What are the economic benefits of perfect competition compared to a monopoly?

Q: Draw the normal form representation of this game.  Identify the key aspects of the game. b. Identify…

A: Game theory is the study of interactive decision-making, where the outcome of one player is…

Q: 4.Average variable cost is found by dividing..............      a. variable cost by output      b.…

A: We know that,  Average variable cost  is the variable cost per unit.

Q: Suppose there is a remote stretch of highway along which two restaurants, Last Chance Café and…

A: Nash Equilibrium The Nash equilibrium is a steady state in game theory where no player can earn from…

Q: A farmer can either invest in irrigation for their farm or not.  There's a 30% chance that they will…

A: The game in an extensive form refers to the specification of a game in the study of game that allows…

Q: Which one of the following can increase the estimate of damages caused by a particular pollutant? O…

A: Introduction: Economic damage: Financial losses that can be objectively verified as having occurred,…

Q: Suppose that a company needs new equipment, and that the machinery in question earns the company…

A: Present value is the current value of the upcoming cash, accessible at a discount rate of interest.…

Q: Which of the following is not a valid economic argument for​ protectionism? A. infant industry…

A: Protectionism is an economic situation when the trading forces in the domestic country are protected…

Q: 1. A regulator is charged with determining the length of a patent on new intellectual property, a…

A: Creations, works of art and literature, inventions, symbols, pictures and brands used in commerce…

Q: Find Alonso's optimal consumption and utility at these prices and income. gc = gc 20, 9p = о дс O gc…

A: Utility function shows the level of satisfaction derived from the consumption of goods.  Budgets…

Q: Suppose that Ruby's employer offers a retirement plan. Ruby decides to invest $350 per month into…

A: A savings plan is a kind of insurance plan in which individuals can accumulate the funds that they…

Q: Suppose that a production function of a firm is given by q = f(1) = 2√1. It depends only on labor,…

A: For a price taker firm, prices on which it sells its output and the price on which it buys the…

Q: In this table, the average cost of producing 300 units of output is: a b IPCSB.13 с d Selected…

A: In economics, average cost or unit cost is equivalent to total cost (TC) divided by the quantity of…

Q: Draw a diagram for a perfectly competitive industry with firms earning normal profits in the long…

A: Perfectly competitive market is the one where there is homogeneous product prevailing in the market…

Q: Describe the key assumptions that characterize a perfectly competitive market and explain the profit…

A: Perfectly competitive market refers to market in which there are many sellers that sell or deal in a…

Q: economic losses or profits and production either more or less than the amount at which costs are a…

A: Monopoly refers to the market where a single firm exists in the market. The single firm is price…

Q: Discuss how differences in discount rates or in ability across workers lead to differences in…

A: The term "discount rate" refers to the rate of interest used to calculate an investment's "net…

Q: Which of the following properties of a commodity are related to is function as a medium of exchange…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their…

A: Given that, Kara's cost per ton = $6 Kyle's cost per ton = $10 Market price of sockeye salmon = $14…

Q: The economy has part time workers of 40 million people, and full time workers of 140 million people.…

A: According to the Bureau of Labor Statistics, people employed for part-time jobs are considered to be…

Q: Based on the following game, where firms A and B must independently decide whether to charge high or…

A: Here a dominant strategy is one which i played by the player irrespective of the strategy that is…

Q: Which of the following statements is correct? a. Marginal external cost equals marginal private…

A: Externality is the external cost or benefits that is borne by the third party.  Positive externality…

Q: Firm A Firm B Low Price High Price Low Price 5,5 6,3 High Price 3,6 7,7 What is/are the Nash…

A: The Nash equilibrium is a decision-making theorem within game theory that states a player can…

Q: Now assume we can derive an economic analysis from the biological relationship. Fisherman select the…

A: Revenue in Economics is the earnings that an entity earns from its normal business operations, it is…

Q: What is the marginal cost of labor for a firm that operates in a competitive labor market?

