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As a result of a kinked a. fluctuates. b. falls below the kink. c. settles at the kink. d. rises above the kink. |
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- Exercise 3.5. Pablo, Dirk and Franz run the only bar in town. Pablo wants to sell as many drinks as possible without losing money. Dirk wants the bar to bring in as much revenue as possible. Franz wants to make the largest possible profits. Using a single diagram of the bar's demand curve and its cost curves, show the price and quantity combinations favoured by each of the three partners. Explain.Research on the following and discuss the following, present the necessary illustration: a. kinked demand curve b. Game theory c. predatory pricing d. market efficiencydefine and discuss the following, present the necessary virtual illustration: a. kinked demand curve b. Game theory c. predatory pricing d. market efficiency
- In which type of market, monopolistic or competitive market, is the equilibrium market price lower? Why?Which of the following gives the customers better products that are not offered by other competitors? Select one: a. Competitive advantage b. Branding c. Advertisements d. Marketing StrategyResource pricing A. is monopolistically determined. B. is used to reduce income inequality. C. determines people’s incomes. D. cannot be predicted.
- Explain the following. i. Price Consumption Curve ii. Marginal Rate of substitution iii. Oligopoly iv. Price discriminationa. Suggests why prices tend to stay rigid b. Illegal in the United States. c. Suggests that oligopolies sometimes choose not to profit maximize |d. Suggests that firms make decisions not in their best interests because they are not allowed to cooperate. Choices. Game theory Revenue maximization Collusion/cartel Kinked demand curveA market tends to be monopolistic if a. The good has too many substitutes b. The good has very few substitutes c. There are too many rivals d. The good has too few complements
- Arbitrage is the act of profiting from price differences that may exist across regions or time and ensures the force of one price. A. True B. FalsePrice The graph below depicts the market demand curve faced by a hypothetical cartel operating in the US. Use the graph to highlight the area that represents the profits earned by the cartel. 100 90 80 70 60 50 40 30 20 10 0 0 D B Profit C A Marginal cost average cost Market demand Marginal revenue 1000 2000 3000 4000 5000 6000 7000 8000 900010000 Quantity If the US government decides to break up the cartel. Which of the following pieces of legislation could the cartel be prosecuted under? The Sherman Antitrust Act The First Amendment The Dodd Frank Act The Glass Stegall ActMonopolistically competitive firms are considered inefficient in allocating society’s resources for which of the following reasons? Group of answer choices a. Firms exhibit significant market power and therefore the number of firms in the industry is strictly limited. b. In equilibrium, the marginal benefit exceeds the price charged by the firms. c. In long-run equilibrium, the firm is earning economic profits. d. In equilibrium, the marginal benefit exceeds the marginal cost of production. e. In equilibrium, the marginal benefit exceeds the marginal cost of production.
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