1.an industry experiences a technological advance that improves productivity. th

Question

1.an industry experiences a technological advance that improves productivity. this change will result in a(n) A. Increase in marginal cost for firms in the industry and a decrease in the industry supply curve B. decrease in marginal cost for firms in the industry and a decrease in the industry supply curve C. decrease in marginal cost for firms in the industry and an increase in the industry supply curve D. increase in marginal cost for firms in the industry and an increase in the industry supply curve 2.barriers to entry: A. usually result in pure competition B. can result from government regulation C. exist in economic theory but not in the real world D. are typically the result of wrongdoing on the part of a firm 3.Suppose a monopolist produces output where total revenue is maximized. At that output, the price elasticity of demand for the monopolist's output is: A) greater or equal to one. B) less than one. C) equal to one. D) impossible to determine. 4.which statement is correct? A. in the short run the pure monopolist will maximize total profits by producing at that level of output where the difference between price and average total cost is greatest B.in the short run the pure monopolist will charge the highest price it can get for its product C. because of its ability to administer prices, the pure monopolist can increase its price and increase its volume of sales simultaneously D.pure monopolists do not always realize economic profits 5.Electric utilities generally charge higher prices for electricity used for illumination and lower prices for electricity used for heat. These lower prices for electric heat result primarily from: A. the existence of good heating substitutes. B. economies of scale in electric heat generation. C. prices for electric heat being set at the socially optimal level. D. strict government regulation of the price charged for electric heat. 6.a major difference between pure competition and monopolistic competition is that under pure competition: A.individual firms have more elastic demand curves B.the market demand curve is less elastic C. there is a smaller number of producers D.there are barriers to entry

Explanation / Answer

C, B,A,C,D,A

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.