Question 7.7. Markets in which firms sell their output of goods and services are called resource markets. product markets. command markets. mixed markets.
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Question 7.7. Markets in which firms sell their output of goods and services are called resource markets.
product markets.
command markets.
mixed markets.
Step by step
Solved in 3 steps
- Which of the following is exchanged in the product markets? the profit earned by the local barber after employees are paid the wages paid to an employee at a fast food restaurant a coffee table that a consumer purchases from Walmart an oil company invests in new land located in the desertWhich market is most likely to be a competitive market? Multiple Choice the market for fiber optic internet the market for a gallon of milk the market for city gardens the market for train ridesIn 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
- 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. $In a perfectly competitive market, all producers sell goods or services. Additionally, there are buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price .The efficient market quantity is the quantity where Obenefit; cost minimum cost; marginal cost marginal cost; marginal benefit maximum benefit; marginal benefit equals
- The area under the supply curve represents _____. the fixed cost of producing the good or service the variable cost of producing the good or service the marginal value to the firm from producing the good or service the total revenue earned by the firm from selling the good or serviceA semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market. PRICE ( DOLLAR PER UNIT) QUANTITY DEMANDED (billions of units per year) QUANTITY SUPPLIED (billions of unit per year) 10 25 0 12 20 20 14 15 40 16 10 60 18 5 80 20 0 100 Due to the loss of competitiveness brought on by appreciation of the exchange rate and the high production costs, U.S.government reduce the export(or limit the supply of domestic producers) by imposing an export quota of 20 billion units per year. What happens to U.S. price of semiconductors, the quantity of semiconductors bought by U.S. people, and the quantity of semiconductors exported? use the equation to calculate the equilibriumIn a competitive market, firms sell homogeneous type of products. а. Т b. F
- ost functions and competitive markets Assume each firm in a competitive market (i.e., they produce the same homogeneous product) has the cost function C(Q) = 1500 + 20Q. The (entire) market faces the demand curve P(Q) = 220 – 0.5Q. What is the equilibrium price in this competitive market? What is the equilibrium quantity? (b)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.Which of the following is a FALSE statement regarding a Perfect Competition market? There are many buyers and sellers The market does not need to be a physical space Governments intervene with price controls when necessary Consumers act rationally and predictably regarding their decisions on prices