s a monopolist in the market for skin-care products for werewolves. The firm\'s
ID: 1128027 • Letter: S
Question
s a monopolist in the market for skin-care products for werewolves. The firm's tia Copermease (i.e, its entire marginal-cost curve shifts upward). How will the firm change its ie as a result? (Hint: Draw the graph.) ead Huannin Corporation will reduce price and increase quantity of output. Lupin apin Corporation will reduce price and decrease quantity of output. Lupin Corporation will increase price and reduce quantity of output. a. the change in the wage rate as a result of hiring one additional worker. c. the marginal product of labor, multiplied by the firm's marginal revenue. Lupin Corporation will increase price and leave quantity of output unchanged. Lupin Corporation will increase price and increase quantity of output. c. e 8. The marginal revenue product of labor is b. the quantity of output, divided by the number of workers. d. e. an upward-sloping curve all of the above. 19. There is a decrease in the demand for felt-tip pens (i.e., the demand curve for felt-tip pens shifts to the left). As a result, what will happen to the equilibrium price and quantity of felt-tip pens? a. Equilibrium price will increase, equilibrium quantity will increase. b. Equilibrium price will increase, equilibrium quantity will decrease. c. Equilibrium price will decrease, equilibrium quantity will increase. d. Equilibrium price will decrease, equilibrium quantity will decrease. e. Nothing will happen. 20. Profit per unit of output is equal to a. price. b. marginal cost. c. average total cost. d. price minus marginal cost. e. price minus average total cost. 21. Which of the following will occur as a result of a tariff? a· The gross-of-tariff price paid by buyers in the importing country will increase. b. The net-of-tariff price received by sellers in the exporting country will decrease. c. The quantity of imports will be reduced. d. All of the above. e. (a) and (c) only.Explanation / Answer
Question 20:- (Option B) A. Profit per unit of output is simply the difference between the price the firm sells the good for minus the cost per unit of output (the ATC)
MR=MC
MR=P
MC=P
Question19:- (Option D) Due to the shift of demand curve to the left, The equilibrium prices will decrease and the equilibrium quantity will also decrease.
Question21:- (Option D) All of the Above
Question18:- (Option C) is marginal product of labor multiplies by firms's marginal revenue.
MRPL= Marginal product of labor * Marginal revenue
Question17:- (Option E) As a result of increased marginal cost, Lupin corporration will increase price and reduce the quantity of output.
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