Which of the following best illustrates the concept of a competitive market equilibrium? Persistent shortages of physicians practicing in rural areas Long-run economic profits approaching zero in long-term acute care hospital markets Excess capacity of hospital beds in large cities Monopoly pricing for brand-name prescription drugs

Question 26 The economic entity most likely to engage in price gouging is the manufacturer of the product, such as a Honda generator. a national big-box store, such as Target or Walmart. a local, regular supplier of the product. an individual or business who has a supply of the product somewhere else. a local resident who wants to get rid of his or her own product.

Because of producer–producer rivalry, the price will tend to   Multiple Choice   rise up to the maximum price the consumers are willing and able to pay.   be the same as the monopoly price.   be driven to a lower price.   be the same as the competitive price.

the answers shown for the part c are incorrect

A university’s students have demand for credit hours given by q = 30 – 0.04p, where p is the price per credit hour. a) If the university charges only one price for credit hours irrespective of the number of credit hours a student enrolls for, identify the price per credit hour that would maximize revenue for the university. b) If the university adopts a two-tier pricing structure, identify the structure that would maximize revenue for the university. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Theory and Evidence. Childcare is a sector that is heavily regulated because of the importance of ensuring child safety. The current price of childcare is $1200 a month. The government is concerned with this market: Evidence shows that young parents are not returning to work because they cannot afford childcare. The government conducts a randomized control trial of a new policy. In some randomly selected cities, the government mandates that childcare providers cannot charge more than $800 per month. Other randomly selected cities are left unaffected to serve as a control. In six months, the outcomes show that the number of children getting childcare has not changed, but that waiting lists for childcare have increased dramatically. (a) Can this outcome be reconciled with the theory of supply and demand? (b) Do you expect that outcomes will improve in the long run?

Which of the following is not an example of an entry barrier? Group of answer choices Capital needed to start business. Government licensing or franchising. Low production costs. Strong brand recognition. All of the above are barriers to entry.

In “Hot Dog Hail Mary,” they discuss how the original model served low-quality food at high prices. What must the vendors believe about the price elasticity of demand for concessions for this business model to make sense?

Moderna is a pharmaceutical company. If it receives a patent for a new medicine, which of the following will likely be the result? Group of answer choices lower quantities of output than without the patent. lower prices than without the patent. reduced incentives for pharmaceutical companies to invest in research and development. a product that is priced higher than it would be without the exclusive rights.