Lionel and Cristiano are thinking whether they should meet up to watch the movie “Bend it...

Lionel and Cristiano are thinking whether they should meet up to watch the movie
“Bend it like Beckham” together. If they meet up they will have to pay $5 for the movie plus
they will miss soccer training. Missing soccer training makes Cristiano score 2 less goals
per season while Lionel keeps scoring the same number of goals. What is true?
a. The opportunity cost to watch the movie for Cristiano is $5
b. The opportunity cost to watch the movie for Cristiano is missing 2 goals
c. Lionel has a comparative advantage in scoring goals
d. Lionel has an absolute advantage in scoring goals
e. None of the above

Hi, I wanna know why c is wrong?

Which of the following statements is true?
a. Firms in a monopolistically competitive market will always earn zero economic profits in the short run
b. A firm in a monopolistically competitive market has no market power
c. Firms in a monopolistically competitive market choose a point where MR equals AC to maximise profit
d. A firm in a perfectly competitive market faces a perfectly elastic demand curve
e. All of the above are false

Expert Solution

Answer to the question no. 1:

Option b: The opportunity cost to watch the movie for Cristiano is missing 2 goals per session.

Explanation: The opportunity cost of watching movie for Cristiano is the soccer trainning. Missing the soccer training will lead him to score 2 less goals per sessions. So, ultimately the opportunity cost is missing 2 goals per sessions. The option C, Lionel has a comparative advantage in scoring goals, is incorrect because we can not say is he's having comparative advantage or not because we don't know if they are given the same situation to play and if they are having same level of expertise. If we could say that they both have the same level of expertise and given the same paying situation, then we would be able to say that onel has a comparative advantage in scoring goals. Now, we cannot say that.

Answer to the question no. 2:

Option d: A firm in a perfectly competitive market faces a perfectly elastic demand curve.

Explanation: Thefirm under perfect competition faces the demand curve which is perfectly elastic. Since, there are large number of sellers and buyers selling the homogenous product, the demand become perfectly elastic. The AR and MR is equal for the firms, and thus this curve become horizontal to OX axis.

Hope, I solved your query. Give good feedback.

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Rahul Sunny answered 8 months ago

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