omobile industry is , in monopolistic competition because brand names are import
ID: 1128880 • Letter: O
Question
omobile industry is , in monopolistic competition because brand names are important b. in monopolistic competition because it has economies of scale c. in monopolistic competition for legal reasons d. an oligopoly because each firm must produce a large amount of output before it can achieve low average costs e. an oligopoly for legal reasons CHAPTER 11 - Resource Markets 1. Resource owners supply resources in ways that a. maximize their utility b. maximize their income c. minimize the amount of work d. maximize the amount of work e. maximize the demand for their resource 2. As the price of a resource (e.g., labor) decreases, a. demand for that resource increases b. the quantity demanded of that resource decreases c. the supply of that resource increases d. producers are more willing and able to hire that resource e. producers are less willing and able to hire that resource 3. A firm's demand for a resource is a(n) a. final demand b. derived demand c. secondary demand d. induced demand e. marginal demand 4. Economic rent is defined as a. b. c. d. e. the opportunity cost of a resource the payment to a resource in excess of its opportunity cost opportunity cost total earnings the part of a homeowner's housing that is included in GDP accountsExplanation / Answer
Answer:- why is the automobile industry considered
Correct Answer:- an oligopoly because each firm must produce a large amount of output before it can achieve low average costs
Reason:- Automobile industry has limited number of players and need to produce huge quantity of products
Answer:- Resource owners supply resources in ways that
Correct Answer;- Maximize their utility
Reason:- Resources are supplied to maximize the utility
Answer;- as the price of a resource (e.g. labor) decreases
Correct Answer:- demand for that resource increases
Reason:- Law of demand takes its implementation
Answer:- economic rent is defined as
Correct Answer:- the payment to a resource in excess of its opportunity cost
Reason:- Economic rent is the price paid to the owner above the its normal price
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