For each scenario in the following table, determine which market model best describes the scenario. Then identify the number of firms, the type of product, and the ease with which new firms can enter the market under this market structure. Scenario Hundreds of colleges serve millions of students each year. The colleges vary by location, size, cost, and educational quality, which allows students to match schools to their diverse preferences. Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services. The taxi companies on all the licences granted by the city. Consumers don't care which taxi company Only one pharmaceutical company has a government patent to sell an experimental drug Number of Firms Type of Product Entry Market Model

Q: U = ln(C), where C is consumption. She makes $30,000 per year and enjoy jumping out of airplanes.…

A: utility function  U = ln(C), where C is consumption. She makes $30,000 per year and enjoys jumping…

Q: Figure 18-1 O $66 O $55 O $33 OUTPUT (Units) O $44 28 26 Hill 2 3 4 5 6 23 19 8 Refer to Figure…

A: Total product si the total no. of output produced by all the labor hired.  Marginal product is the…

Q: Given that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on an acre, while…

A: Given that: Acres of land Nathan owns = 10 acres Nathan can produce 40 bushels of corn or 15 bales…

Q: n the 1970's in the U.S., what happened to inflation and unemployment? What caused this to happen?…

A: Stagflation: a period of high inflation and high unemployment occurring simultaneously, which is…

Q: Figure 9-2 Price 0 0Q1 MC Q₂ Q3 Quantity MR Refer to Figure 9-2. What level of output will the…

A: In a monopoly market structure,  There exists a single firm.  The firm will produce where the MR…

Q: At the equilibrium price, consumer surplus is   a. $1,600.     b. $800.     c. $700.     d. $1,400.

A: Consumer surplus is the difference between the maximum price a consumer is willing to pay and actual…

Q: You are the company owner (UAE-based) and want to expand your business into the South Korean market.…

A: It is the chance or possibility that the investment in the business leads to some false results. It…

Q: 3. There are two chicken fried steak restaurants operating in a small west Texas town: Cow Tipper…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: Take our canonical model for unemployment flows with a law of motion: Ut+1 = Ut + St (1 — ut) — ftut…

A: The canonical model for unemployment flows with a law of motion is a theoretical framework used to…

Q: According to the data for 2018 and 2019, the population of country A increased from 10 million to 11…

A: Here,  Between 2018 and 2019,  the population of country A increased from 10 million to 11 million.…

Q: Social security benefits have exceeded/will exceed payroll taxes starting in O 2030. O 2020. 2010.…

A: The Social Security benefits are funded through payroll taxes. The employers and their workers will…

Q: 1 PART - I 1.1 Multiple Choice Questions Q1 If the government of a small open economy wishes to…

A: ***Since the student has posted multiple questions, hence, the expert is required to solve only the…

Q: Figure 18-1 OUTPUT (Units) 28 71 26 23 8 1 2 3 4 LABOR (Number of workers) 5 6 Refer to Figure 18-1.…

A: Total product is the total no. of output produced by all the labor hired.  Marginal product is the…

Q: Raas Hardware is adding a new product line that will require an investment of $1,512,000. Managers…

A: Payback Period: Payback, or the time period required for an asset to pay for itself, is the amount…

Q: Retrospective reimbursement provides financial incentives for medical care. a. efficient;…

A: Medical care is a term used in economics to describe the products and services created and used to…

Q: For a monopolist assume: Demand: P = 19 – Q TC = 3 + Q + 0.5*Q^2 MC = 1 + Q.…

A: In a monopoly market structure,  There exists a single seller.  The monopolist maximizes profit by…

Q: Under one plan for Social Security reform, younger workers can put up to $1,000 of their payroll…

A: Social Security reform refers to changes or modifications made to the Social Security system, which…

Q: Identify the price and quantity of hamburgers you would ideally produce. Explain why.

A: Variable costs (VC) refers to those expenses that rises with the quantity of output produced .…

Q: 5. Which of the following contracts would be governed by the Uniform Commercial Code? a. A contract…

A: The Uniform commercial Code (UCC) is a set of legal guidelines that governs business transactions…

Q: b) Do the following functions exhibit constant, increasing or decreasing returns to scale. Ensure to…

A: Production function shows the relationship between the inputs used and output produced.  The…

Q: Question 1 In the Keynesian view of the AD/AS model, the SRAS is what shape in the region below…

A: The Keynesian AD/AS model is an economic model that explains the relationship between aggregate…

Q: How would you describe the processes characterized as the "starve-then-sell strategy" being used to…

A: The "starve-then-sell" strategy is a political and economic approach that is characterized by…

Q: O a. A tax of $4 per unit of output O b. A tax of $6 per unit of output O c. A subsidy of $4 per…

A: External cost are the cost borne by the third party. A Market equilibrium is where the Private value…

Q: 1) Graphically illustrate the short-run and long-run effects of monetary expansion on the exchange…

A: The monetary policy control the economy by changing the supply of money. When there is inflation in…

Q: Figure 6-33 The diagram shows the effect of a tax as measured by the distance between) and K. Nice…

A: Incidence of tax is the share of burden of tax that falls on buyers and sellers.

