What can we say a firm receives if the price exceeds the marginal cost?  Group of answer choices A Royalty payments B Consumer surplus C  Scarcity rent D Money

Q: See the graph below, Label and Describe in terms of : A. Name of Market Structure B. Ability to…

A: Anser is given below

Q: What is meant by selling cost? Name one market where selling cost is applicable

A: Selling cost The overall expense made by a monopolistically competitive corporation in trying to…

Q: Does a change in producer`s technology lead to a movement along the supply curve or a shift in the…

A: Supply refers to the quantity of resources, assets, goods, and/or services that producers, financial…

Q: Becky's profit is maximized when she produces shirts. When she does this, the marginal cost of the…

A: In Microeconomics, perfect competition refers to the market where all firms sell homogenous…

Q: The data below shows a tabulation on the production of a hypothetical product:   Output (Q) Total…

A: The firms can estimate their profits by figuring out their total cost along with the total revenue…

Q: which of the following statements is incorrect? a) Price equals marginal cost. b) Firms are price…

A: Let us first analyse the type of market the question is talking about. From the first option, that…

Q: Joshua owns a small boat and catches lobster off the coast of Maine. His weekly cost function is…

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

Q: explain why a firm might want to produce its good even after diminishing marginal returns have set…

A: The firm may wish to continue operating and manufacturing products even after decreasing marginal…

Q: Leisure Enterprise's total cost of producing speedboats is given by TC = 10Q3 - 4Q2 + 25 Q +500 (MC…

A: The difference in total production costs caused by creating or producing one extra unit is known as…

Q: A college professor at LeTall University, Professor Lai, makes mountains out of molehills. The…

A: Option 1 talks about the production requirement. It explains how many units of molehills (used as…

Q: True or false: In economics, excess supply in a competitive market with no intervention will lead…

A: Diseconomies of scale will take place,when the average cost increases and the output decreases.…

Q: PLEASE ANSWER D & E You are the manager of a firm that specializes in small single-board widgets.…

A: Since you have asked only part D & E from the posted questions, we will solve only that part of…

Q: To maximize profit, a price taker will expand its output as long as the sale of additional units…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: Assume you have decided to buy an advertisement in the local newspaper to publicize your new pet…

A: It is given that, the total cost of ad is $1, 000, the total fixed cost for each dog is $40, and the…

Q: Refer to the figure below. Assuming the firm chooses the level of output that maximizes profit, what…

A: ‘Total cost’: ‘Total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: Which of the following statements is true Select one: a. If economic profit is negative, accounting…

A: Accounting profit is the difference between TR (total revenue) and TC(total cost). Economic profit,…

Q: The graph shows the cost curves are they profit maximizing firm in a competitive market. If the…

A: In a competitive market, there are a large number of sellers and buyers who have full information…

Q: Which of the six cases are monopolies or might give rise to monopoly?

A: Monopoly refers to the market structure where a single seller or firm fully controls the market…

Q: You are a manager of an advertising company. The company is running short of funds, so you decide to…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: f the perfect competition existed everywhere, along with frictionless exchange, perfect information,…

A: Perfect competition is a type of market structure in which there are large number of buyers and…

Q: A commodity has a demand function modeled by  p = 106 − 0.5x  and a total cost function modeled by…

A: In a firm that wants to maximize its profits levels, it becomes vital to determine the levels of…

Q: Allocative efficiency is an economic concept regarding efficiency at the social or societal level.…

A: Here answer is “Has no motivation to operate at an output level where P=MC, once a barrier is in…

Q: Everything U Want Stores is trying to decide whether to keep or drop the hardware department in its…

A: Sunk cost refers to the cost which once incurred can not be recovered. The opportunity cost is…

Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…

A: The economics as a study is based upon the idea that the resources with the economies have a limit…

Q: Quantity Fixed Costs Variable Costs Total Cost Marginal Cost 10 200 50 250 *********** 20 200 100…