A: "since you have posted a multiple questions , we will. Solve first question for you. If you want…

Q: With COVID 19, the economy is experiencing unprecedented territory; businesses have to accommodate…

A: The aggregate demand curve (AD) shows the quantities demanded of all the goods and services in an…

Q: ne practical limitation with Keynesian economics is the challenge of implementing active economic…

A: The numerous macroeconomic theories and models of how aggregate demand significantly affects…

Q: Refer to the figure, suppose the government imposes a tax of PP". Total surplus after the tax is…

A: Total surplus is the summation of the consumer surplus and producer surplus.

Q: What are the Hicksian Demands? ○ hx (Px, Py, U) = 0 and hy (Px, Py, U) = U hr (Pa, Py, U) = = and hy…

A: Gina has perfect utility function for good x and good y. With given prices px and py for x and y

Q: What happened to the savings rate of developing countries in Asia and the Middle East in the late…

A: The savings rate refers to the percentage portion of the disposable income that consumers keep as…

Q: Suppose that the required reserve ratio is 10 percent and you withdraw $25,000 from Comerica Bank.…

A: Reserve are the part of deposit that is kept out of deposit by the bank.  Reserve is the product of…

Q: As a manager of a chain of movie theaters that are monopolies in their respective markets, you have…

A: Price strategies are the strategies and methodologies companies utilize to decide the rates they…

Q: please use the DDB method  A firm is trying to decide whether to keep an item of construction…

A:

Q: When marginal cost curve is below an average cost curve, marginal cost O may be increasing or…

A: There is a significant relationship between the marginal cost curve and average cost curve as the…

Q: Match the definition with the term provided.

A: The above definitions are matched with respect to US financial system

Q: Describe the role that property rights, prices, and profit and loss play in promoting economic…

A: Economic Development is projects, policies, or activities that seek to refine the economic…

Q: Consumption $550 Investment $200 Exports $60 Imports $90 Government Spending $100 Taxes $70…

A: GDP is a measure of all value added created inside an economy. The gross domestic product, or GDP,…

Q: 37. Suppose that Second Republic Bank currently has $200,000 in demand deposits and $130,000 in…

A: Reserve are the part of deposit that is kept out of deposit by the banks.  Reserve is calculated by…

Q: Possibility A B C D Lemonade (L) (units) 45 30 15 0 Consider the above PPF. Which of the following…

A: PPF is the production possibility frontier.  It shows the maximum production possibility that can be…

Q: explain the formula in the picture and what the elements stand for?   Please answer fast

A: The total amount of money created by central banks in an economy is known as monetary base. It is…

Q: Use the figure below to answer the following question. Price $42 $15 $12 $11 $6 $2 36 40 Sux…

A: Consumer surplus is the area below demand curve and above price.  Producer surplus is the area below…

Q: When the price of oil was $95 per barrel, in the country of Wherever, 21,000 barrels of oil were…

A: Price elasticity of supply is defined as the percentage change in quantity supplied caused by a…

Q: If Snapface prices high, Instashot will make more profit if it chooses a price. chooses a If…

A: In a duopoly, two firms compete with each other in the market. The firms move as per their…

Q: QUESTION 46 Ahypothetical economy has private savings of $6017, domestic investments of $1303, and…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: 30 Suppose now that there is no sale tax and p How much money does Gina need to spend in order to…

A: Given  Gina likes 3 T-Rex's as much as she likes 4 yaks and T-Rex's ad Yaks are the perfect…

Q: Consider the above table. What is the marginal product of the 2nd worker? O 18 O 20 O 40 O 22

A: The total product of labour is the sum of the prices of all the commodities and services generated…

Q: If new firms enter a monopolistically competitive industry, what happens to the demand for the…

A: If the existing firm in a monopolistically competitive industry makes a positive economic profit in…

Q: By having such an influence on the economy, the Fed also indirectly affects your home's value and…

A: functions of Federal reserve are Conducting monetary policy – The federal reserve aims to conduct…

Q: The demand for labor for a firm operating in a perfectly competitive output market equals ____. The…

A: * ANSWER :-  Based on the given information the answer is given in following steps

Q: Suppose you find the demand (Qd, as thousands) and supply (Qs, as thousands) for long-haul truck…

A: Equilibrium is achieved at the output level where quantity supplied equals quantity demanded.

Q: Consider the polynomial regression model Y₁ = Bo + B₁X₁ + B₂X² + u₁, which of the following is true?…

A: The regression model shows the relationship between two or more variables where one is a dependent…