In the past century, manufacturing facilities in the U.S. moved away from large market areas due to… increasing transportation costs and increasing wages in market areas. decreasing wages in market areas and weakening economies of scale in production in market areas. decreasing transportation costs and increasing wages in market areas. decreasing transportation costs and increasing economies of scale in production in market areas. increasing transportation costs and decreasing wages in market areas.

In the past century, manufacturing facilities in the U.S. moved away from large market areas due to… increasing transportation costs and increasing wages in market areas. decreasing wages in market areas and weakening economies of scale in production in market areas. decreasing transportation costs and increasing wages in market areas. decreasing transportation costs and increasing economies of scale in production in market areas. increasing transportation costs and decreasing wages in market areas.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Technology advancement causes Increase in output and decrease in price in the short run. Increase in output and increase in price in the short run. Decrease in output and decrease in price in the short run. Decrease in output and increase in price in the short run.
In the long run, in a competitive economy, companies use resources until the extra or marginal production costs are: 1. Less than the price of the product 2. Greater than the price of the product 3. Equal to the price of the product 4. Equal to your earnings
Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.
Which of the following would reduce the supply of microcomputers? a technological improvement that lowers the cost of producing the computers higher wage rates for the workers that assemble the computers a reduction in the price of computer chips used to produce the computers a reduction in the price of computers
A taxi company finds success in its city of operation. Due to this success, a new company comes into town to try and compete with the original company. What has the inclusion of this new company created, and what shift will it cause in the market? Decreased input price; increase in supply Increased number of sellers; increase in supply Decreased price of complement goods; decrease in demand Increased number of consumers; increase in demand
Pessimism (suggestion: draw the AS-AD diagram to help your analysis and start with the long-run and short-run equilibrium, i.e. the intersection of LRAS, SRAS and AD curves) Suppose the economy is in long-run equilibrium. Then because of corporate scandal, international tensions, and loss of confidence in policymakers, people become pessimistic regarding the future and retain that level of pessimism for some time. Refer to Pessimism. How is the new long-run equilibrium different from the original one? O 1) both price and real GDP are higher. 2) both price and real GDP are lower. 3) the price level is the same and GDP is lower. 4) the price level is lower and real GDP is the same.
When an industry's raw material costs increase, other things remaining the same, A) the supply curve shifts to the left B) the supply curve shifts to the right C) output increases regardless of the market price and the supply curve shifts upward D) output decreases and the market price also decreases
EXCLUDING PERFECT COMPETITION.Choose a particular market (for example the beverage industry, Fast food industry etc.) in Guyana. State what type of market structure the market you have chosen will be categorized as. Comment on the pricing and output decision in that market. Finally, what impact does the different types of market structures have on supply and demand.
The data below shows a tabulation on the production of a hypothetical product: Output (Q) Total Cost 0 25 1 32 2 38 3 42 4 48 5 58 6 67 7 78 8 98 Required: Use the data to answer the following questions: Determine Total Fixed Cost Average Variable Cost Schedule Marginal Cost Schedule Suppose this product is produced on a perfect market and the price of the commodity = 10. Determine the output Q that will maximize the profits. What is the Maximum profits achieved by the firm? (Show ALL your workings
The data below shows a tabulation on the production of a hypothetical product: Output (Q) Total Cost 0 25 1 32 2 38 3 42 4 48 5 58 6 67 7 78 8 98 Required: Use the data to answer the following questions: Determine Average Variable Cost Schedule Marginal Cost Schedule Suppose this product is produced on a perfect market and the price of the commodity = 10. Determine the output Q that will maximize the profits. What is the Maximum profits achieved by the firm?
Question 3 of 20 Total revenue is best described as the change in revenue when one additional worker is hired. variable cost per unit times the number of units sold. price per unit times the number of units sold. what economists assume firms seek to maximize. Suppose that the price of a coffee table is $85/table. Jim-Bob will sell 100 coffee tables at the flea market this month. It costs Jim-Bob $50 in materials and supplies to make each coffee table and $150/month to rent space at the flea market. These are all of Jim-Bob's costs. How much will Jim-Bob make in total revenue this month? Do not round your answer. $ How much profit will Jim-Bob make at the flea market this month? Do not round your answer. $
Suppose you observe that a particular business has earned positive profits over time and maintained a large share of the market. Which of the following is likely to be true? Group of answer choices Demand for the product is probably elastic The business must be engaging in price discrimination There is probably a barrier to entry preventing new firms from competing Supply must be inelastic Government intervention in this market is probably limited