In a network good's market: The best product might not be the most popular product There is fierce competition "in the market" The output is usually split evenly among many different sellers The government is the low-cost leader with explanation please
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In a network good's market:
The best product might not be the most popular product
There is fierce competition "in the market"
The output is usually split evenly among many different sellers
The government is the low-cost leader
with explanation please
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Solved in 2 steps
- Dicuss: what is a market economy and it's pricing modelsNorthside Social (NS) sells cups of coffee and amazing breakfast sandwiches. The current price of a cup of coffee is $3.00 and the current price of an amazing breakfast sandwich is $8.00. At those prices, NS sells 1000 cups of coffee and 200 breakfast sandwiches daily. NS faces a constant marginal cost for each cup of coffee of 50 cents and the constant marginal cost of breakfast sandwiches is $2. NS increases the price of coffee 5%, to $3.15. After the price increase, NS sells 900 cups of coffee, a decrease of 10% in cups of coffee. Assuming the above, what if NS also changes the price of breakfast sandwiches from $8 to $10 (a 25% increase in price) and that the number of breakfast sandwiches sold decreases from 200 to 180 (a 10% decrease in quantity). Which of the following is true? A) Coffee profits and breakfast sandwich profits increase.B) Coffee profits decrease by more than breakfast sandwich profits decrease.C) Coffee profits decrease by more than breakfast sandwich profits…reduced taste for the good. an increase in input prices. consumers expecting that prices will be higher in the future. government subsidizing production of the good.
- In the area around a local university, a number of food vendors gather each lunchtime tosell food to university students who are tired of dorm food. The university and the townhave no license fees that apply to food vendors, preferring to let the market dictate howmany and which vendors show up.Many different cuisines are represented on the street corner, including a cart sponsoredby ABC selling X and Y . ABC sells a plate of either X or for Rs.5. The food is made inthe morning at nearby restaurant, when the kitchen is otherwise unoccupied. His crew ofthree, each of whom earns Rs.15 per hour, takes 2 hours to make the 100 meals requiredby ABC. In creating these meals, they use ingredients equal to Rs.100. ABC hires anotherworker to load her cart with food and sell it during the lunch hours. That worker costsRs.10 per hour and typically sells out the entire cart of 100 meals in 2 hours. The cart isrented for Rs. 100 per 5-day week.What market structure does this business most resemble?…Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.Imagine a scenario in which the fashion industry is suffering from monopolistic price gouging and a dwindling demand (due to the existence of sweatshops and environmentally unfriendly business practices). A hypothetical situation such as this is likely to cause high unemployment in the fashion industry. What could the government do to correct this market failure? Including diagrams where/if appropriate)
- A county in U.S. has a market for jewelry which buyers and sellers decide the price of jewelry. The reginal price for it is above the county price and jewelry are a tradable. Using simple diagrams and proper labels show this situation, and the resulting consumer and producer surplusA city passes a law that automobile prices may not increase. The auto market is currently in equilibrium. What will happen in that market if costs of producing autos increase? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a More than the allocatively efficient amount will be produced. b Less than the allocatively efficient amount will be produced. c The allocatively efficient amount will be produced but there will be a shortage. d The allocatively efficient amount will be produced but there will be a surplus.Thinking on the margin can be correctly described as a _____. A. process that helps maximize total benefit B. process that minimizes total cost C. process that can help firms decide how much of a good or service to produce D. process that helps firms set market prices of goods and services
- 35. When government imposes SRP( suggested retail price). the market condition is under a. perfect competition b. natural competition c. pure competition d. economic regulationCompetition determines market price because the more that toy is in demand (which is the competition among the buyers), the higher price the consumer will pay and the more money a producer stands to make. ... Greater competition among sellers results in a lower product market price.Charter schools in Florida use a lottery to determine which students get in. This means that__________________________________. An auction in this case would mean that: There is often a shortage of seats at charter schools; the families who place the highest value on charter school education would be more likely to get a spot. Families who would like to pay for the right to get into charter schools do not have the opportunity to act on that desire; the price of a seat would rise from zero to some price above zero. Florida charter schools are not maximizing revenue from this system; Florida charter schools would earn greater revenue over time. An auction would create an efficient outcome in the market for charter school seats; An arguably “unfair” market outcome could take place. All of the above.