Q: Kim lives in South Africa where the following Consumer Price Index CPI) levels for the entire county…

A: An ongoing increase in the general level of prices is called inflation. While excessive inflation…

Q: After this latest policy, output is now at (A) O a. (A) Y3; (B) the same; (C) appreciation O b. (A)…

A: ***Since the student has not provided the complete question, hence, the expert can only solve the…

Q: The market for organic and locally sourced foods has skyrocketed over the past decade as consumers…

A: If demand is elastic, a small change in price will result in a relatively large change in quantity…

Q: Diminishing returns to physical capital implies that, when the human capital per worker and the…

A: Diminishing returns refers to the disruption of the entire process of production as additional units…

Q: Revenue from the sale of ergonomic hand tools was $300,000 in years 1 through 4 and $465,000 in…

A: A = 300,000 + (465,000 – 300,000) (F/A, 10%, 5)(A/F, 10%, 9)   = 300,000 + 165,000 (6.1051)(0.07364)…

Q: Barney decides to quit his job as a corporate accountant, which pays $11,000 a month, and goes into…

A: Implicit cost is the foregone income that could have been earned if resources were invested…

Q: 1. You purchased a building five years ago for $100,000. Its annual maintenance expense has been…

A: The AW method offers a prime computational and interpretation advantage because the AW value…

Q: Figure 21-4 Quantity of Y 60 20 3/4 3/1 1/4 1/3 Quantity of X Quantity of Y 15 Quantity of X Refer…

A: Relative price is the price of one good in terms another good.  The relative price of good y in…

Q: How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3…

A: Compounding interest is a type of interest calculation where the interest earned on a principal…

Q: 2. Saving and investment in the national income accounts The following table contains data for a…

A: GDP is the sum of consumption spending, investment spending, government purchases and net exports.

Q: 1. Joshua's income increases, while federal taxes increase; therefore, please illustrate by…

A: At the equilibrium price, there is no scarcity or excess: The quantity of the good that purchasers…

Q: Some advocates have suggested that the United States should move to a universal health care plan…

A: Health care is a broad term that refers to the maintenance and improvement of physical, mental, and…

Q: Refer to Figure 6-33. Bund upon the diagram the incidence of the tax falls more heavily on buyers…

A: Before-tax: Equilibrium in the market occurs at the intersection of the demand and supply curves.…

Q: e following graph shows the market for orange juice. Initially, the market is in a long-run…

A: The curve that depicts different quantities of products and services being demanded at various price…

Q: 4. A monopolist is faced with the following cost and revenue curves: $ 80 70 60 50 40 30 20 10 0 -10…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: What is the growth rate (g1) that can keep the unemployment rate constant? If the Central Bank aims…

A: Okun's law states the inverse relationship between the change in the unemployment rate and the GDP…

Q: COUCHES CHAIRS COUCHES CHAIRS Refer to Figure 3-1. The rate of trade-off between producing chairs…

A: Rate of trade off is the sacrifice in production of one good needed to produce more of the other…

Q: Don and Melinda are each allocated 10 apples. Initially, Don's marginal worth for an apple is $0.75,…

A: The right response is (c) both (a) and (b). Don initially values an apple at $0.75, while Melinda…

Q: Consider the perfectly competitive market for dress shirts. The following graph shows the marginal…

A: Shutdown Price: In perfect competition, the shutdown price is that point where the firms denied to…

Q: A rise in the equilibrium wage rate will result in what change in the ADIAS model? (Pick 1 Answer)…

A: Aggregate demand is the sum of consumption, investment, government spending and net export.…

Q: n the static aggregate demand​ - aggregate supply​ model, an increase in the corporate income​…

A: Aggregate demand (AD) curve illustrates the inverse relationship between the price level and…

Q: Consider the market for different Apartments. Use the chart below to answer the following questions.…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 4. Supply and demand for loanable funds The following graph shows the market for loanable funds in a…

A: Demand curve is the downward sloping curve.  Supply curve is the upward sloping curve.  Equilibrium…

Q: The following pair of assets differ only in the MARR. The problem asks you to determine the effect…

A: Depreciation rate=20%

Q: (10100,-89990)

A: USA/Fiji No-tax (Eliminated due to being dominated by the 'Tax') Tax   No-tax 10000, -99989 10100,…