bases of competition

Q: A firm produces output, measured by Q, which is sold in a market in which the price P = 20,…

A: Monopsony is a form of  market structure which is characterized by an infinite number of sellers and…

Q: The production function of the business is given by: (1) Q- 2L In the production function, Q is the…

A: Given production function :- Q = 2L w = 2L Demand function :- P = 100 - Q

Q: What are the characteristics of EACH of the TWO market structures? Characteristic Perfectly…

A: Perfectly competitive market and Monopoly market are two types of market structures.

Q: Suppose that the average cost to one firm to supply an entire market is less than the average cost…

A: Monopoly refers to a market structure which has only one firm. The firm produces unique product with…

Q: Walmart employs the majority of people in small rural town. It's demand for labor is given by…

A: The wage that maximizes consumer surplus is the highest price that the labor can achieve.…

Q: When free entry is one of the attributes of a market structure economic profits are     A.…

A: When free entry is one of the attributes of a market structure economic profit are eventually driven…

Q: Based on the literature ,demonstrate the differences between free competition and monopoly.  Refer…

A: "Market structures" relate to the various market factors that affect how sellers interact with one…

Q: We get a natural monopoly if the production of a good benefits from: a)Patent Protection…

A: Natural monopoly is a type of monopoly in which high start up costs is required.

Q: There are claims saying that free flow of trade prevents monopoly. However, free flow of trade may…

A: It refers to a market scenario in which there is only one single seller in the market who has all…

Q: Your answer to the previous question can be explained by the differences in the Marginal Cost and…

A: When talking about market for labor, there can be two types of market such as perfectly competitive…

Q: For a monopsony firm, draw two well-labelled graphs of marginal expense (as well as supply and…

A: In the above diagram, represents the effect of minimum wage on monopsony market. Intersection of…

Q: Nousaku estimates that the total daily revenue of producing q units of KAGO basket is (R(q) = (102 -…

A: Marginal revenue means the additional revenue earned from selling an additional unit of a good by a…

Q: List and then describe the four market structures we comapred and contrasted in class lectures.…

A: In economics a market can be defined as the sum total of all the buyers and sellers in a specific…

Q: Given the following parameters: Perfect Competition in Output Market Perfect Competition in Labour…

A: The wage is determined by the market forces of demand and supply. The equilibrium wage is equated…

Q: All of the following are examples of intellectual property rights, except: Select the correct answer…

A: Intellectual property (IP) alludes to manifestations of the psyche, like creations; abstract and…

Q: If a country both imports and exports vehicles, it is an example of a) Imperfect competition b)…

A: Intra industry trade: - Intra industry trade is the type of international trade in which a country…

Q: a firm in the airline industry has a marginal cost of $200 and charges a price of $300. What are the…

A: Marginal cost = $200 Price = $300

Q: Which statenment describes a monopoly? Many firms produce identical products with no control over…

A: A monopoly is a single firm in a market with no close substitute and faces the market demand curve…

Q: Should competition authorities prohibit vertical mergers that lead to higher input prices?

A: As the vertical mergers will diminish the cost of the final good. Henceforth, the competition…

Q: Under what conditions do economies of scale serve as an entry barrier? Do the same conditions apply…

A: A Firm achieves economies of scale when with an increase in the output its average cost falls. A…

Q: evidence of serious competition between firms in an industry? Can you identify two highly…

A: Firms are for-profit business, it has different ownership structures. It has different factors of…

Q: A firm produces output, measured by Q, which is sold in a market in which the price P = 20,…

A: Monopsony on the other hand, refers to the dominance over a market for goods and services by a…

Q: A commodity has a demand of Q = 30 - P and a supply of Q = -4 + P.  1. draw a graph that shows the…

A:

Q: Assume a hypothetical economy called the Land of the Wizard of Oz in which Industries are all…

A: Consumer surplus is the difference between the consumer's willingness to pay to what he actually…

Q: Can a monopsony exercise monopsony power if the supply curve it faces is horizontal? Why or why not?…

A: A monopsony is a market situation in which the monopsonist is the sole buyer. A monopsony, like a…

Q: Suppose the two countries we considered in the numerical example in the text were to integrate their…

A: Average cost = AC = N x F/S + MC where, N is the number of firms, F is the Fixed Cost, S is the…

Q: A producer of ballpoint pens has been purchasing ink from an ink supplier and is considering…

A: Taxes: An expense is a necessary monetary charge or some other sort of duty forced on a citizen by a…

Q: In which form of the market structure is the degree of control over the price of its product by a…

A: To find : Degree of control over the price of the product by firm.

Q: Suppose that a lunar mining company discovers a new kryptonite deposit on the moon . This discovery…

A: Discovery allows the lunar mining company to monopoly power in the market due to the exclusive…

Q: Which of the following is true?     When the marginal cost is greater than the average cost, there…

A: When any of the firms has the market power, that market is considered as imperfect market as there…

Q: 1. Consider two firms that produce a single output good, y, using two inputs: Capital, K, and labor,…

A: Given,   Production function: y = fA(K,L) = K14L14  r = w = $1  p = $4

Q: In a bilateral monopoly, suppose we have the following information: P = 1000 - 2Q (Demand) P = 100 +…

A: Introduction: A monopoly is a dominant position of an industry or a sector by one corporation, to…

Q: Which of the following is true? When the marginal cost is greater than the average cost, there are…

A: Economic rent is the price firm is willing to pay for input less than the minimum price required to…

Q: Question 3 . Bill Gates is the monopoly in the computer market and the sole employer of IT…

A:

Q: Explain Social cost under monopoly?

A: Under monopoly, the social cost refers to deadweight loss which is created because the monopolist…

Q: Explain with the use of examples the difference between the following concepts: producer surplus and…

A: The profit is the excess revenue made by the firms after deducting the total cost of production from…

Q: . A Sixteen Tons Question: A coal mine in a small town is a monopsony with a supply of labor…

A: Monopsony refers to the factor market condition where single buyer exists in the market.

Q: What type of competition is observed in the:- a) automotive industry b) non-ferrous metallurgy…

A: The industry is a term used to describe a group of businesses or organizations that manufacture or…

Q: Is there a deadweight loss if a firm produces the quantity of output at which price equals marginal…

A: If a firm produces the quantity of output at which price equals marginal cost,then there would not…

Q: The Spacing Guild has a monopoly on space transport. They sell tickets (Q) for seats on starships…

A: Guild's price would be the profit-maximizing price would be the one that corresponds to…

Q: A monopsonist will charge v and purchase v units. In a perfectly competitive market, the equilibrium…

A:

Q: is horizontal?

A: Monopsony is a structure of market in which a single buyer tends to substantially controls the…

Q: Suppose that a lunar mining company discovers a new kryptonite deposit on the moon . Thisdiscovery…

A: In a market, a firm can gain monopoly power due to various reasons such as trade barriers,…

Q: 1. Consider two firms that produce a single output good, y, using two inputs: Capital, K, and labor,…

A: Given y=K14L14          ..............(1) and equation of isocost line cost = rK+wL the market price…

Q: If an industry is monopolized, then Labour Demand will be below the Labour Demand under competition,…

A: Introduction: A monopsony occurs when there is just one buyer, the monopsonist. A monopsony, like a…