Since in competitive markets the goods are nearly identical, Group of answer choices A. there will be few sellers in the market. B.there will be few buyers in the market. C.only a few buyers will have market power. D.sellers will have little reason to charge less than the going market price.
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Since in competitive markets the goods are nearly identical,
Group of answer choices
A. there will be few sellers in the market.
B.there will be few buyers in the market.
C.only a few buyers will have market power.
D.sellers will have little reason to charge less than the going market
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- Picture 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)The manager of a movie theater is developing his policies for the structure of his movie admission prices. He knows that there are two segments of his market. Segment A consists of frequent moviegoers. Segment B consists of those who go to the movies only occasionally. Describe the concept of the best price that is presented in the course material. How can you tell if a price for a particular market segment is that segment’s best price? Which of the movie theater’s two market segments is likely to have the lowest best price? Use the three factors that determine the best price to justify your answer. If the movie theater’s two market segments indeed have different best prices, why would it be in the manager’s interest to charge each of the two market segments a different price rather than have a single admission price for all customers? Of the six price-segmentation fences described in the course, name and describe one that could be used to effectively charge one price to Segment…True or False: When any firm charges a higher price, fewer of its goods are sold. a. True b. False
- How can you defend Walmart according to its pricing actions? Note: By defending Walmart, you are not only defending them, but you also defending the public’s free choice to spend their money at the international hyper store instead of the local businesses (international hypermarket instead of local independent stores). Prepare strong reasons for believing that they are not wrong.Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market equilibrium price is $170. Joe Audit’s Tax Service has a daily, short-run total cost given by TC = 1000 + 4Q2 + 10Q with marginal cost MC = 8Q + 10. How much will he earn in profit, found by total revenue minus total cost, each day?Subject:Business economics Q.1): A publisher faces the following demand schedule for the next novel from one its popular authors: Price Quantity demand $100 0 novels 90 100,000 80 200,000 70 300,000 60 400,000 50 500,000 40 600,000 30 700,000 20 800,000 10 900,000 0 1,000,000 the author is paid $2 million to write the book & the marginal cost of publishing the book is a constant $10 per book e) if the author were paid $3million instead of $2million to write the book how would this affect the publisher decision regardig what price to charge? explain
- True or false b. Charging a price greater than marginal cost leads to maximum efficiency c. In reality, few markets are perfectly competitive, and some loss of economic efficiency occurs in most markets d. Most markets are perfectly competitive and economists have found that there is no loss of economic efficiency in the U.S. economy.What is Market Distortion and its potential long-term effect? Please explain thank you.What are the concepts, reasons and effects of market failure? Note: list them down.
- Please no written by hand solutions Please answer all questions. Topic 5: Consumer Surplus, Producer Surplus, and Market Efficiency 1. Explain the relationship among the willingness to pay (reservation price) of buyers (consumers), consumer surplus (CS), and the demand curve. 2. Explain the relationship among the costs to the sellers, producer surplus (PS) and, the supply curve. 3. Explain how to compute CS, PS, and total surplus (TS) in a diagram with demand and supply curves. Also explain how a change in price (price increase or decrease) causes changes to CS and PS in the diagram. 4. Explain market efficiency using the concepts of CS and PS. Is "market efficiency" or "efficient allocation of resources" the only policy goal of policymakers? What is your opinion about "efficiency" and "equality" in society?a) The portion A is market surplus while the portion B is market shortage b) The portion B is market surplus while the portion A is market shortage c) Only A is the market surplus d) All the options are FALSEPrice(per bottle) Quantity supplied Normal timesquantity demanded Hurricanequantity demanded $6 100 25 75 $5 85 35 85 $4 70 45 95 $3 55 55 105 $2 40 65 115 $1 25 75 125 Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane. During a hurricane, there would be a shortage of bottles of water. Without the antiprice gouging law, consumers would have to pay $ more than the ceiling price, but they would be able to buy more bottles of water.
