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.
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- The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corporation, makes a substitute good that it markets under the name “Y.” Good Y is an inferior good.a. How will the demand for good Xchange if consumer incomes decrease? It will stay the same. It will decrease. It will increase. b. How will the demand for good Ychange if consumer incomes increase? It will stay the same. It will decrease. It will increase. c. How will the demand for good Xchange if the price of good Y increases? It will stay the same. It will decrease. It will increase. d. Is good Y a lower-quality product than good X? Not necessarily - it could be higher or lower quality. No - good Y is a product of identical quality to good X. No - good Y is a higher quality product than good X. Yes - good Y is a lower quality product than good X.Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price without knowing the market demand. B. It is the only way to know for certain that you will not end up with a surplus of product. C. It is a number-based agreement between customer and producer to set price versus demand.Suppose the market for hats is competitive, with many small producers of hats, each of them unable to affect the market price of hats, and many consumers. And suppose there is an increase in the demand for hats. (a) How would an increase in demand affect the demand curve and supply curve for hats; and how would it change the equilibrium price and quantity of hats sold? (b) The Core Economics text observes that "price-taking is no longer a “Nash equilibrium". What is a “Nash equilibrium"? And why is price-taking no longer one? (c) When the market is not in equilibrium, it is said that the short side of the market dominates. What does this mean? (d) What are "economic rents"? How does "rent seeking" enter the process of price adjustment? (e) In what ways might the market for hats differ from "the labour market"?
- Name two types of market failure. Explain why eachmay cause market outcomes to be inefficient.A Market is most efficient whenWhat is the term used to describe the situation where resources are allocated in a way that maximizes total surplus? A. Pareto efficiency B. Market equilibrium C. Social welfare D. Deadweight loss
- A 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.A market consists of ten similar suppliers that are making the same supply decisions. To find the market supply of these ten suppliers, you: SELECT THE CORRECT ANSWER a.find the average quantity produced by the ten suppliers. b.take one-tenth of the individual supply of each supplier and add it up. c.take the individual supply of one supplier. d.multiply the individual supply of one of the suppliers by ten.Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with values {$14, $13, $12, $11, $10, $9, $8, $7, $6, $5, $4,}. Assume no transaction costs and a competitive market. Now suppose competition among several market makers forces the spread down to $4. How many goods are traded? 4 B. 5 C. 6 D. 7
- In the banana market The FDA announces research results which suggest that cating 5 lbs of bananas monthly increases IQ scores by an average of 10 points. What happens in the market for other fruits? 5. a. h newlawA firm using a two-part tariff faces a tradeoff because Group of answer choices a. the only way to increase the fixed-fee portion of the price is to lower the per-unit portion of the price. b. the only way to increase total revenue is to lower per-unit profit. c. any increase in consumer surplus must be offset by a decrease in producer surplus. d. the smaller the variation between the parts of the price, the greater the deadweight loss generated by the pricing scheme.The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone. 300 250 Kyoko 200 Jacques 3, 125 150 Eleanor 100 AD Damell Beth 50 Andrew QUANTITY (Used smartphones) PRICE (Dolars per used smartphone)