produce units per week.

At the profit-maximizing output level, the firm has excess capacity of units per week.

View this question

Use the figure to answer the following six questions about Smart Dagi Inc., a firm in monopolistic competition that produces calculators.

To maximize economic profit, this firm produces calculators per day.

To maximize economic profit, this firm will charge a price of $ per calculator.

At the profit-maximizing output level, the firm makes an economic profit of $ .

At the profit-maximizing output level, the firm's markup is $ per calculator.

If the firm produced the efficient quantity, it would produce calculators per day.

At the profit-maximizing output level, the firm has excess capacity of calculators per day.

View this question

Use the figure to answer the following six questions about Smart Dagi Inc., a firm in monopolistic competition that produces calculators.

To maximize economic profit, this firm produces calculators per day.

To maximize economic profit, this firm will charge a price of $ per calculator.

At the profit-maximizing output level, the firm makes an economic profit of $ .

At the profit-maximizing output level, the firm's markup is $ per calculator.

If the firm produced the efficient quantity, it would produce calculators per day.

At the profit-maximizing output level, the firm has excess capacity of calculators per day.

View this question
The next two questions refer to the following table:

1) The four-firm concentration ratio for taco stands is %

.

2) The four-firm concentration ratio for pizza sellers is %.
View this question

Want instant access to all verified answers on moodle.uleth.ca?

Get Unlimited Answers To Exam Questions - Install Crowdly Extension Now!