An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is total cost equal to when Q = 10?
What will be an ideal response?
C = 100 + (4 )(10 ) = 140
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According to Coase's analysis, when are private costs and social costs the same?
a. Always. b. When there are no transactions costs. c. When property rights are clearly defined. d. Never.
A country will import a good only if
a. there is excess domestic quantity supplied at the world price b. domestic quantity supplied is greater than world quantity supplied c. domestic quantity demanded is less than world quantity demanded d. domestic quantity demanded is zero at the world price e. excess quantity demanded is positive at the world price
In the long run, if new fringe firms with same cost structures as existing fringe firms enter the oligopoly market:
a. the dominant firm's ability to extract profit from the market decreases. b. the fringe's ability to extract profit from the market decreases. c. the fringe supply curve rotates leftward and downward. d. the dominant firm's residual demand curve rotates rightward.
Mark and John are 10-year-old twins who do not get along. They have opened separate lemonade stands and are competing with each other, selling lemonade on their block. Their mother observes that Mark is very good at making lemonade and John is an
excellent young salesman. She suggests they both could make more money if they worked together. John counters that two stands will always make more money than one. Who is right? Why?