Based on the graph showing equilibrium output and price for a monopolist, if a monopolist realizes it is producing at QM, it should ______.
a. reduce output to Q1
b. increase output to Q2
c. maintain output at QM
d. set output at QD
c. maintain output at QM
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Which of the following statements is true?
A) The type of institutions in a nation is considered a proximate cause of prosperity. B) Institutions determine the degree to which society accumulates factors of production and adopts new technology. C) Societal religious beliefs and existing social norms are key proximate causes of economic prosperity. D) Cultural and geographical factors that affect economic prosperity can be changed faster than the institutional factors that affect it.
Which of the following is NOT an example of ways in which microeconomic analysis can help Toyota Motor Corporation in its corporate decision making?
A.Forecasting demand for new automobiles B. Determining how many automobiles to produce in order to maximize profits C. Forecasting the effect of an oil price increase on demand for hybrid autos D. Predicting how competitors will react to the firm's pricing strategy E. Forecasting the effect of Toyota's hiring patterns on the U.S. unemployment rate
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. What is the equilibrium price and quantity produced by the industry as a whole?
What will be an ideal response?
Price floor
What will be an ideal response?