A: (A) If the equilibrium price is $20, find the profit-maximizing quantity.  The profit is maximum at…

Q: The cost function for Acme Laundry is C(q) = 50 + 30q + q°, where q is tons of laundry cleaned. What…

A: Solution: Profits are maximized at the output level where MC = MR. MC is the first order derivative…

Q: Explanation it correctly and details Not copy paste  Q)Which of the following is FALSE about firms…

A: Hard skills are abilities that can only be honed via experience, repetition, and formal instruction.…

Q: News reports from the western United States occasionally report incidents of cattle ranchers…

A: A profit-maximization can be understood as a process of determining the level of output, and price…

Q: Suppose the inverse demand curve on ore is given by P = X - 0.47 Q. Ore can be either mined or…

A: The marginal cost of production basically refers to a concept in economics that refers to the change…

Q: Suppose that a technological innovation decreases BYOB's costs so that it now faces the marginal…

A: A monopoly is a market structure where there is only one seller and they are the price makers and…

Q: b. A Single firm, protected by a barrier to entry, produces a personal service that has no close…

A: since you have asked multiple questions and according to policy we can solve only 1 question and for…

Q: The reason the marginal cost curve eventually increases as output increases for the typical firm is…

A: Diminishing marginal refers to margin shift when input margin output decreases when input volume…

Q: A Lyft driver has the short-run costs below, what is the fixed cost? What is the marginal cost of…

A: Fixed Cost remains same at all units of output Marginal Cost = Change in Total Cost / Change in…

Q: How many of the following statements are true? (i) Maximising profit involves maximising Revenue…

A: Profit maximization is the ultimate goal of the firm.

Q: The cost minimizing equilibrium condition is a. MPL/PL = MPK/PK. b. PL = PK. c. MPL = MPK.

A: Marginal rate of technical substitution refers to the rate at which the firm can replace inputs to…

Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…

A: Sunk cost is the cost which cannot be recovered as ticket cost of the movie  in the case. Because if…

Q: In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE², with a, b…

A: Harvest function : H(E) = aE - bE2 Total Cost function : TC (E) = cE  Total Revenue : TR (E) = pH(E)…

Q: this a good example of a sunk cost? Why or why not? “As an entrepreneur, advertising your product…

A: Yes, money spent on advertising and marketing is a sunk cost.  A sunk costs is a cost that you have…

Q: Jakarta City cab operator appears to be making positive profits in the long run after carefully…

A: The Competitive Forces Model is a significant instrument utilized in essential investigation. The…

Q: Mario owns a wood-fired pizza shop which imitates traditional Italian methods. She uses a unique…

A: A firm maximizes profit by producing at level of output where MR = MC. Total Profit = Total Revenue…

Q: A firm is deciding between two different sewing machines. Technology A has fixed costs of $500 and…

A: In this case, the firm has two different technological options where technological option A is the…

Q: According to the Hanson Production: Pricing for Opening Day Case Study by Peter Famiglietti,  Should…

A: INTRODUCTION The leader of the production at Hanson Productions, an off-Broadway production…

Q: Determine whether each of the statement is true, false, or uncertain. If the statement is false or…

A: Economies of scale means production at large which reduces the per unit cost of firm .

Q: Economists assume that by pursuing a strategy of cost minimization of production, most firms try to…

A: The producer can have either profit maximization motive or cost minimization motive. The cost…

Q: If firms "satisfice" this means that a. objectives such as profit are not maximized. b. managers…

A: In a market, a firm's cost and pricing decision provide information about its behavior and market…

Q: If the firms in a market have accounting profits that are larger than their implicit costs, then, in…

A: Answer: If the firm has accounting profit larger than the explicit cost it means the firm is earning…

Q: Which of the following statements correctly explains the average cost and the marginal cost of…

A: Marginal cost refers to additional cost that incurs from producing one more unit of output.